German Bitcoin Sale Exposes Market Weakness, Says Analyst

IconCryptoNewsTerminal Staff08 Jul, 2024

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German Bitcoin Sale Exposes Market Weakness, Says Analyst

Germany's sale of seized Bitcoin is revealing the shallowness of market demand and exposing the cryptocurrency's financial instability, according to analyst Jacob King. King, who works at Visual Capitalist, noted that the German government's attempt to gauge market interest has resulted in the loss of 25% in the value of Bitcoin since the start of the experiment. Additionally, almost half of all orders have failed due to a lack of buyers. Despite this, Germany has managed to sell around $525 million worth of Bitcoin, albeit with the help of stablecoins propping up the market. The analyst raised concerns about the potential impact on the cryptocurrency's price if larger holders, such as the US and China, decide to sell their own seized Bitcoin.

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