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It's Not Germany Selling Bitcoin. It's One of Its States and It Has No Choice.

Since confiscating nearly $3 billion worth of bitcoin in January, Germany's state of Saxony has sold over half of its initial holdings, causing distress in the market.

By Helene Braun|Edited by Nick Baker

Updated Jul 9, 2024, 6:58 p.m. Published Jul 9, 2024, 6:58 p.m.

The state of Saxony, located in the eastern region of Germany, is responsible for the dumping of hundreds of millions of dollars worth of bitcoin. (Harald Nachtmann/Getty Images)