The Bitcoin price is under increasing pressure amid growing speculation of World War III. The US and Iran military attacks have increased Middle East tensions, which now lead to major losses for BTC and other top cryptocurrencies. The World War III threat has increased after Germany, France, and the UK joined the United States in
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]]>Countries worldwide now seem to be racing to establish strategic Bitcoin reserve, as lawmakers in Hong Kong and Germany put forward the proposal. A Hong Kong Legislator said that getting Bitcoin into the city’s Exchange Fund will help maintain financial security amid the changing global crypto dynamics. Following Donald Trump’s victory, countries are more seriously looking at BTC thinking of it as a national reserve to navigate the shifts in global economics.
Hong Kong Eyes Strategic Bitcoin Reserve
Wu Jiezhuang, Chairman of Hong Kong’s Web3 Virtual Asset Development Subcommittee, suggested that Hong Kong should leverage its “One Country, Two Systems” advantage to pilot the inclusion of Bitcoin in its Exchange Fund.
The Treasury Bureau’s response noted that as of now, crypto assets are not targeted investments for the Exchange Fund. However, it added that external investment managers can have small exposure to crypto assets through diversified portfolios.
Hong Kong could be on the path to a strategic Bitcoin reserve considering its crypto-friendly efforts over the past few years. As of now, the Hong Kong Stock Exchange lists 12 cryptocurrency-linked ETFs with a total market value of approximately HK$7.4 billion. Furthermore, with other small countries like El Salvador setting up precedence, Hong Kong might also make a similar move in the future.
Local news publication DW Media reported that China holds approximately 190,000 Bitcoins, second only to the U.S. government’s 210,000 Bitcoins. At current prices of $94,000 per Bitcoin, this would be worth approximately $18 billion (HK$140 billion). Market analysts believe that the city could convert these holdings into ETFs listed in Hong Kong.
Following Donald Trump’s victory in US Elections 2024, several US states have proposed legislation to hold 10% of state reserves in Bitcoin. Wyoming Senator Cynthia Lummis recently affirmed the commitment to implementing a strategic Bitcoin reserve plan for the US and accumulating over 1 million Bitcoins as per the earlier proposal.
Germany Joins the Bandwagon
Former German Finance Minister Christian Lindner has proposed that the European Central Bank (ECB) and the German Bundesbank should consider adding Bitcoin to their reserves. This comes soon after a European MP made a similar demand last week. Speaking to the German Press Agency in Berlin, Linder said:
“The new Trump administration is pursuing an extremely progressive policy on crypto-assets such as Bitcoin. In Washington, there is even consideration of the Federal Reserve including crypto-assets alongside currencies and gold in its reserves.”
He said that the US aims to become the global leader in USD and crypto. “However, Germany and Europe must not allow themselves to fall behind again. In Frankfurt, it should be examined whether crypto-assets could also become part of central bank reserves,” he added.
Apart from Hong Kong and Germany, even Russia is mulling a strategic Bitcoin reserve in the wake of global sanctions. On the other hand, Japan has rejected this proposal at the moment.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin Bull Samsom Mow has indicated that Germany is looking to purchase Bitcoin, making the flagship crypto of their reserve assets. This comes just months after the country sold its BTC holdings worth $2.87 billion. If so, the government will join the likes of El Salvador and Bhutan, which already have a Bitcoin strategy in place.
Germany To Purchase Bitcoin For Future Reserves
Samson Mow suggested in an X post that the country is looking to purchase BTC for its future reserves. This came as he wished Germany success in acquiring 281,267 BTC ($19 billion) for its future strategic reserves. Mow had made an appearance at the German Bundestag, where he discussed Bitcoin strategies for nation-states.
The country’s move to purchase Bitcoin comes just months after it sold its BTC stash. Between June and July earlier this year, Germany sold off the 50,000 BTC seized from the movie piracy website movie2k. That event was significant at the time considering how much it impacted the Bitcoin price. The flagship crypto dropped below $55,000 during that period.
Germany will join the likes of El Salvador Bhutan if it eventually adopts this Bitcoin strategy. Arkham Intelligence data shows that El Salvador holds 5,907 BTC ($402 million). Meanwhile, Bhutan holds 13,166 BTC ($844 million). Meanwhile, the US remains the government with the largest BTC holdings (203,239), with most of these forming part of the seizures from the Dark web marketplace Silk Road.
