#USGovt Dumps $4M In #bitcoin☀️ Again, Another $BTC Selloff Ahead?
US Government Transfers 60 Bitcoin, Raising Selloff Concerns
- The US government recently moved 60 Bitcoin, worth about $4 million, which has sparked worries about a potential market selloff. This follows previous large-scale liquidations by the US and German governments that have impacted Bitcoin’s price.
Details of the Transfer
- The US government transferred 58.472 BTC to a wallet that then moved the Bitcoin to Coinbase Prime. Despite this, the government still holds 213,239 BTC, valued at approximately $14.43 billion.
Market Impact
- The transfer, while small, contributes to fears of further selloffs that could affect Bitcoin’s price. Investor concerns have intensified, potentially reversing recent gains.
Positive Catalysts
- Despite the selloff fears, positive factors include former President Donald Trump’s upcoming speech at the Bitcoin Conference 2024 and speculation that he might propose Bitcoin as a strategic reserve. Additionally, strong inflows into US Spot Bitcoin ETFs reflect confidence in Bitcoin’s long-term value.
Market Reaction
- Bitcoin’s price has risen over 1% to above $68,200. Trading volume surged by 84% to $43.79 billion, and BTC Futures Open Interest increased by 2% in the last 24 hours, indicating growing market confidence despite short-term volatility.
Source - coingape.com
