As a seasoned crypto investor with a keen eye on market trends and regulatory developments, I find Justin Sun’s recent announcement intriguing. The prospect of major players like Sun stepping in to absorb large volumes of Bitcoin off-market is an attempt to maintain stability amidst potential market turbulence caused by institutional sellers like the German government.
As a researcher studying the cryptocurrency market, I’ve noticed that Justin Sun has expressed an intention to purchase Bitcoins through over-the-counter (OTC) transactions from the German government. This move is aimed at mitigating any potential market disruptions or volatility that could result from large-scale Bitcoin purchases.
As a researcher studying the cryptocurrency market, I’m sharing an update from Justin Sun, the creator of TRON blockchain. He’s expressing his readiness to protect the industry amidst the increasing influx of confiscated Bitcoins into centralized crypto exchanges.
On Thursdays update of X, Sun expressed his readiness to engage in talks with the German authorities regarding the acquisition of “all the off-market BTC,” with the intention of minimizing market disruption. Yet, he failed to provide any concrete details or a proposed timeframe for this prospective deal.
As a researcher studying the dynamics of the Bitcoin market, I’m open to exploring the possibility of directly engaging with the German government for an off-market transaction to acquire their held Bitcoins. By doing so, my aim is to limit any potential market disruptions that may result from large-scale purchases in the open market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
As an analyst, I’ve noticed an intriguing development: The German government has been transferring confiscated Bitcoins from labeled addresses to centralized exchanges, even as the cryptocurrency’s price has dipped below $60,000. It’s uncertain whether they’ve chosen to sell these assets or if they’re keeping them in exchange wallets for future use.
According to a previous report by crypto.news, the German Federal Criminal Police Office (BKA) moved several Bitcoins to popular exchanges such as Kraken and Coinbase, along with an unidentified wallet. However, at present, there has been no official confirmation from the BKA regarding this transaction.
Based on Arkham’s figures, approximately 40,000 Bitcoins worth over $2 billion at present market values remain in the possession of the German government. This substantial hoard originated from the confiscation of around 50,000 Bitcoins in early 2013. The German Federal Criminal Police Office (BKA) obtained these digital assets following a “voluntary transfer” initiated by the operators of the widely-used piracy movie website Movie2k.to, as announced in a BKA press release.
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2024-07-04 16:22