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German government refuses to hodl.
German law enforcement seized over 50,000 bitcoin (worth over $2 billion at the time) while busting a movie piracy site earlier this year. Now the government is liquidating so much crypto at such a fast pace that the price of bitcoin is dropping in response.
It’s not helping that Germany’s sell-off coincides with repayments to creditors (in crypto) by the Mt. Gox bankruptcy estate.
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