Bitcoin Price Drops Below $96K Amid U.S. Government Silk Road Coin Moves
By Mr. Ram | CryptoEarningsHQ
Bitcoin faced some headwinds on Tuesday, dropping 0.8% to $95,928.8, staying just below its record highs as market sentiment was rattled by news that the U.S. government had moved nearly $1.9 billion worth of coins it seized from the Silk Road marketplace. The government transferred almost 20,000 Bitcoin to Coinbase, a move typically seen as a precursor to a sale, which sent a wave of uncertainty through the market.
This transfer marks roughly 10% of the government’s Bitcoin stockpile, sparking fears of market flooding. However, given that Coinbase has a contract with the U.S. Marshals Service for custody of these assets, it's uncertain whether this indicates a sale or is just a routine move for custody purposes.
Bitcoin's price has hovered below the critical $100,000 level in recent weeks, despite a strong rally in November that saw it nearly touch the psychological milestone.
Meanwhile, the altcoin market performed better, with XRP rising 11.3% to $2.7395, reaching its highest point in over six years. This surge followed speculation that the SEC might drop its long-running lawsuit against Ripple after changes in leadership. Other altcoins such as Cardano and Polygon also showed significant gains, while Solana fell slightly.
In terms of broader market trends, analysts have cast doubts on the potential for a Bitcoin reserve under President-elect Donald Trump, noting his stance on the dollar’s dominance and the fiscal hurdles such a reserve would face in Congress.
By Mr. Ram | CryptoEarningsHQ
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