Transfers between crypto exchanges have had significant impacts in the world of cryptocurrency. Sometimes these transfers are initiated by wealthy individuals known as whales, while other times it is national governments who make the move. A recent development has come from Germany, and now the US government has made a significant move of its own.
At the time of writing, the price of Bitcoin (BTC) was declining, which may have caused panic selling among investors.
US Makes BTC Move
The US government, known for its previous actions regarding seized BTC, has made another notable move. According to recent reports, the US government has transferred approximately 4,000 BTC to the Coinbase exchange. The reason behind this transfer and the motive behind it are currently unknown, as no explanation has been provided.
The US has often been connected to the Silk Road BTCs, and such actions from the government tend to have a significant impact on the price of BTC. Following this transaction, the price of BTC started to fluctuate.
How Much is 1 Bitcoin?
At the time of writing, the price of BTC dropped from $61,500 to $60,914, representing a decrease of 1.45%.
When looking at the 7-day view, BTC has experienced a decline rate of nearly 6%, indicating a slight recovery. Recently, BTC dropped to around $58,000 for the first time in a long period.
Over the past 30 days, BTC has seen a decline of 11.2%. Furthermore, BTC’s market cap has reached close to $1.2 trillion following the recent drop. The trading volume has decreased by 37.70% compared to yesterday, amounting to $22.9 billion.
The impact of the US government’s move on BTC remains unknown, and it is uncertain whether the price will drop back to the $58,500 level.
For more news, you can follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies, and should conduct their own research.
