Bitcoin Prices Plunge After US Government Moves Silk Road Bitcoin
Bitcoin experienced a sharp drop in price on Monday, falling to a low of $65,911 after the U.S. government transferred $2 billion in BTC from Silk Road. This unexpected move spooked investors and led to a market crash, with Bitcoin prices plummeting more than 4% on major cryptocurrency exchanges.
This pullback came just after former U.S. President Donald Trump’s speech at the Bitcoin 2024 conference, where he failed to sustain the bullish momentum. The sudden downturn took many by surprise, especially in light of Trump’s recent promise to never sell any U.S. government Bitcoin.
Whales Capitalize on Bitcoin Dip
Despite the market turmoil, large investors known as “whales” have been seizing the opportunity to accumulate more Bitcoin at the lower price levels. One such whale, identified as “12QVsf,” withdrew a substantial amount of Bitcoin from Binance and Bitfinex, totaling millions of dollars.
Market intelligence reports suggest that these whales have been actively buying up Bitcoin since the market drop on Monday. This accumulation has been noted by on-chain insights platforms, indicating a strong belief in the long-term potential of the cryptocurrency.
Optimism for Bitcoin’s Future
Analysts remain optimistic about Bitcoin’s future prospects, despite the recent price volatility. With the cryptocurrency hovering around $66,527 at the time of writing, many experts believe that a new bull run could be on the horizon, potentially pushing Bitcoin’s price above $100,000 in the coming months.
As whales continue to accumulate Bitcoin and institutional interest in the cryptocurrency grows, the overall sentiment in the market remains positive, signaling a potential recovery and further price appreciation in the near future.
