Bitcoin surged to $70,000, then fell below $67,000, causing $185 million in liquidations.
U.S. government’s $2 billion BTC transfer linked to the Silk Road sparked trader concerns.
Trump’s pledge to halt federal crypto sales and Lummis’s national Bitcoin reserve proposal added to market turmoil.
In March, the price of Bitcoin hit $70,000 before tumbling below $67,000. This significant volatility created market chaos, with $185 million in liquidations over the last 24 hours. Bitcoin-related positions were the hardest hit, with $48 million in Bitcoin long positions liquidated within just four hours.
A TRUMP DUMP? MAJOR VOLATILITY INCOMING – Bitcoin's price surged to $70,000 on Monday before plummeting below $67,000, causing significant market turbulence.– The crypto market saw $185 million in liquidations over the last 24 hours, with Bitcoin-related positions being the… https://t.co/I51Qrn0ge5 pic.twitter.com/cfPykn2xGk
— BSCN (@BSCNews) July 29, 2024
Government Actions Spark Market Turbulence
The dramatic price swings were tied to multiple factors. One major influence was the U.S. government’s movement of $2 billion in Bitcoin linked to the Silk Road. This move sparked widespread speculation and concern among traders. The transfer occurred hours after the initial price drop, adding to the market confusion and anxiety.
Another factor contributing to the market turmoil was former President Trump’s recent pledge. He promised to halt federal crypto sales if re-elected. The statement created uncertainty and influenced trading decisions. Additionally, Senator Cynthia Lummis proposed a national Bitcoin reserve. Her proposal added another layer of complexity to the market dynamics.
Uncertainty Fuels Market Anxiety
The exact cause of Bitcoin’s rapid rise and fall remains unclear. The timing of the U.S. government’s BTC transfer, which happened after the initial price drop, raised many questions.
This sequence of events led to speculation about possible connections between the government’s actions and market movements. The crypto market’s reaction to these developments was swift and sev...
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