NewsletterUS 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?
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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.
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