The crypto markets experienced a shakeup today as Watcher Guru reported that the U.S. government transferred 30,174 Bitcoin worth $2.1 billion seized from the Silk Road dark web marketplace to cryptocurrency exchange Coinbase.
This represented one of the largest Bitcoin movements by the U.S. government from its crypto seizure stockpile. Such a massive amount hitting exchanges sparked fears of an incoming sell-off that drove prices downward. Bitcoin dipped 4.5% over the last 24 hours to around $66,000, while the total crypto market cap shed 4.6% to $2.46 trillion.
JUST IN: 🇺🇸 US Government transfers 30,174 #Bitcoin worth $2.1 billion seized from Silk Road to Coinbase.
— Watcher.Guru (@WatcherGuru) April 2, 2024
A $2.1 billion Bitcoin sell would certainly qualify as a massive dump by the U.S. government. However, bull market dynamics may limit the downside from this event.
The crypto markets are just days away from the next Bitcoin halvening event, which historically has preceded massive Bitcoin rallies by constricting new supply. Additionally, spot Bitcoin ETFs gained approval in the U.S. in January 2024, opening the floodgates to new institutional investment into the world’s largest cryptocurrency.
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Show more +While a $2.1 billion Bitcoin sell-off is nothing to sneeze at, the overall trajectory of Bitcoin may remain bullish given the fundamentally bullish supply dynamics and potential demand influx from new investment vehicles. The U.S. government’s sell may simply represent a prime buying opportunity ahead of Bitcoin’s next major bull run.
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