Bitcoin has been on a tear lately. It hasn’t been lower since February. According to the report, the German government has dumped hundreds of millions of dollars worth of Bitcoin. cnbc
It has been one of the factors that has led to a sharp decline in the world's largest cryptocurrency recently.
Last month, the German government’s big sell-off began. They’re selling bitcoin from the country’s federal criminal police. In June, they sold 900 bitcoins from a massive seizure taken from a defunct movie piracy website. Last week, they sold another 3,000 bitcoins. They reportedly own $2 billion worth of bitcoin, according to the site.
More concerns
The sales sent the price of the cryptocurrency plummeting. On Friday, the price fell below $55,000. At one point, $170 billion was wiped off the market.
But concerns are growing for Bitcoin investors by the day. Last week, news broke that the collapsed cryptocurrency exchange Mt.Gox will pay a huge sum of money.
In February 2014, the cryptocurrency exchange Mt. Gox was created after hackers stole up to 950,000 bitcoins, which were hugely valuable at the time. Now, ten years later, the cryptocurrency exchange will pay out around 141,000 bitcoins worth $9 billion to former users of the cryptocurrency exchange.
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