However, Donald Trump has already revealed plans to create a Bitcoin strategic reserve if elected. Meanwhile, US Congressman Ro Khanna mentioned that the government can convert seized bitcoins to form part of the strategic reserve instead of selling them.
Bitcoin Adoption In The Country
Amid Germany’s plans to purchase BTC for its future reserve assets, it is worth mentioning that there is already a Bitcoin push in the country. Last month, the German Bundestag formed the Bitcoin Federal Association (BTCBV). According to Bundestag member and Bitcoin activist Joana Cotar, the association will focus on BTC education and push for Bitcoin’s adoption in the country.
Meanwhile, institutions in the country are already adopting the flagship crypto. Germany’s Samara AG recently announced plans to buy €30 million worth of BTC to emulate MicroStrategy’s Bitcoin Strategy. German Bank Commerzbank also recently partnered with Deutsche Borse’s Crypto Finance to offer its customers Bitcoin and Ethereum trading services.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The members of the crypto ecosystem are reacting to the selloff of Bitcoin (BTC) by Germany in an unusual way. In less than 24 hours after the Saxony government emptied its last tranche of Bitcoin on Trader Flows and 139Pon, the wallet as tracked by Arkham Intelligence has started donations in BTC.
The Reasons Behind the Unsolicited Bitcoin Donation
The supporters of crypto have a mind that is arguably contagious. Thus far, the wallet address of the German government holds more than $16 worth of Bitcoin. The funds came from a couple of donors with the largest BTC sent thus far coming in at $8.12.
Just-in: More people donating #Bitcoin to the broken #German government. pic.twitter.com/K82ACDj5Ir
— Carl ₿ MENGER
(@CarlBMenger) July 13, 2024
While the total amount is small compared to what it held about a month ago, there are underlying messages with these unrequested donations. One major reason is that this is a vote of no confidence on the government’s actions. Selling the seized Bitcoin worth 50,000 units came to many as a ill-advised move.
One of the critic of these selloff is Joana Cotar, a lawmaker in the country who noted that the government could have HODLed the coins instead. Now, top proponent Samson Mow is proposing a Bitcoin buyback very soon.
Another potential reason behind the donations is to express displeasure with the government regarding the impact of the weeks-long selloff. During this period, BTC price suffered suppression, dropping from a high of $67,294.65 to a low of $53,717.38. Over the past month, Bitcoin suffered intense liquidation that lost many money.
Lastly, the donations to Germany might be to prove what the coin, even as little as the donated sum, can amount to in the long term. With many experts predicting that the price of BTC can soar above $100,000, many believe the government would have benefitted more if it HODLed.
Headwinds Still Lie Ahead
Germany might have completed its selloff of Bitcoin, the coin is not free from mainstream government selloffs.
The US Government has also been sending Bitcoin units to centralized exchanges like Coinbase. With thousands of BTC units still left in its wallet, Bitcoin might still face similar drawdowns in the near future.
The distribution of up to $9 billion in Bitcoin and Bitcoin Cash (BCH) by Mt.Gox in the coming months is also a bearish event to watch. With these events, the price of BTC might wave some more in the this quarter.
Read More: Ethereum News: Whale Scoops $33M ETH As Spot ETF Approval Speculation Looms
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Bitcoin, Ethereum, Dogecoin Recover As Germany Runs Out Of BTC To Sell Benzinga
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The wallet address tagged “German Government” by Arkham Intelligence no longer has any Bitcoin (BTC) to sell. After about a month of unrelenting selloff, the government sent the last batch of coins in what comes off as a relief for the market.
Is the Germany Bitcoin Nightmare Over?
According to several reports, Germany has sold off more than 46,000 BTC before today. In the latest update, Arkham Intelligence noted that the last 3,846 Bitcoin units worth approximately $223.81 million have moved to Flow Traders and 139Po.
BREAKING: The German Government is now out of Bitcoin.
The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).
