• Crypto Neighborhood Mocks Germany's Euro 2024 Soccer Defeat.
• Justin Solar means that the German soccer defeat was because of extreme Bitcoin liquidation by the federal government.
• The German authorities bought over 5,000 Bitcoins in 4 weeks.

Crypto lovers are in an uproar over Germany’s loss on the Euro 2024 soccer championship, openly blaming the federal government’s selloff of Bitcoin for the staff’s lackluster efficiency.

On Friday, Spain defeated Germany within the quarterfinals, ending Germany's successful streak on the UEFA Euro 2024 Championship.

Justin Solar, founding father of the Tron blockchain, joked on X (previously Twitter) that the German staff might have misplaced as a result of the federal government bought an excessive amount of Bitcoin.

Different crypto lovers joined within the light-hearted banter. Shiba Inu content material advertising professional Lucy echoed X, saying: “As a European, I agree with this message.”

Notably, since June 19, the German authorities has been repeatedly promoting and liquidating BTC tokens to exterior addresses, notably exchanges akin to Coinbase, Kraken and Bitstamp. Initially, the federal government held 45,609 Bitcoins, valued at roughly $2.81 billion.

In keeping with information from Arcam Intelligence, Germany presently holds 40,526 BTC, having bought 5,083 tokens price greater than $300 million in lower than 4 weeks.

Throughout this era, Bitcoin's market worth fell 18.23% from a excessive of $65,695 on June 19 to $53,717 on July 5. This vital drop in Bitcoin's worth had a serious affect on the broader altcoin market, which noticed even greater losses over the identical interval.

Curiously, German Member of Parliament Joanna Cotard additionally criticized the federal government’s large Bitcoin sell-off, calling it irrational and urging the federal government to “maintain BTC as a strategic reserve foreign money.”