Tron CEO Justin Sun Ready to Negotiate With German Government Over Bitcoin Sales

Over the past two weeks, the German government has been steadily selling off its Bitcoin holdings, which is partly why Bitcoin has been under pressure recently. Bitcoin’s price has fallen another 4.5%, dropping to the $57,500 level. As the BTC correction continues to drain investors’ wallets, Tron’s Justin Sun has made an offer to the German government.

Justin Sun makes new offer to German government

In his latest tweet on the X platform, Justin Sun expressed his willingness to enter into negotiations with the German government to acquire all of his Bitcoin holdings off-market. This proposal by Sun is aimed at minimizing market disruptions that could result from another BTC sale by the German government.

Sun’s initiative underscores efforts to prevent significant price volatility in the cryptocurrency market. Discussions are expected to explore conditions that could facilitate a smooth transfer of BTC holdings from the government to private hands, which could affect market dynamics.

I am willing to negotiate with the German government to buy all BTC off-market to minimize the impact on the market.

— SE Justin Sun (@justinsuntron) July 4, 2024

Earlier today, the German government sold an additional 1,300 BTC to three cryptocurrency exchanges: Kraken, Coinbase, and Bitstamp. Over the past 15 days, the government has sold nearly 9,641 Bitcoin, bringing its total holdings to 40,359 BTC. This means that the government has reduced its Bitcoin holdings by 18%.

However, the German government has yet to issue an official statement explaining the reason for this sale. If the government continues selling at this pace, it could exhaust all of its BTC holdings by the end of September.

Also read: German government sells 832 BTC, reducing its Bitcoin holdings by 13%

Bitcoin Liquidations

The recent drop in Bitcoin’s price has led to heavy liquidations in the market. According to data from Coinglass, nearly $300 million has been liquidated in the last 24 hours. Of this $255 million, the liquidations occurred on long BTC positions and $37 million on short BTC positions.

In the latest development, cryptocurrency exchange Mt. Gox has activated its wallet as it begins payment of $9 billion to creditors in Bitcoin and BCH.

Also read: JPMorgan, CoinShares predict Bitcoin shakeup thanks to Mt. Gox’s $9 billion payout