The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2
— Arkham (@ArkhamIntel) July 12, 2024
The balance on the highly monitored wallet is now reading 0 BTC. The weeks-long selloff of the Bitcoin in the account has triggered multiple crypto market downtrend. This selloff has largely kept the price of Bitcoin below the $60,000 price market. With the selloff possibly over, the projection is that the market might start its recovery phase moving forward.
In the heat of the liquidation, many speculations were put forth. While some expected the Saxony Government to cool down in its liquidation agenda, others wanted it to finish up and free up the market.
This update is likely to set Bitcoin on a parabolic run. The signs are there already as the price of the coin is up 0.91% in the past 24 hours to $58,236.12. For Bitcoin whose price action has showcased mostly bearish volatility lately, the trend is shifting with likely upsurge underway.
The 24 hour low for BTC comes in at $56,590.17 and the highest trading level is $58,532.68.
Threat Remains For BTC
While the threat from Germany might be over, Bitcoin still faces a significant headwind from other regions. The United States also have a BTC stockpile that might get offloaded on Centralized Exchanges like Coinbase.
Besides, Coingape reported earlier that the Chinese government has up to 190,000 BTC seized. The government might also choose to liquidate these funds at any time. Amidst all these, the repayment of Mt.Gox beneficiaries is another significant challenge that long Bitcoin traders need to watch out for.
Read More: Tron Founder Justin Sun Teases Buying X Chinese Rival Weibo
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The growing Bitcoin (BTC) transfers may soon get out of hand, especially with a huge Chinese seizure that has come to light.
Chinese Government Seize 190K BTC
According to local news outlet Sina Finance, the Chinese government confiscated 190,000 Bitcoin units, 830,000 Ethereum, and 27.24 million EOS coins last year.
These huge crypto holdings were from the perpetrators of the PlusToken pyramid scheme. This was a Ponzi scheme led by three individuals Chen Bo, Ding Zanqing, and Peng Yixuan. They cheated many investors out of their hard-earned digital assets.
Precisely, the bad actors behind the scheme raised 310,000 Bitcoin, 9.17 million Ethereum, more than 51 million EOS, from both online and offline investors who they promised interests.
It is worth nothing that the Chinese authorities seized both the digital currency raised by the platform, and the profits of the defendants. The seized assets are meant to be turned over to the state treasury. The question now is what happens to this huge digital asset holdings.
In the last few weeks, the broader crypto market has seen severe crypto liquidations with various entities offloading their Bitcoin holdings. The German government has been at the center of these Bitcoin transfers that led to the selling pressure. The holding which is a total of 50,000 Bitcoin was originally seized from the operators of Movie2k.to, a notorious movie piracy site. The German government began offloading these crypto assets in mid-June.
Will the Chinese Government Offload its Seized Bitcoin?
One of the recent transfers was on Monday when the German government offloaded almost 5,000 BTC on crypto market maker Cumberland DRW and Flow Traders, crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. As of July 8, the German government still had 32,488 BTC worth an estimated $1.855 billion. However, this should have increased considering that the German government just reaccumulated 3,673 BTC in a plot twist.
With the revelation that the Chinese government has an even larger Bitcoin holding from seizure than Germany had, the crypto industry is now concerned. There is a possibility that the Chinese government may trail the path of Germany and even the US government, releasing massive volumes of BTC into the market.
Should this happen, the end of Bitcoin selling pressure may not be over as some analysts has earlier explained. In the meantime, the loot remains intact.
Read More: Pro-XRP Deaton Unveils Initial Senate Bills, Agrees With Musk On “Regulatory Capture”
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Germany govt continued its Bitcoin selling spree on Tuesday as it sent 3100 BTC to Kraken and unknown wallet addresses. Germany’s federal investigative police agency has sold hundreds of millions in BTC since June start, with selling becoming more aggressive in July to cause a panic in the crypto market.
Germany Transfers 3100 BTC
According to blockchain data from Arkham Intelligence, the Federal Criminal Police Office of Germany (BKA) transferred 400 BTC to crypto exchange Kraken on July 9. The wallet address also moved 2.5k BTC worth to a B2C2 Group linked wallet address 139PoP and 200 BTC to bc1qu3. German Govt dumped Bitcoin worth $177.54 million in an hour.
