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Bitcoin (BTC) price has been negative for about 3 hours, and sales are unfortunately accelerating as BTC falls below $67,400. Fed meeting, UK statements, and the assumption that the increasing volume in the ETF channel is sales contributed to the negativity. Now, the US has taken action, and BTC is dropping.
US Sells BTC
Bitcoin price fell below $67,000 because the US continues to sell assets obtained from the SilkRoad incident. Just recently, 29,800 BTC were transferred, and the concern that this $2.02 billion transfer is directed towards sales has panicked investors. The address likely belongs to Coinbase Prime because the Department of Justice has agreed with Prime for sales and asset custody.
It is unclear whether these assets will be sold on the spot market or directly OTC to ETF issuers through Prime. Nevertheless, the government still holds nearly $14 billion in crypto assets, and with Mt. Gox sales nearing completion, the market weakening due to the US government is demoralizing. Moreover, 2 days ago, Trump said that the government would hold all these assets. Following these statements, the Democrats directing BTC assets towards sales can also be seen as a challenge against crypto. Furthermore, Harris has not yet taken an official stance against crypto.
