German Government Completes Bitcoin Liquidation

The German government has completed its Bitcoin liquidation, selling off the last of its holdings, which amounted to 3,846.05 BTC. This concludes a three-week selling spree that started with 50,000 BTC, initially valued at nearly $3 billion. The liquidation has caused an 18% drop in Bitcoin’s value. The Bitcoins were originally seized from the operators of the piracy website Movie2k.to in 2013 and were transferred to the German Federal Criminal Police Office (BKA) in January this year. William Clemente III of Reflexivity Research criticized the decision as a potential strategic misstep. Meanwhile, other significant liquidations continue to influence the market, with Mt. Gox and Genesis Trading selling off large amounts of BTC. Mt. Gox is repaying creditors with substantial quantities of Bitcoin, Bitcoin Cash, and Japanese yen, while Genesis Trading is also actively liquidating assets, adding to the market pressure.