German government having second thoughts.

[legendbtc]

News reports saying Germany has sold off all of their Bitcoin holdings. Great news for the market. I hope we see a retaking of $60K next week and maybe even a run at $70K before mtgox coins start hitting the market. I also hope we see the price increase before the massive shorts hanging over the market can be covered.

This is a great news because the market is going to have some relief while we wait for mtgox to also finish distributing their own Bitcoin that they are holding. The difference between the german fud and mtgox fud is Germany was selling directly as they had the Bitcoin but mtgox would not be selling directly but they will be sending the Bitcoin to different people and everybody would not be selling at the time to make the market to fall. Some people are still going to hodl their own Bitcoin and not sell therefore we should not be expecting the same impact like it did when Germany was selling. The market is going to recover and we would be in a better position to counter the selling pressure from mtgox. The market not falling more is a sign that the market might have bottom and it is, retracing that is the next step of the market to take. The market is only going to fall if the news that Germany are done selling was a lie and only a rumour.

But there is a difference that you need to know that the amount of bitcoin held by the German government is 50kBTC worth about 3 billion dollars while the amount of bitcoin held by Mt.gox is 142kBTC and worth more than 9 billion dollars. So even if there are some people who don't sell their bitcoins, there's no guarantee that it will have any less impact on the market.

But honestly, I don't see the German government or Mt.gox selling bitcoin having a significant impact on the market because looking at the trading volume, it can be seen that the market has enough liquidity with those selling orders. But it seems that someone is taking advantage of this news to manipulate the market, they are exaggerating this news to cause more panic in the market and make the dumping situation more serious. That's scarier than the German government and mt.gox selling bitcoin.

[CageMabok]

The market comes to us and we're not the one that goes to the market. I've set my principles and strategies which is ready to be triggered once the bull season steps in. It's a whole down patience which I'm holding firmly because giving up is not an option at my end. Bitcoin chances of breaking new ATH is very high but the main goal for traders and investors is simply sticking to main goal.

I actually think the opposite, where those who come to the market are the market users themselves because the market never goes anywhere to pick up every user to become a member of a particular market. This means that the market is just a place that continues to stay and provides important services to everyone who comes and enters it. So that people who want to trade are people who always like to take advantage of market situations and likewise people who want to continue holding assets that have been purchased in the market.

[asriloni]

News reports saying Germany has sold off all of their Bitcoin holdings. Great news for the market. I hope we see a retaking of $60K next week and maybe even a run at $70K before mtgox coins start hitting the market. I also hope we see the price increase before the massive shorts hanging over the market can be covered.

I hope so. But, it may take some times for bitcoin to retake 60k support.

The Mtgox coins have already hit the market. SBI and Bitbank have credited their creditors earlier.



But I think the pressure is still there. Still, almost 80,000 bitcoins are undistributed. They are held by parties like Bitstamp or Kraken. This is preventing the market to recover, and bitcoin may be doing side way.

[erep]

I actually think the opposite, where those who come to the market are the market users themselves because the market never goes anywhere to pick up every user to become a member of a particular market. This means that the market is just a place that continues to stay and provides important services to everyone who comes and enters it. So that people who want to trade are people who always like to take advantage of market situations and likewise people who want to continue holding assets that have been purchased in the market.

Market volatility is not affected by any conditions and the crypto market will continue to exist because we have seen evidence from the early history of bitcoin until now, the current movement dynamics are still in the normal category for the crypto market, so we don't need to worry about what market conditions will be like in the future and we should taking advantage of the low price situation to increase bitcoin assets because many investors are waiting for a discount price to buy bitcoin assets.

Some investors have even stated that they will be ready to wait for bearish prices if that happens in the future, they have prepared higher funds to buy bitcoin at lower prices, and we should follow investors' steps to prepare reserve funds for portfolio bitcoin assets.

[uneng]

I hope so. But, it may take some times for bitcoin to retake 60k support.

The Mtgox coins have already hit the market. SBI and Bitbank have credited their creditors earlier.



But I think the pressure is still there. Still, almost 80,000 bitcoins are undistributed. They are held by parties like Bitstamp or Kraken. This is preventing the market to recover, and bitcoin may be doing side way.

