Why Justin Sun’s offer to ‘buy all Bitcoin’ will not help BTC at all, right now

The crypto market rout worsened on the 4th of July, amidst preparations and test transactions by Mt. Gox to start the distribution of about $8 billion of

Despite the looming overhang from Mt Gox, the German government continued to sell off its BTC holdings. On the 4th of July, it moved 3K BTC but dumped 1.3K BTC, worth over $78 million, to Bitstamp, Coinbase, and Kraken, further unsettling the market.‘I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.’from Arkham Intelligence, the German government still had 40.3K BTC, worth $2.3 billion, to offload. However, it wasn’t clear whether Sun’s proposal was legit or just a typical prank.

Nevertheless, perhaps Sun’s offer, even if honored, could not effectively taper off the ongoing market rout. Apart from the German government, three other BTC whales also dumped on the 4th of July and dragged BTC to $57K.‘Imagine selling the hardest form of money that has ever existed…Finally, imagine selling on exchanges with market orders, driving the price lower so you get even less.’

The drop to the $57K level resulted in a loss for over 65% of BTC addresses, especially for users who bought between $48.6K and $65.9K.$113 million BTC positions, with longs bearing the brunt of nearly $100 million rekt positions in the past 24 hours.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chainlink, BlackRock ETF, and BlockDAG: Crypto Asset ShowdownDiscover why BlockDAG leads over Chainlink Tokenization & BlackRock Bitcoin ETF with standout features and presale results.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin cloud mining platform, AST Mining, offers program for earning BitcoinThe crypto world is exploding! Since Bitcoin and Ethereum ETFs got the green light, everyone's looking for ways to get involved. Forget just
Source: CryptoAmb - 🏆 22. / 68 Read more »

Why Bitcoin might soon reverse its June lossesBitcoin faces potential recovery from a downturn as highlighted in an analyst's predictions of an upcoming bullish breakout.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Litecoin beats Bitcoin, Ethereum in usage, so why is LTC still bearish?Litecoin [LTC] has failed to earn investors profits as it continues to drop on the list of the top 30 cryptos.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin: Why a correction below $60k could be good news for BTC bullsBitcoin daily RSI jumped above 30, signaling a recovery, but liquidation heatmap data revealed that bears could force more losses soon.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin: Why you shouldn’t be “overly excited or scared” by BTC’s swingsPompliano highlights that Bitcoin is up 40% YTD and is up 100% in the last year so in terms of volatility, citing expected volatility.
Source: CryptoAmb - 🏆 22. / 68 Read more »