Bitcoin prices have fallen by 9% last month. The selloff is largely attributed to Germany selling 50,000 bitcoins over the past few weeks and the selling pressure causing less die hard bitcoin enthusiasts to sell as well. 

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Now believed to be a hedge against a weakening dollar, Bitcoin enthusiasts see prices recovering as the U.S. debt rises and cuts interest rates.

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The government, which has a zero balance in its main account, likely started selling its cache of more than $2 billion in Bitcoin through exchanges such as Coinbase Global Inc., Kraken and Bitstamp three weeks ago, according to Arkham’s record of transactions. Arkham didn’t immediately return a request for comment.

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