Bitcoin experienced an incredible drop in price today, with sales causing the BTC price to fall to $64,500 within minutes. Although the price recovered slightly above the $65,000 level, recent news has once again stoked concerns, leading Bitcoin to slip below $65,000 again.
US Moves on Silk Road BTC Holdings
The fate of the Silk Road-related BTC holdings is being closely monitored by crypto enthusiasts. A Twitter user recently announced that an amount exceeding 30,000 BTC has been transferred to different wallets.
The BTCs, worth a total of $1.984 billion, have sparked curiosity regarding their destination and the wallets they have been transferred to. The potential sale of such a large amount of BTC seems to have caused investor anxiety. Amidst these events, attention has turned back to the BTC price.
According to a report, a test transfer from the mentioned wallet to the Coinbase exchange was also disclosed by Arkham.
BTC Price Decline Continues
After struggling to stay above $70,000 for several days, BTC has seen a sharp decline today. BTC lost its $69,000 support level and fell to $65,000, trading at $64,811 at the time of writing.
BTC’s market capitalization also declined during the same period. The market cap was at $1.28 trillion at the time of writing. On the other hand, the 24-hour trading volume was experiencing a rise driven by sales.
The 24-hour trading volume increased by 56%, reaching $48.3 billion, indicating that short selling might be occurring in the market. Monitoring any upcoming price movements in BTC will be beneficial for investors, as it could affect other cryptocurrencies.
