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Bitcoin (BTC) price was at $60,900 during the preparation of this article, and FUD is growing with the involvement of the US government. First, Germany began transferring BTC obtained from criminal proceeds. Then, MTGOX announced it would return billions of dollars worth of BTC to creditors. Lastly, a few hours ago, the US government moved thousands of BTC seized from the SilkRoad case to Coinbase for sale.
Current State of Cryptocurrencies
It cannot be a coincidence that so much bad news is coming in succession. The US holds BTC worth over $3 billion seized in the SilkRoad case. Germany holds around 45,000 BTC. MTGOX will return $8.5 billion worth of BTC. Roughly $15 billion worth of BTC has the risk of being sold in the short term, causing market declines.
In the coming days, if we see more transfers from US, German, and MTGOX wallets, investors might flee altcoins more significantly.
Despite IBIT seeing hundreds of millions of dollars in net inflows for months (+GBTC to IBIT transitions), it could only reach a BTC reserve of $20 billion. Thus, the potential $15 billion sale is genuinely demoralizing.
PEPE and LUNA Coin Comments
PEPE Coin had started a good recovery, but the BTC drop disrupted things. The recovery from the support at $0.00001012 is now reversing again. If the selling continues, we might see the meme coin retreating to the same support area. In this case, it could return to the point where the rise began at the end of May, at $0.00000884.
Below that, a gradual decline to $0.00000456 seems evident. However, if $0.0000114 is maintained, $0.00001348 can be tested again. For now, Bitcoin’s performance will determine the direction.
The situation is worse for LUNA Coin. Increased competition and legal issues have caused the LUNA Coin price to drop to last September’s support level. If the last support is lost, a new ATL (all-time low) will be set after the new token distribution. Maintaining support at $0.380 is crucial here.
However, if BTC quickly recovers to $67,000, new attempts at $0.564 and $0.63 could occur.
