Buy $GGsUS Govt Selling Silk Road Related Bitcoin, Crypto Crash Ahead?
Crypto Market News: Even as the Bitcoin price hovers around the $30,000 mark, bulk sale of the cryptocurrency from the United States appears to pose a threat to the crypto market in near future. On chain data showed that on Wednesday, Bitcoin related addresses which are suspected to be seized by the US Department of Justice were involved in selling activity. Following the sale of 9,800 Bitcoin in March 2023, the latest sale could be part of the four batches. Meanwhile, the crypto market could face yet another volatile phase around the US Federal Reserve’s decision on interest rate hike between July 25 and 26, 2023.
Also Read: US CPI Inflation Cools To 3%; Bitcoin, Ethereum Price-In For Rally, US Dollar Falls
It remains to be seen if the suspected sale of the BTC could have market moving impact over the next few days, as Bitcoin worth around $300 million has been liquidated. Will this lead to a crypto crash or will the traders oversee it?
[converter id=”btc-bitcoin” url=”https://coingape.com/price/converter/btc-to-usd/”]
Bitcoin Bulk Sale
On chain data showed that as much as 9,000 BTC were transferred in two transactions earlier on Wednesday. The data showed that the transfer of 1,118 BTC was followed by 8,200 BTC. The crypto market hardly showed any reaction as the next change in BTC price over the last 24 hours remains almost zero. A court filing from March 2023 showed that the US government intended to sell the remaining 41,000 BTC in four separate stages. This means there are about 32,000 BTC yet to be sold in the course of the next six months.
Also Read: Terra Luna Classic Validator To Burn Billions Of LUNC Tokens, Price To Rally?
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Market Update: Top 3 Reasons Why BTC, ETH, XRP and ADA is Up
- Crypto News: Bitcoin Sell-Off Fears Rise as War Threatens Iran’s BTC Mining Operations
- U.S.–Iran War: Monday Crypto Crash Odds Rise As Pundits Predict Oil Price Spike
- US-Iran War: Reports Confirm Bombings In UAE, Bahrain and Kuwait As Crypto Market Makes Recovery
- XRP Price Dips on US-Iran Conflict, But Capitulation Signals March Rebound
- Bitcoin And XRP Price As US Kills Iran Supreme Leader- Is A Crypto Crash Ahead?
- Gold Price Prediction 2026: Analysts Expect Gold to Reach $6,300 This Year
- Circle (CRCL) Stock Price Prediction as Today is the CLARITY Act Deadline
- Analysts Predict Where XRP Price Could Close This Week – March 2026
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
