Reasons for Bitcoin’s Decline Over the Past Week
Germany Sells All Its Bitcoin Holdings, Raising $2.9 Billion$BTC #
Berlin, July 12, 2024 — In a surprise move, the German government has announced the sale of all of its Bitcoin holdings, worth around $2.9 billion. The unprecedented move marks a major shift in Germany’s approach to managing cryptocurrencies.#bitcoin
The sale was carried out in secret over the past few weeks to avoid any market disruption, according to officials. The government has collected these Bitcoin assets through a variety of means, including confiscations from criminal activities and strategic purchases over the past few years.
Finance Minister Olaf Scholz said: “The decision to liquidate our Bitcoin holdings was taken after careful consideration of current market conditions and the long-term prospects for cryptocurrencies. The proceeds will be redirected to support our economic recovery and finance vital public projects.”#bitcoin
The move comes at a time when Bitcoin prices are volatile, affected by regulatory news and market sentiment. Analysts are divided on the impact of this sale on Bitcoin’s market value. Some expect a short-term decline, while others believe the market will quickly absorb the sale.