Bitcoin
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 has proposed buying the remaining $2.3 billion of the Bitcoin seized by the German government. This offering comes amid a series of significant transfers of Bitcoin by Germany to exchanges in an attempt to offload the cryptocurrency, which have already impacted the market and caused a significant sell-off.
Earlier today, Germany moved another $75 million worth of Bitcoin to exchanges, sending the market tumbling. This action follows several similar transfers over the past two weeks totaling hundreds of millions of dollars worth of Bitcoin. As of now, the price of Bitcoin has fallen to $56,892.53, marking a 5% decline since yesterday and a 7% drop in the past week.
“I am willing to negotiate with the German government to buy all BTC off the market in order to minimize the impact on the market,” Sun said. tweeted on Thursday afternoon. Sun’s cryptocurrency wallet, as identified by blockchain analytics firm Arkham Intelligence, holds just over $1 billion in funds.
Arkham Intelligence reports that one of the five wallets linked to the German BKA has already sold at least $300 million worth of 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 worth of Bitcoin, sent $44 million to Amsterdam-based market maker Flow Traders.