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Justin Sun Offers to Buy Germany’s Remaining $2.3 Billion in Bitcoin to Stabilize Market
Justin Sun Offers to Buy Germany’s Remaining $2.3 Billion in Bitcoin to Stabilize Market
Tron Founder Justin Sun Offered to Buy Remaining $2.3 Billion Bitcoin seized by the German government. The offer comes amid a series of large Bitcoin transfers by Germany to exchanges in an effort to dump the cryptocurrency, which have already impacted the market and caused a massive sell-off.
Earlier today, Germany transferred another $75 million worth of bitcoin to exchanges, sending the market into a tailspin. This action follows several similar transfers over the past two weeks, amounting to hundreds of millions of dollars worth of bitcoin. As of now, the price of bitcoin has fallen to $56,892.53, marking a 5% drop since yesterday and a 7% drop from last week.
“I am willing to negotiate with the German government to purchase all BTC off-market to minimize the impact on the market,” Sun said. tweeted Thursday afternoon. Sun’s crypto portfolio, as identified by blockchain analytics firm Arkham Intelligence, contains just over $1 billion in funds.
Arkham Intelligence reports that one of the five wallets linked to Germany’s BKA has already sold at least $300 million in bitcoin. This includes transfers of $94 million to Coinbase, $84 million to Kraken, and $91 million to Bitstamp. Additionally, the wallet, which currently holds $2.3 billion in bitcoin, sent $44 million to Amsterdam-based market maker Flow Traders.