This is because the current value of Bitcoin and other price influential circumstances are irrelevant in deciding where and when to execute an emergency sale. Germany Conducts Market-Friendly BTC Sale During its blog post, the Saxony Central Office for the Protection and Realization of Virtual Currencies disclosed that the government had conducted a "market-friendly and appropriate sale of Bitcoins.” The government had initiated multiple BTC dumps in small tranches over a period of approximately three and half weeks, taking into consideration how substantial BTC sell-offs can significantly impact the market. Related Reading: Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High According to the government, approximately 49,858 BTC was transferred on January 16, 2024, representing a total value of €1.96 billion at the time, with an average purchase rate of about €39,400.
Starting on June 19, 2024, the German government began to sell off its massive Bitcoin reserves, officially concluding sales on July 12, 2024. Related Reading: XRP Whales Are On The Move Again – Here’s What They’re Doing This Time The government disclosed that the sale proceeds had amounted to €2.63 billion, with the funds remaining provisionally secured for the criminal proceedings related to the "movie2k” complex.
Germany’s Bitcoin sale was also driven by its legal obligation to liquidate valuable assets before the conclusion of ongoing criminal proceedings, particularly when there is a threat or risk of significant loss. Considering Bitcoin’s notorious volatility and its penchant for rapid price fluctuations, the threat of loss was always present and, therefore, necessitated the sale. Moreover, any speculation of prices or waiting on the rising value of the seized assets by the prosecuting authority is strictly prohibited in an emergency sale, which is expected to be carried out as quickly as possible.
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