The U.S. government has filed a bill to sell 130 million worth of Bitcoin, which was got and confiscated from Zilkron, which was operating criminal activities.
So, someone will ask, what impacts will this have on the $BTCmarket?
This is a negative sentiment because if the U.S. government goes ahead and cashes out that Bitcoin, then you're going to have a bear trend in the market.
It's going to affect the price of Bitcoin negatively, and you might see the coins coming down because remember, Bitcoin's price is controlled by what you call the market cap.
When people sell, the market cap goes down, and when the market cap goes down, of course, the price of Bitcoin goes down.
Now, when the price of Bitcoin goes down, also it affects the price of other altcoins because Bitcoin is king.
When Bitcoin goes down, then the altcoins will follow suit. So, this is a negative sentiment, and if this is to go by, and the U.S. government actually decides to sell those Bitcoins, you might see some blood on the street before we have what you call a cool-off period, before we actually resume the upward trend.
As you guys know, the ETFs got approved a few days ago, and these are big boys, these are the big players in the market. They want to control the market.
So, expect some bit of shake-off in the next coming days because we want to separate the diamond hands from the paper hands because all the paper hands are going to get tracked.
But all in all, for those guys who understand the industry, you know where we are heading, and you know what you're supposed to do.
And as always, if you want to learn all things about crypto just follow @El Ogiso
