Bitcoin broke through the US$70,000 mark again at 9:00 pm yesterday (29th), after a month and a half break, but selling pressure quickly emerged and quickly fell below US$67,000 before midnight. After a short-term shock in the early morning, the lowest price dropped to US$65,868. The current price at the time of writing was US$66,628, down 2.63% in the past 24 hours. What happened?
The US government transferred 29,800 BTC
The reason for the rapid decline last night, in addition to the pressure level of $70,000, is that according to on-chain data tracked by Arkham, the US government transferred 29,800 BTC (worth about $2 billion) to a non- Marked the new address, and subsequently transferred 19,800 BTC and 10,000 BTC to two different addresses.
Arkham analysts predicted that one of the transfers of 10,000 BTC worth $670 million may have been deposited to an institution, triggering market concerns.
Since Trump announced on Sunday that he would not sell Bitcoin after being elected, the U.S. government transferred nearly $2 billion in BTC exactly the next day, and the timing caused controversy.
In addition, analyst Ai Ai posted on the X platform:
(U.S. Government) The address that transferred 29,800 BTC this time was used to store some of the tokens seized by the Silk Road in 2020.11 (a total of 69,369 coins). The last operation was four months ago.
This operation may be for selling, or it may be just a regular fund transfer, because there was also a wallet fund transfer operation on 04.02. It depends on the follow-up situation.
Mt.Gox transferred 0.02 BTC this morning, which may be a transfer test
In addition, according to Arkham data, the Mt.Gox address transferred 0.02 BTC to an unknown address (1AdbX..) at about 7:30 this morning, possibly for transfer testing (it has been recorded many times before).
Although not sure what the purpose of Mt.Gox is? However, it may once again trigger market panic, and Bitcoin fell below $66,000 in a short period of time. Investors are advised to be careful of possible fluctuations in the near future.
Ethereum regains $3,300
On the other hand, some of the trends in Ethereum were not as deep as those of Bitcoin. It fell below US$3,300 this morning and then quickly rebounded. At the time of writing, it is currently trading at US$3,330, up 1.66% in the past 24 hours.
The entire network liquidated $190 million in the past 24 hours
According to data from Coinglass, in the past 24 hours, the total amount of cryptocurrency liquidation across the entire network was approximately US$190 million, and more than 45,000 people were liquidated (long positions accounted for nearly US$135 million).
