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Bitcoin retreats from six-month high after U.S. moves $2B worth of BTC.
After the USA moved $2 billion worth of BTC, Bitcoin retreated from its six-month high.
Via Getty Images Olemedia/E+
Bitcoin (BTC-USD) tested the $0.07 million mark in the previous session, after concerns of potential selling pressure grew following the movement of $2 billion worth of cryptocurrency by the US government. On Tuesday, it fell below $0.066 million.
The most well-known token, BTC, dropped 2.9% to $66.1K at 11:38 AM. It erased last week's gains, which were fueled by Donald Trump's pro-Bitcoin speech. BTC dropped to $65.5K in the early stages of the session before quickly paring the slide.
When the news broke that the USA had moved $2 billion worth of Bitcoin (BTC-USD) to a new digital wallet address, the coin actually began to reverse course, according to blockchain research firm Arkham in a post on Xpost.
There is speculation that the token originated from the Silk Road marketplace, where cryptocurrencies were used to purchase illegal drugs and hacking tools before its closure.
The weakness in the cryptocurrency market extended beyond Bitcoin (BTC-USD), with Solana (SOL-USD) down 2.8%, Binance Coin (BNB-USD) down 1.5%, Dogecoin (DOGE-USD) down 1.6%, Cardano (ADA-USD) down 1.7%, and Avalanche (AVAX-USD) down 3%. However, there were some winners, including Ether (ETH-USD) up 0.4%, XRP (XRP-USD) up 3.1%, and Celestia (TIA-USD) up 2.2%.
Stocks focused on cryptocurrencies, such as MicroStrategy (MSTR) down 3.8%, Coinbase (COIN) down 2.4%, Galaxy Digital (OTCPK: BRPHF) down 0.4%, Bakkt (BKKT) down 1.8%, Riot Platforms (RIOT) down 2%, and Marathon Digital (MARA) down 1.8%.
Via Getty Images Olemedia/E+
Bitcoin (BTC-USD) tested the $0.07 million mark in the previous session, after concerns of potential selling pressure grew following the movement of $2 billion worth of cryptocurrency by the US government. On Tuesday, it fell below $0.066 million.
The most well-known token, BTC, dropped 2.9% to $66.1K at 11:38 AM. It erased last week's gains, which were fueled by Donald Trump's pro-Bitcoin speech. BTC dropped to $65.5K in the early stages of the session before quickly paring the slide.
When the news broke that the USA had moved $2 billion worth of Bitcoin (BTC-USD) to a new digital wallet address, the coin actually began to reverse course, according to blockchain research firm Arkham in a post on Xpost.
There is speculation that the token originated from the Silk Road marketplace, where cryptocurrencies were used to purchase illegal drugs and hacking tools before its closure.
The weakness in the cryptocurrency market extended beyond Bitcoin (BTC-USD), with Solana (SOL-USD) down 2.8%, Binance Coin (BNB-USD) down 1.5%, Dogecoin (DOGE-USD) down 1.6%, Cardano (ADA-USD) down 1.7%, and Avalanche (AVAX-USD) down 3%. However, there were some winners, including Ether (ETH-USD) up 0.4%, XRP (XRP-USD) up 3.1%, and Celestia (TIA-USD) up 2.2%.
Stocks focused on cryptocurrencies, such as MicroStrategy (MSTR) down 3.8%, Coinbase (COIN) down 2.4%, Galaxy Digital (OTCPK: BRPHF) down 0.4%, Bakkt (BKKT) down 1.8%, Riot Platforms (RIOT) down 2%, and Marathon Digital (MARA) down 1.8%.
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