It shouldn't be a big issue for Bitcoin price if these coins are going to be redistributed in minor batches. The biggest problem is the FUD caused through alarming clickbait news stating Mt. Gox is repaying their customers (giving the false impression it's being done at once, as 9$ billion dollars in BTC for sale immediately hit the market).

If investors fall for this psychological trigger again, then BTC price will dump once more... I think everyone is apprehensive regards it, and nobody knows yet what to expect. What we have for today is an optimistic chart displaying Bitcoin almosting breaking the 59,000$ resistance level, which can guarantee its return to the 60,000$'s.

News also state there has been being a positive influx of new investments being made in Bitcoin these days. There must be some good news going on the backgrounds which the public doesn't have access to. But if these investors are buying, maybe we should buy as well.

[d5000]

To those that wrote that "Germany tries to manipulate the market" and similar stuff:

These 50k BTC as we all know were coins from a criminal proceeding from the LKA Saxony, coins sized from Movie2k.to. And this means that normally there is an established, standarized procedure to sell those items. Well, Bitcoins may not often be seized this way, but real estate, cars, and so on are seized all the time, and thus there are laws and administrative decrees defining how such sales are done.

What I want to say with this is that there is no way for them to try to "speculate" with the coins, hoping for better prices, and much less "try to manipulate the market". Once the decision is made to sell, they have to sell. And as @cygan correctly wrote a big part was sold using OTC channels like FlowTraders.

An article about this "issue" has been published on BTC-Echo but it's behind a paywall (I have not read it).

The only way to not sell would have been a law or decree to change the procedure in these cases. This is what a German lawmaker called Joana Coatar tried to achieve some days ago, but it was of course WAY too late. She should have done this in January when the coins were seized.

Well, Germany has now run dry, and the price has barely moved during their selloff. The 53k dump was very likely not caused by them (it occurred during Asian trading hours, and the LKA Saxony wallet had moved only a small fraction at this moment) but by a panic triggered by the first MtGox coin movements, and subsequent long liquidations under the 59k and 56.5k support levels.

[Kemarit]

They will regret this when Bitcoin explodes to new high, after new high, after new high. What does a nation state possibly gain by selling Bitcoin. They have loads of national debt, they can print money whenever they want (they do) so why sell something that has a limited supply. It makes no sense, also the fact they are not selling OTC is very amateurish.

Well perhaps they just want to dump it, simply as that, most of the seized Bitcoin goes back as far as 2014, so that's 10 years holding for them so it's just about time for the government to sell, and not care about the profit (although for sure they've made huge gains already).

And now that they are done, the market didn't move as others predicted, like in the range of $30,000-$40,000.

Now the market is back, maybe at the end of this month, we will see $60,000 or higher. And as we close this book, it just shows how resilient Bitcoin market is, not even 50,000 BTC put a huge dent in the price.

[letteredhub]

They will regret this when Bitcoin explodes to new high, after new high, after new high. What does a nation state possibly gain by selling Bitcoin. They have loads of national debt, they can print money whenever they want (they do) so why sell something that has a limited supply. It makes no sense, also the fact they are not selling OTC is very amateurish.

Well perhaps they just want to dump it, simply as that, most of the seized Bitcoin goes back as far as 2014, so that's 10 years holding for them so it's just about time for the government to sell, and not care about the profit (although for sure they've made huge gains already).

And now that they are done, the market didn't move as others predicted, like in the range of $30,000-$40,000.

Now the market is back, maybe at the end of this month, we will see $60,000 or higher. And as we close this book, it just shows how resilient Bitcoin market is, not even 50,000 BTC put a huge dent in the price.

In the article as I was reading through this is where caught my attention really hard; While Germany sells its bitcoin, Wall Street is seizing the chance to buy the dip. in wider sense this means while mister A is selling mister B and perhaps a whole lot of people behind the scene were buying the dip as an opportunity. I just wonder how much resilience bitcoin needs to show to prove to investors that no single hodler can bring it down to significant dump-dump. By month August it's gonna be a rising sun cooling down some of the panic brought in by July.