Bitcoin Schadenfreude: Crypto Followers Experience Germany’s Euro Loss

• Crypto neighborhood mocks Germany’s Euro 2024 soccer defeat.
• Justin Solar suggests Germany’s soccer loss is because of extreme Bitcoin liquidation by the federal government.
• The German authorities dumped over 5K Bitcoin in 4 weeks.

Crypto fanatics are having a area day with Germany’s Euro 2024 soccer championship loss, cheekily blaming the federal government’s Bitcoin sell-off for the group’s lackluster efficiency. 

On Friday, Spain defeated Germany within the quarter-finals, ending Germany’s run within the 2024 UEFA European championship. 

Justin Solar, founding father of the Tron blockchain, quipped on X (previously Twitter) that the German group may need misplaced as a result of their authorities bought an excessive amount of Bitcoin!

Different crypto fanatics joined within the lighthearted ribbing. Lucie, Shiba Inu’s content material advertising and marketing specialist, chimed in on X, “As a European, I approve of this message.”

Notably, since June 19, the German authorities has been persistently promoting BTC tokens to exterior addresses, significantly to the exchanges Coinbase, Kraken, and Bitstamp, for liquidation. Initially, the federal government held 45,609 Bitcoin, valued at round $2.81 billion.

Knowledge from Arkham Intelligence reveals Germany now holds 40,526 BTC, implying they’ve bought 5,083 tokens valued at over $300 million in lower than 4 weeks.

Throughout this era, Bitcoin’s market worth fell by 18.23%, from a excessive of $65,695 on June 19 to $53,717 on July 5. This huge Bitcoin value drop considerably affected the broader altcoin market, which witnessed even steeper losses below the identical timeframe.

Curiously, German parliament member Joana Cotar had additionally criticized the federal government’s huge sale of Bitcoin, describing it as irrational and urging it to “maintain BTC as a strategic reserve foreign money.”