Justin Sun Proposes to Negotiate With German Government Over the Continuous Sale of Its Bitcoin Stash

Justin Sun motivation The German Federal Criminal Police Office started selling some of the Bitcoin proceeds it confiscated in May.

Tron founder Justin Sun has proposed opening talks with the German government regarding the continuous sale of its confiscated Bitcoin stash.

Earlier this year, the German Federal Criminal Police Office began selling proceeds from the 170,000 Bitcoin confiscation in May. To date, the government has sold over 9,641 BTC in small tranches on cryptocurrency exchanges, with the total proceeds amounting to over $550 million.

While the government's Bitcoin holdings are dwarfed by the broader circulating supply, market sentiment toward this sell-off has been volatile. On Friday, a transfer of 1,300 BTC from the German police to Kraken, Coinbase (NASDAQ:COIN) and Bitstamp triggered a sell-off in the price of the coin.

At the time of writing, the Bitcoin price has dropped by 4.58% over the last 24 hours and is trading at $57,400.54. This marks the first time since mid-March that the price of Bitcoin has fallen below the $57,000 level, indicating a potential decline in network health.

However, the market may gradually adjust to the occasional government sell-off as a survival tactic, especially considering the upcoming influx of more dumping in the market.

The U.S. government, like the German government, is also selling off its stash, which may be exacerbated by the anticipated Mt. Gox repayment and subsequent sell-off. At least until Sun's offer is accepted, the market will require its inherent resilience to navigate the bearish days ahead.

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