Bitcoin price fell from $70,000 to $66,400 in just a few minutes after news that the US government moved more than $2 billion in Bitcoin.
The US moved 2 billion USD in Bitcoin, BTC collapsed by 3,500 USD in value
Late on the evening of July 29 (Vietnam time), on-chain data compiled from Arkham showed that the US government suddenly transferred nearly 29,800 Bitcoin, worth 2.02 billion USD, to a new, unknown address. purpose.
This is part of the amount of BTC confiscated by US authorities from the Silk Road black market.
BREAKING: US GOVERNMENT MOVES $2.02B WORTH OF $ BTC pic.twitter.com/NpRcRrBh0b
— DEGEN NEWS (@DegenerateNews) July 29, 2024
It is still unclear the cause of the latest Bitcoin transfer move from the US side. Some people joke that this is a move to prepare for the plan to establish a strategic Bitcoin reserve for the US , as announced a few days ago by Mr. Donald Trump .
The last time the US government's BTC wallets transferred money was on July 23 , with a value of only 3.96 million USD. At the end of June, Chinese officials also transferred 243 million USD to the Coinbase wallet address. In April, the US also transferred $2.1 billion in Bitcoin seized from Silk Road.
According to statistics from Arkham, the US still holds nearly 183,500 BTC, worth $12.3 billion, along with many other smaller cryptocurrencies. As reported by Coin68, the US government is still the country that owns the most crypto , mainly from confiscation from criminal activities.
Statistics of cryptocurrencies held by the US government. Source: Arkham (July 29, 2024)
Bitcoin price immediately reacted negatively to the above information, falling from the 70,000 USD mark just set a few hours ago on the occasion of 100 days since the halving event to 66,400 USD.
1h chart of BTC/ USDT pair on Binance at 00:05 AM on July 30, 2024
The sudden drop caused the value of Derivative orders in the last 4 hours to reach nearly 100 million USD, with Longing side accounting for 97%.
Coin68 compiled
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