- German MP Joana Cotar urged her authorities to rethink promoting its seized BTC holdings.
- The continued BTC dump has triggered the biggest liquidation post-FTX disaster.
The crypto market sank decrease this week as Bitcoin [BTC] dropped to $53K, the bottom stage seen since February 2024.
Market sentiment has worsened amidst large sell-side strain from entities just like the German authorities.
German authorities have been offloading 50K BTC seized from the unlawful streaming web site Movie2k.to. It moved 3K BTC on 4th July, and an additional 1.95K BTC was moved prior to now 12 hours, per Arkham Intelligence data.
German Bitcoin promoting sparks criticism
These have been a part of the BTC whale dump that lowered BTC costs and initiated a market-wide massacre that angered even German MP Joana Cotar.
Cotar urged her authorities to rethink its sell-offs. A part of her translated assertion on X (previously Twitter) read,
“As a substitute of holding #Bitcoin as a strategic reserve foreign money, as is already being debated within the USA, our authorities is promoting on a big scale.”
Cotar additionally accompanied a letter supporting arguments on why the German authorities ought to halt the BTC sell-offs.
She added that BTC presents the federal government with diversified state property and long-term worth preservation from foreign money devaluations and inflation.
In essence, she urged the federal government to undertake a Bitcoin technique.
“As a substitute of a sale, I like to recommend growing a complete Bitcoin technique. This might embody sustaining Bitcoin within the state treasury, issuing Bitcoin bonds, or making a supportive regulatory setting.”
Crypto market commentator Samson Mow echoed Cotar’s argument and seen the federal government BTC sell-offs because the ‘peak of idiocracy.’
Within the meantime, if the promoting strain persists, the BTC dump might lengthen to the weekly order block and February consolidation zone of $52.9K—$50K, marked in cyan.
Supply: BTC/USDT, TradingView
The prolonged retracement and retest of $53K have triggered large liquidations, which have reached almost $700 million throughout the entire market prior to now 24 hours.
BTC accounted for $226 million of liquidations over the identical interval, with lengthy positions posting large losses price over $180 million.
In line with one market observer, the huge liquidation was the largest because the FTX saga in November 2022.
Supply: x/Honeybadger