The reason for the Bitcoin plunge is revealed: caused by large-scale transfers in the United States
Shortly after Donald Trump made the statement that "if I am elected, we will not sell any Bitcoin controlled by the United States", about 30,000 such assets were transferred to a new address. It is speculated that this transaction was for the purpose of sales.
The reason for the intensification of Bitcoin's decline in the evening has become clear. 29,799 Bitcoins (worth $2 billion) originally controlled by the United States and seized from the "Silk Road" operation were transferred to another wallet.
The transaction took place at 19:18 Turkish time. 29,799 Bitcoins were dispersed to two different addresses, one of which received only a very small amount of Bitcoin, while almost all assets were transferred to another address.
It is believed that these Bitcoins were transferred to the new address for sale. Investors were worried that the sales behavior would lead to a drop in prices, which triggered panic. The price of Bitcoin fell below $67,000 in the first few minutes and once reached $66,868.
It is worth noting that this transfer took place after Trump's remarks on Saturday. Trump once said that if he is elected, he will keep nearly 200,000 bitcoins controlled by the United States as reserve assets, and the bitcoins of "Silk Road" are also included in these 200,000.
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