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Germany’s $2 Billion Bitcoin Holdings Spark Investor Concerns Amid Selloff

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Germany's $2 Billion Bitcoin Holdings Spark Investor Concerns Amid Selloff

For weeks, Germany’s government has been offloading hundreds of millions of dollars worth of bitcoin, causing significant concern among cryptocurrency investors and contributing to a sharp selloff in the market. Last month, the Federal Criminal Police Office (BKA) began selling bitcoin from a massive haul seized from a now-defunct movie piracy website.

In June, the BKA sold 900 bitcoins, worth approximately $52 million. Last week, an additional 3,000 bitcoins, valued at around $172 million, were sold. On Monday, German police sold a further 2,739 bitcoins, equating to $155 million worth of the cryptocurrency. These substantial sales have coincided with a dramatic drop in bitcoin’s price, which fell below $55,000 on Friday, its lowest level since February 2024. The entire crypto market saw a significant loss, shedding over $170 billion in combined market capitalization in a 24-hour period.

Germany’s bitcoin sales aren’t the only issue weighing on the cryptocurrency. The payout of billions of dollars worth of bitcoin from the collapsed bitcoin exchange Mt. Gox to creditors has also put pressure on the market. The trustee for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, confirmed that repayments in bitcoin and bitcoin cash have begun through several designated crypto exchanges.

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Despite the large sums involved, these sales are relatively small compared to bitcoin’s overall token issuance. In January 2024, police in the eastern German state of Saxony seized close to 50,000 bitcoins, worth around $2.2 billion at the time. This was the most extensive seizure of bitcoins by law enforcement in Germany to date. The funds were confiscated from the operators of Movie2k.to and transferred to a crypto wallet owned by Germany’s Federal Criminal Police Office.

Today, the BKA holds approximately 32,488 bitcoins, valued at roughly $1.9 billion. However, not everyone agrees with the government’s decision to sell its bitcoin holdings. Joana Cotar, a member of the German Bundestag, argued that the government should hold bitcoin as a “strategic reserve currency” instead of selling it. Cotar has reached out to German Chancellor Olaf Scholz, Finance Minister Christian Lindner, and Saxony Minister President Michael Kretschmer, calling the decision to sell bitcoin “not sensible” and “counterproductive.” She has invited these officials to a lecture by prominent bitcoin influencer Samson Mow on October 17 in Berlin to discuss the matter further.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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