Thu, July 04, 2024 at 12:57

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some intriguing news about the recent Bitcoin market activities involving the German government and Justin Sun.

  • 
• Annie

  • Oh, that sounds interesting!

  • What exactly happened?😊

  
• 

  Kang-hoon

  • Over the last two weeks, the German government has been selling its Bitcoin holdings, which has contributed to the recent selling pressure on Bitcoin.

  • The price of Bitcoin has dropped by 4.5%, reaching the $57,500 level.

• Annie

  • Wow, that's quite a drop!

  • Why are they selling so much Bitcoin?

  
• ADward

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• 

  Kang-hoon

  • Interestingly, the German government hasn't provided an official statement explaining the reason behind the sale.

  • However, they have sold almost 9,641 Bitcoins in the last 15 days, reducing their total holdings by 18%.

• Annie

  • That's a significant amount!

  • How has this affected the market?

  
• 

  Kang-hoon

  • The continuous selling has led to strong liquidations in the market.

  • According to Coinglass, nearly $300 million have been liquidated in the past 24 hours alone, with $255 million in BTC long positions and $37 million in BTC short positions.

• Annie

  • That must be causing a lot of panic among investors.😟

  
• 

  Kang-hoon

  • Indeed, it has.

  • To mitigate further market disruptions, Justin Sun, the founder of Tron, has proposed to the German government to purchase all their Bitcoin holdings off-market.

• Annie

  • Justin Sun?

  • What's his plan exactly?

  
• 

  Kang-hoon

  • In his latest tweet today, Justin Sun expressed his willingness to negotiate with the German government to acquire all their Bitcoin holdings off-market.

  • His aim is to minimize the market impact that could arise from further sales by the government.

• Annie

  • That's quite a bold move.

  • Do you think it will work?

  
• 

  Kang-hoon

  • It's hard to say at this point.

  • The discussions are expected to explore terms that could facilitate a smooth transfer of the government's Bitcoin holdings to private hands, which could potentially stabilize the market.

• Annie

  • I see.

  • And what about Mt.

  • Gox?

  • I heard something about them too.

  
• 

  Kang-hoon

  • Yes, in the latest development, the crypto exchange Mt.

  • Gox has activated its wallet to begin the $9 billion payout to creditors in Bitcoin and Bitcoin Cash.

  • This could also have significant implications for the market.

• Annie

  • That's a lot of money!

  • How might this affect Bitcoin prices?

  
• 

  Kang-hoon

  • The payout could lead to increased selling pressure as creditors might liquidate their holdings, potentially causing further volatility in the Bitcoin market.

  • 

  • JPMorgan and CoinShares have predicted a shake-up from this $9 billion payout.

• Annie

  • So, with all these factors, do you think this news is good or bad for the market?

  
• 

  Kang-hoon

  • In the short term, this news is likely a negative development for the market.

  • The German government's continuous selling, combined with the potential impact of the Mt.

  • Gox payout, could lead to further price declines and increased volatility.

• Annie

  • Got it.

  • Thanks for the detailed explanation, Kang-hoon.

  • This really helps with understanding the current market situation.

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • It's important to stay informed, especially in such a volatile market.

  • If you have any more questions, feel free to ask.

• Annie

  • Will do!

  • Thanks again.😊

  
• 

  Kang-hoon

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.