- The German government sold 50,000 BTC during the summer.
- Summer BTC selloff led Germany to miss $1.7 billion in potential profit.
- Bitcoin has surged over 80% since Germany’s summer crypto selloff.
The German government sold off 50,000 BTC during the summer when Bitcoin prices dropped below $54,000. Reports indicate the government earned approximately $2.88 billion from the sales, which triggered a significant dip in crypto prices. Analysts noted that Germany could have secured far greater profits by holding onto the digital asset a tad longer.
WatcherGuru, a crypto market observer, posted on X that selling BTC last summer cost the German government a potential $1.7 billion in missed profit. This conclusion stemmed from Bitcoin’s current rally, driven by its surge since Donald Trump’s victory in the U.S. presidential election.
Bitcoin’s Surge Post-German Selloff: All-Time High Achieved
Although Bitcoin declined below $50,000 following Germany’s selloff, its recovery gained momentum three months later. Since November 5, Bitcoin’s price has shown significant volatility, eventually climbing to new all-time highs.
TradingView’s data shows Bitcoin has surged over 30% since Donald Trump’s presidential victory, reaching $89,643. This milestone has boosted investor confidence, with many anticipating continued growth in the coming months.
Germany’s selloff, lasting several weeks, applied considerable selling pressure on the crypto market. The government sold assets seized by police in Saxony in January. Following these sales, Germany retained approximately 32,500 BTC.
Read also: Bitcoin Enters Final Phase of Halving Cycle: Parabolic Uptrend Expected
Notably, Bitcoin’s latest rally reflects a typical bull run associated with the four-year cycle following a Bitcoin halving. As 2024 marks another halving year, analysts predict an uptrend with higher price targets. Investors remain optimistic about Bitcoin’s potential for further gains, especially amid Trump’s vocal support for cryptocurrency.
The combination of historical halving trends and favorable sentiments surrounding Bitcoin suggests more opportunities for growth in the months ahead.
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