Bitcoin (BTC) Price Drops 1.15% as US Government Transfers $2B Worth of BTC, Sparking Market Crash Fears

The market's reaction to government sales of confiscated Bitcoin is well-documented. For instance, when the German government sold its confiscated Bitcoin, it resulted in a substantial price drop.

The price of Bitcoin dropped slightly during the last 24 hours, decreasing by 1.15%. At the time of writing, the current trading price is $67,386.

However, this price is still up 0.67% for the week, and up 11.38% over the last 30 days.

Bitcoin’s trade price dropped on Friday, following a recent surge in the U.S. government transferring 29,799.99011436 BTC, valued at approximately $2.02 billion. This transfer has sparked concerns among investors about a potential market crash.

The U.S. government currently holds 69,000 bitcoins that were once owned by Silk Road founder Ross Ulbricht, and an additional 50,676 bitcoins that were confiscated from Silk Road by Zhong.

According to鏈聞 ChainNews, the U.S. government’s Silk Road DOJ Confiscated Funds (bc1qj) address transferred 29799.99011436 BTC (about $2.02 billion) 12 minutes ago. The U.S. government currently holds 69,000 bitcoins that once belonged to Silk?oad founder Ross Ulbricht, and 50,676 bitcoins from Silk Road were…

This recent transfer has led many to speculate that a massive sell-off could be on the horizon, similar to when the German government sold all of its confiscated Bitcoin from illicit activities, which triggered a significant market drop.

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However, the U.S. presidential election is also approaching, and there is political pressure mounting to prevent the U.S. authorities from selling any Bitcoin. This pressure may influence the decision-making process.

Bitcoin’s market price has reacted notably in the past to government sales of confiscated BTC. For example, when the German government sold its confiscated bitcoin, it caused a significant drop in the market price. Investors are keeping a close eye on the situation, anticipating a similar scenario if the U.S. government decides to sell its confiscated bitcoin holdings.

The large transfer of Bitcoin has sparked concerns among investors, especially considering the potential for a market crash if the U.S. government decides to sell these assets. However, the upcoming presidential election and the political pressure to prevent such sales may offer some hope to those hoping for a different outcome.

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