It follows BTC moving into the German govt wallet from crypto exchange Bitstamp, raising questions on massive selloff by the government. Bitcoin worth $96.88 million moved back into the wallet linked to German govt. The wallet still holds Bitcoin valued at $1.48 billion.
On Monday, CoinGape reported that German Government (BKA) moved over 5000 BTC to crypto exchanges such as Coinbase, Bitstamp, Kraken and other wallet addresses starting with 139PoP and bc1qu3. Also, the government bagged 3673 BTC after the massive liquidation.
Also Read: German Govt Bags 3673 Bitcoin After Massive Dump, What’s Happening?
Traders In Limbo Over Bitcoin Selloff
The transfers by the German government caused outrage in the crypto community as Bitcoin slipped nearly 10% to a low of $53,000. Joana Cotar, a German Parliament member, called on the government to stop the ongoing Bitcoin selloff and hold it as a reserve asset.
Bitcoin continues to gain strength despite selloff due to buying by spot Bitcoin ETFs. BTC price currently trades more than 2% higher at $57,672. It hit a 24-hour high of $58,131 as Mt. Gox repayment fears subsided and odds of Fed rate cuts in September surged.
Derivatives market data shows massive buying as BTC futures open interest across exchanges soared 2.60% in the last 24 hours. Buying is recorded on CME and Kraken, which implies higher demand in the US.
Also Read: Spot Bitcoin ETFs Inflow At 3-Week High, Institutions Buying Heavily Ahead Key Events
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
One Bitcoin (BTC) maxi has weighed in on the potential outlook of the crypto market after the selloff scare from the German government and defunct cryptocurrency exchange Mt.Gox.
Bitcoin Market to Normalize in Two Months
Renowned investor Fred Krueger took to X to share what he described as “Thought experiment” on Bitcoin. He started by recalling when Bitcoin was still trading around $65,000.
According to Krueger, this coincided with the period when it became apparent that Mt.Gox sales and Germany dumping would take place in the next 30 days. Based on the assumption that both sales will generate $4 billion and that they would be done gradually at 40x multiplier, the Bitcoin proponent assumes that BTC will record up to $160 billion loss in market capitalization.
Thought expirement.
We were at 65K and it became clear that the Mt Gox sales and Germany sales would happen in the next 30 days. Lets assume 4 Billion between both happening in July.
If this would be done gradually, at 40x multiplier, that is 160 Billion in market cap, or… pic.twitter.com/vgUKJHo566
— Fred Krueger (@dotkrueger) July 5, 2024
This could also mean an 8% drop in BTC price, bringing it down to $59,000 from the initial $65,000.
Krueger raised another assumption about $4 billion in speculative shorts moving in to capitalize. In his words, “they short in Futures. Again, if this was slow, deliberate move it might move things to 59K. But it’s not. It’s a concentrated, manipulation designed to create panic. We get double that move, down to 53K.”
Furthermore, he noted that some traders could bag massive profits from short-term holders who panic upon the release of these Bitcoin units. Also, the second group that could draw in more profits for traders are the Mt.Gox holders who sell after the reimbursement.
Two months after the sales of these Bitcoin, Krueger believe the market will return to normalcy. For now, Bitcoin is trading at $55,419.33 with a 2.74% decrease in the last 24 hours. Notably, this new price level shows a slight recovery considering that the coin dropped below $54,000 earlier on Friday.
More Mt.Gox And German Government Bitcoin Transfers
The long-awaited Mt.Gox repayments have finally commenced and has created a stir in the cryptocurrency market.
With the transfer of more BTC, Bitcoin price dropped below $54,000 and this has heightened fears of further declines. 1,157.1 BTC, valued at $63.57 million, was transferred to a new address “bc1qkj…ug68h” and 1,544.67 BTC, worth $84.87 million, was moved to Bitbank. Another 47,229 BTC, valued at $2.7 billion, was transferred to a new wallet.
Similarly, the German government has offloaded another 547 Bitcoin today from its holding. The latest transfer brings the total holdings of the German government to 41,220 Bitcoins currently valued at $2.27 billion.
Read More: Ripple CLO Slams US Authority Over Crypto Regulation Approach
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Cardano (ADA) und VC Spectra (SPCT): Vorhersage der nächsten … Cryptonews Germany
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