🚨 Is the US government's Bitcoin transfer the culprit for the market decline? 🌐
📈 Hey, friends! Yesterday, the US government transferred $2 billion worth of Bitcoin, which undoubtedly caused some negative emotions in the market!
👀 As soon as the news came out, the price of Bitcoin immediately plunged, so everyone was talking about whether the US government was going to sell it? Please take a look at my point of view below!
🎤 Last weekend, Trump vowed at the Bitcoin Conference that if elected, he would treat Bitcoin as a strategic reserve asset. What was the result? Two days later, the government took action, which was faster than turning a book!
🤔 So some people began to speculate whether this was a strategy of the Democratic Party to clear Bitcoin before Trump won the election, so that even if Trump was elected, his national strategic reserve plan would be ruined?
📉 Sure enough, on Monday this week, the price of Bitcoin really began to fall. At the same time, everyone was looking for reasons, and many media and the public pointed to the US government's Bitcoin transfer.
🧐 My view is that the volatility of Bitcoin prices does not always require a clear reason or explanation. Because the story of the market is often driven by the price itself. When the price falls, people will weave stories around the fall; and when the price rises, new stories will emerge.
📲 At the same time, a new piece of news also confirms my point of view. According to a tweet from a cryptocurrency commentator, the U.S. Marshals Service had reached an agreement with Coinbase Prime as early as July 1 to let Coinbase Prime hold the government's Bitcoin.
🔍Therefore, yesterday's transfer of Bitcoin to Coinbase's cold wallet may be just an asset custody service, not a planned sell-off. If this is the case, then yesterday's sell-off news may just be a market hype.
🤷♀️ So, friends, the market is always unpredictable. We have to stay sober and not be led by superficial news. There may be more complicated stories behind the market fluctuations.
💬 What do you think? Do you think this Bitcoin fluctuation is just hype, or is there a deeper reason? Let me know what you think in the comments!
