Stop selling German bitcoins, do this instead: MP Joana Cotar

• German MP Joana Cotar has urged her government to reconsider selling its seized BTC assets.
• The current BTC dump has triggered the largest post-FTX crisis liquidation.

The cryptocurrency market fell this week as Bitcoin (BTC) fell to $53,000, the lowest level seen since February 2024.

Market sentiment has deteriorated due to massive pressure from entities like the German government.

German authorities have unloaded 50,000 BTC seized from illegal streaming site Movie2k.to. moved 3,000 BTC on July 4th and an additional 1.95K BTC moved in the last 12 hours, according to Arkham Intelligence data.

Germany’s Bitcoin Sale Draws Criticism

These elements were part of the BTC price crash that sent BTC prices down and sparked a market-wide bloodbath that even angered German MP Joana Cotar.

Cotar urged his government to reconsider its sales. Excerpt from his statement translated on X (formerly Twitter) read,

“Instead of holding #Bitcoin as a strategic reserve currency, as is already being debated in the United States, our government is selling on a massive scale.”

Cotar also accompanied a letter supporting the arguments why the German government should halt BTC sales.

She added that BTC provides the government with diversified public assets and long-term value preservation against currency devaluations and inflation.

In essence, she urged the government to adopt a Bitcoin strategy.

“Instead of selling, I recommend developing a comprehensive strategy for Bitcoin. This could include keeping Bitcoin in the treasury, issuing Bitcoin bonds, or creating a favorable regulatory environment.”

Cryptocurrency market commentator Samson Mow echoed Cotar’s argument and viewed the government’s BTC sales as “summit of idiocracy.’

Meanwhile, if selling pressure persists, BTC’s fall could extend to the weekly order block and the February consolidation zone of $52,900-$50,000, marked in cyan.

The extended retracement and retest of $53,000 triggered massive liquidations, which reached nearly $700 million across the market in the last 24 hours.

BTC accounted for $226 million in liquidations during the same period, with long positions seeing massive losses worth over $180 million.

According to a market observerThe massive liquidation was the largest since the FTX saga in November 2022.