Crypto transfers to exchanges have had significant impacts in the industry, whether carried out by whales or governments. Germany has recently witnessed a new development, while the US government has made a noteworthy move. At the time of writing, the price of BTC was declining, potentially leading to panic selling among investors.
The US government, known for its previous involvement in seized BTC, has made another significant move. Reports indicate that approximately 4,000 BTC has been transferred to the Coinbase exchange. However, the reasons behind this transfer remain unclear as no explanation has been provided.
The US has often been linked to Silk Road BTCs, and such moves tend to have a significant impact on the price of BTC. Following this transaction, the price of BTC started to fluctuate.
As of now, the price of 1 Bitcoin has dropped from $61,500 to $60,914, representing a 1.45% decrease. Looking at the 7-day view, BTC has experienced a decline rate of nearly 6%, signaling a slight recovery. Recent data shows that BTC dropped to around $58,000, a level not seen in a long time.
Over the past 30 days, BTC has seen an 11.2% decline. The market cap of BTC has approached the $1.2 trillion mark after the recent drop, while the trading volume has decreased by 37.70% compared to the previous day, amounting to $22.9 billion.
The impact of the US government’s move on BTC remains uncertain, as it is unclear whether the price will drop back to the $58,500 level. Investors should be cautious and conduct their own research, as cryptocurrencies carry high volatility and risk.
