Over the last two weeks, the German government has been constantly selling its Bitcoin holdings which is partly the reason behind the recent Bitcoin selling pressure. The Bitcoin price has tanked 4.5% further slipping all the way to the $57,500 level. As the BTC correction continues to bleed investors’ portfolios, Tron’s Justin Sun has come up with an offer for the German government.
Justin Sun Makes New Offer to the German Government
In his latest tweet on X platform, Justin Sun expressed willingness to engage in negotiations with the German government to acquire all of their Bitcoin holdings off-market. This proposal from Sun aims to minimize the market disruptions that could arise from further sale of BTC by the German government.
Sun’s initiative underscores efforts to prevent substantial price volatility in the cryptocurrency market. Discussions are anticipated to explore terms that could facilitate a smooth transfer of the government’s BTC holdings to private hands, potentially affecting market dynamics.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
Earlier today, the German government dumped an additional 1300 BTC to three crypto exchanges – Kraken, Coinbase, and Bitstamp. In the last 15 days, the government has dumped almost 9,641 Bitcoins bringing its total holdings to now at 40,359 BTC. This means that the government has eroded 18% of its Bitcoin holdings.
However, the German government hasn’t come up with an official statement yet explaining the reason behind the sale. If the government continues selling at this pace, it may exhaust all of its BTC holdings by the end of September.
Also Read: German Government Sells 832 BTC, Reducing Bitcoin Holdings by 13%
Bitcoin Liquidations
The recent Bitcoin price crash has led to strong liquidations in the market. As per the data from Coinglass, nearly $300 million have been liquidated in the past 24 hours. Of these $255 million liquidations happened in BTC long positions and $37 million in BTC short positions.
In the latest development, crypto exchange Mt. Gox has activated its wallet as it begins the $9 billion payout to creditors in Bitcoin and BCH.
Also Read: JPMorgan & CoinShares Predict Bitcoin Shake-Up From Mt. Gox $9B Payout
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 and most other cryptocurrencies extended a recovery on Friday on reports that Russian President Vladimir Putin was willing to hold high-level negotiations with Ukraine.
Crypto market shows signs of recovery
The Independent said Chinese state broadcaster CCTV had reported that Putin discussed the potential negotiations in a call with his Chinese counterpart Xi JinPing. The news could herald a potential de-escalation in the Russia-Ukraine conflict, which has roiled financial markets this month.
Bitcoin rose 10% to near $40,000, while altcoins including Ethereum and XRP logged double-digit gains. Markets had rallied overnight after sanctions against Russia, imposed by Washington, stopped shy of blocking the country from the global financial system.
“The United States and NATO have long ignored Russia’s reasonable security concerns, repeatedly reneged on their commitments, and continued to advance military deployment eastward, challenging Russia’s strategic bottom line,” Putin told Xi.
“Russia is willing to conduct high-level negotiations with Ukraine.”
Any dialogue between Moscow and Kyiv is likely to be welcomed by financial markets. Russia’s invasion had rattled crypto, knocking as much as $500 billion from market capitalization this month. Sentiment had also been battered into “extreme fear.”
Russian troops had come as close as Ukraine’s capital on Thursday amid constant fighting with Ukraine forces. Russia’s move was widely condemned by global leaders, and had also invited economic sanctions from Japan, Canada and the European Union.
Still, analysts had seen minimal economic impact from restrictions against Moscow. The country was still allowed to trade on SWIFT, a global transaction system, which provided some relief to markets fearing widespread economic repercussions.
Crypto markets had surged in line with equities overnight. But safe-haven stablecoins accounted for more than half of overall volumes, indicating that sentiment was still cautious.
Tether had the largest volumes among its peers in the past 24 hours, at about $62 billion.
Conventional safe-havens including gold and the dollar slightly retreated, while oil prices, which had shot up on the prospect of Russian supply disruptions, fell below $100 a barrel.
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.
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