Bitcoin falls below $67,000 as traders speculate on the future of cryptocurrencies in the US - Bloomberg
Kyiv • UNN
Bitcoin declined after the US government moved $2 billion in cryptocurrency. Traders fear the realization of profits before the possible victory of Trump, who promised to create a strategic reserve.
Bitcoin has fallen below $67,000 in response to statements about the potential sale of a significant portion of cryptocurrency assets by the US government, which was discussed by traders, UNN reports with reference to Bloomberg.
A wallet linked to the US government transferred $2 billion worth of bitcoins to a new address on Monday, according to data from blockchain research company Arkham Intelligence. The U.S. Treasury Department has accumulated significant amounts of cryptocurrency through confiscations on platforms such as the Silk Road darknet market. Donald Trump, a presidential candidate, promised to turn these funds into a strategic reserve for the country's treasury if he wins.
On Tuesday, during Asian trading, bitcoin lost 2.2%, dropping to $65,875, but later recovered slightly to reach about $66,600 per bitcoin.
Traders took long positions on Bitcoin after Trump's speech at a conference in Nashville, Tennessee, over the weekend, but are now actively selling off on fears that gains could be realized before a possible Trump victory, according to Sean McNulty, director of trading at Arbelos Markets. At the same time, Ether rose for the third day in a row, hovering around $3,400 despite outflows from newly created Ether spot funds in the United States.
"The market may be becoming immune to the news outflow numbers due to the rotation from higher-priced ETHE to lower-priced ETFs," QCP Capital analysts said.
Recall
U.S. exchange-traded funds directly investing in Ether attracted $107 million in net inflows on the first day of trading.
