<ul> 
 <li>Analyst Konstantin Anissimov believes that the US government’s sales from Silk Road could create price volatility in Bitcoin (BTC).</li> 
 <li>Anissimov points to the low trading volumes in the market as a reason for potential short-term selling pressure caused by the $300 million worth of Bitcoin seized from the darknet platform.</li> 
 <li>The analyst suggests that the current daily trading volume of Bitcoin, which is less than $2 billion, with a significant portion being wash trading, could exacerbate any potential sell-off.</li> 
</ul> 
<h2 id="silk-road-sales-could-impact-bitcoin-price-says-analyst">Silk Road Sales Could Impact Bitcoin Price, Says Analyst</h2> 
An experienced analyst who believes that a sell-off is imminent, Anissimov suggests that the market could soon price in the negative impact of this news: 
<blockquote> 
 “I believe that this price drop is mostly due to the signals of a drop in futures prices and the news that the US government is preparing to sell $300 million worth of Bitcoin. I think the market expects this to happen very soon. The total daily trading volume of Bitcoin is currently less than $2 billion. My assumption is that a portion of this is wash trading. Therefore, a $300 million Bitcoin sale should result in a negative price movement, and it will.” 
</blockquote> 
On the other hand, Anissimov believes that the downturn will be short-lived and that a rebound will not be delayed. 
Recently, Acheson Acheson, the author of Crypto is Macro Now, pointed out the inverse correlation between the US dollar index (DXY) and BTC, suggesting that a decline in DXY would trigger a rise in Bitcoin. 
The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoins-shocking-30k-plunge-analyst-points-finger-at-us-will-the-dive-deepen/">Bitcoin’s Shocking $30K Plunge: Analyst Points Finger at US, Will the Dive Deepen?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG EN</a>.

Bitcoin’s Shocking $30K Plunge: Analyst Points Finger at US, Will the Dive Deepen?

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