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Bitcoin, Dogecoin Drop, Ethereum Gains As US Government Moves $2B In BTC: Economist Links Kamala Harris Doing Well In Polls With King Crypto Correction

Benzinga ·  22:22

Bitcoin,Dogecoinslide,Ethereumrises as U.S. government's $2 billion worth of King Crypto transfer spooks the market.

CryptocurrencyGains +/-Price (Recorded 9 p.m. EDT)
Bitcoin (CRYPTO: BTC)-2.95%$66,682.98
Ethereum (CRYPTO: ETH)

+1.23%$3,326.92.63.
Dogecoin (CRYPTO: DOGE) -1.09%$0.1296

What Happened: Bitcoin hit $70,000 early in the morning but began to retrace as a wallet linked to the U.S. Department of Justice moved out $2 billion in Bitcoins.

The news resulted in panic selling, bringing King Crypto below $67,000.

UPDATE: The U.S. Government has split the $2B Bitcoin into two addresses:

10,000 BTC ($669.35M): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek

19,800 BTC ($1.33B): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c

We believe this represents a 10,000 BTC deposit to an institutional... pic.twitter.com/RTwtaqvMmM

— Arkham (@ArkhamIntel) July 29, 2024

The transfer didn't affect Ethereum although the world's second-largest...

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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