Bitcoin price today, BTC briefly went above $70,000 before falling to about $67,300 on July 29, after the US government made a transfer.
Today, Bitcoin, the world’s largest cryptocurrency, fell to $67,350, a 5% drop from its recent peak of $70,000, according to Coinmarketcap. This drop came after the US government moved $2 billion in seized Bitcoin, causing investors to worry about a possible sell-off.
Bitcoin Price Today: US Government Moves $2 Billion in Bitcoin
The US government wallet transferred 29,800 BTC to a new address with no history of transactions according to Akharam intelligence. This new address then split the Bitcoin, sending 19,800 BTC and 10,000 BTC to two other addresses. The government’s unexpected move raised worries about a possible sell-off, causing the price to drop.
This situation is similar to a recent case where the German government’s movement of Bitcoin led to a temporary price drop. The Silk Road, an online black market for illegal drugs, was shut down in 2014. Since then, the US government has occasionally moved the Bitcoin connected to it.
Bitcoin Conference 2024: Trump’s Announcement
The US government’s transfer is notable because it happened just two days after former President Donald Trump announced he would create a national Bitcoin stockpile if re-elected.
At the Bitcoin 2024 conference in Nashville, Trump pledged that the government would retain all 210,000 Bitcoins it currently holds. This announcement, along with proposed legislation from Senator Cynthia Lummis, initially caused Bitcoin’s price to rise to $70,000 before the subsequent drop.
Bitcoin Price Today, BTC dropped to $67,000, a 5% fall from its recent peak of $70,000, according to Coinmarketcap. This decline has worried investors and sparked discussions about the cryptocurrency’s future.
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