Future

Bitcoin

Impact

Arkham

The US government has recently transferred a substantial amount of Bitcoin amid the dip in the cryptocurrency’s value. This development has sparked speculation about a potential new selloff in the crypto market. The transaction, involving 237 BTC worth approximately $14 million, was executed from a government wallet containing funds seized from Estonian crypto entrepreneurs involved in a major fraud scheme. 
<h2 id="u-s-government-s-bitcoin-movement">U.S. Government’s Bitcoin Movement</h2> 
According to Arkham Intelligence, a U.S. government wallet transferred 237 BTC (worth approximately $13.67 million) to another address. These funds were originally seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin, who were implicated in a large-scale <a href="https://coingape.com/ethereum-bitcoin-xrp-lead-1-5b-crypto-scam-losses-whats-happening/" target="_blank" rel="noopener">crypto fraud</a> scheme. The pair had allegedly deceived investors with promises of high returns from crypto mining operations and related ventures. 
This transfer follows a smaller movement of 11.84 BTC (valued at about $726,000) to a new address, which some analysts view as a test transaction preceding a larger transfer. It’s worth noting that the <a href="https://coingape.com/u-s-government-transfers-more-bitcoin-further-btc-selloff-imminent/" target="_blank" rel="noopener">U.S. government</a> had previously moved 4,000 Bitcoin to Coinbase Prime, coinciding with a noticeable drop in Bitcoin’s price. 
In a parallel development, the German government liquidated 1,300 Bitcoin (worth nearly $76 million) on major crypto exchanges on the same day. This sale preceded a drop in Bitcoin’s price below $58,000, further stoking concerns about market stability. 
Also Read: <a href="https://coingape.com/german-govt-dumps-another-1300-btc-to-coinbase-kraken-bitstamp/" target="_blank" rel="noopener">German Govt Dumps Another 1300 Bitcoin To Coinbase, Kraken &amp; Bitstamp</a> 
<h2 id="market-sentiment-and-future-outlook">Market Sentiment and Future Outlook</h2> 
The crypto market appears to be swinging back towards bearish territory. <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin</a> is currently trading at $57,473.84, with a 24-hour trading volume of $34.3 billion. The coin has declined by 4.56% in the past day and is trading in a range between $60,449.99 and $57,196.68. Bitcoin’s live market cap stands at $1.1 trillion. 
This governmental activity is occurring against a backdrop of market volatility. The global cryptocurrency market capitalization has dropped by 20% to $2.15 trillion, with a 4.20% decline in the last 24 hours alone. Bitcoin’s price hit a 24-hour low of $57,800, testing a key support level and potentially risking a further drop to $52,000. 
Market sentiment has shifted towards fear, partly due to panic selling by investors ahead of <a href="https://coingape.com/mt-gox-activates-wallets-ahead-9b-bitcoin-bch-payout-whats-next/" target="_blank" rel="noopener">Mt. Gox’s</a> impending $10 billion repayment in BTC and BCH, set to begin this week. Major financial players like JPMorgan and CoinShares have issued warnings about potential market disruptions, particularly concerning a possible selloff by Mt. Gox creditors. 
Also Read: <a href="https://coingape.com/ripple-vs-sec-update-lawyers-reveal-how-sec-reply-impact-final-decision/" target="_blank" rel="noopener">Ripple Vs SEC Update: Lawyers Reveal How SEC’s Reply Impact Final Decision</a> 
The post <a href="https://coingape.com/us-government-shifts-14m-bitcoin-amid-btc-dip-new-selloff-incoming/">US Government Shifts $14M Bitcoin Amid BTC Dip, New Selloff Incoming?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

US Government Shifts $14M Bitcoin Amid BTC Dip, New Selloff Incoming?

Table of Contents

Coingape News Media

Other articles published on Jul 4, 2024

Judge Fines Oregon Man with $120 Million in Crypto Fraud Case

MoonBag Takes Flight: Leaving Tron and BlastUP's Behind to Become The Best Presale in 2024

WienerAI Soars Past $7 Million In Presale As Excitement Builds For The Launch Of AI-Powered Tradi...

Investors Analyze DOGE, PEPE, and LUNA Coin Predictions

How PR Can Help Bridge the Gap Between Blockchain and Mainstream Adoption

Analis Reku: Ada Indikasi Strong Buy untuk Altcoin

Join our free newsletter for daily crypto updates!