While Germany transfers $28 million in Bitcoin, Japan buys an additional 42 BTC! | Bitcoin - Buying and Selling Pressure

Bitcoin has had a significant impact on the cryptocurrency market falling to a minimum of $54,000 over the weekend. Fortunately, it has recovered to nearly $57,000; however, that weekend drop meant a 6% decrease in supply.

According to CoinGlass data, it is estimated that long positions worth $175 million have been liquidated, while $35 million correspond to short positions, totaling $210 million. Let's not forget to mention that between Thursday and Friday of last week, $600 million were liquidated after Bitcoin briefly dropped to $55,000.

It is clear that we are experiencing a bearish sentiment and witnessing major cryptocurrencies falling dramatically. We wonder, what is happening in the market for this to occur and impact us? Perhaps we could start with the selling pressure the German government is exerting or maybe the situation with Mt.Gox, which, following its bankruptcy, owes debts to 127 thousand creditors.

On one hand, we have the German government successfully transferring Bitcoin to Coinbase and Bitstamp for a value of $28 million. Keep in mind that Germany holds 39,826 BTC worth an estimated $2.2 billion. A significant amount of these BTC stem from the seizure in criminal cases related to piracy.

We might see more sales from Germany, as they claim to not know how to handle Bitcoin and lack a strategy to prevent negative impacts on the market.

On the other hand, this month marks the beginning of Mt.Gox refunds, unless it gets postponed once again as it has happened before. It is said that the funds to be distributed amount to 142,000 and 143,000 Bitcoin and Bitcoin Cash respectively. There is speculation that after the distribution, there will be substantial selling pressure, and uncertainty regarding the percentage to be sold.

Remember that this cyberattack occurred 10 years ago, and the issue of repaying users who were once part of that defunct platform still persists. Nonetheless, if everything proceeds as expected, it may be somewhat positive for those involved with Mt.Gox, at least to clear their name, although this likely won't change much.

We can also mention that Japan has recently acquired 42 BTC valued at $2.4 million. It is unclear if this contributes to the swift recovery Bitcoin has experienced, but it is undoubtedly helpful and a positive development within the current landscape.

A company in Tokyo named Metaplanet is committed to increasing its Bitcoin holdings, with a current possession of 203 BTC. Last month, they established a subsidiary named Metaplanet Capital Limited, aiming to improve Bitcoin holdings and explore various international growth opportunities.

As per the company's manifesto, it states that they will use cash flow to implement a cumulative corporate governance. Additionally, there are plans to include debt and capital financing strategies, all with a strict focus on accumulating Bitcoin.

Japan is renowned for its development capabilities and economic growth, especially post the World War II aftermath. However, it is currently facing financial stagnation that has persisted for decades.

Metaplanet is valued at $97 million and could serve as an excellent example to encourage decisions to increase or acquire Bitcoin holdings in a portfolio.