Nearly 40,000 Bitcoins Belonging to US Government Are on the Move
Over the last week, the world’s largest cryptocurrency Bitcoin (BTC) has been under selling pressure. As of press time, Bitcoin is trading 1.59% down at a price of $22,118 and a market cap of $23 billion.
On-chain data provider Glassnode recently reported that nearly 40,000 Bitcoins from wallets linked to the US Government law enforcement seizures are currently on the move. While a majority of them appear to be internal transfers, some of them have also moved to the crypto exchange Coinbase.
Glassnode notes: “approximately 9,861 $BTC seized from the Silk Road hacker have been sent to our Coinbase cluster”.
As said, Bitcoin has continued to face selling pressure and shows weakness on the charts as well! Citing data from IntoTheBlock, popular crypto analyst Ali Martinez reported:
Bitcoin dropped below a critical area of support between $23,050 and $23,730, where 1.63 million addresses bought over 910,000 $BTC. Failing to regain this area as support could trigger a sell-off that pushes #BTC to $20,700 or even $19,300.
On the other hand, the total number of Bitcoin addresses holding more than 1,000 Bitcoins has also dropped over the last week. Nearly 24 such Bitcoin addresses have redistributed their Bitcoins and dropped from the network over the last week.
Bitcoin and Macros
Currently, Bitcoin bears seem to be in a dominant position over the bulls. As Bitcoin continues to dip under its crucial support levels, some analysts are also predicting that the BTC price can fall further under $20,000.
On the other hand, the macro factors don’t seem to be supporting any further rally as of now. While testifying ahead of the US Congress on Tuesday, Fed Chairman Jerome Powell that the central bank will continue with more rate hikes and is committed to bringing inflation under 2%.
On Tuesday, a judge at the US court grilled the SEC over its denial of the spot Bitcoin ETF. As a result, the GBTC share price rallied further.
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
