Whole Truth Uncovered on Rumors of US Govt. Selling BTC

Rumours of a massive sale of 9,800 Bitcoin (BTC) by the US government, worth about $227 million, are rife in the cryptocurrency market.

This significant sale has caused the price of Bitcoin to decline and it is currently trading at $27,687.83. This is a marginal gain of only 0.84%.

WhaleWire (@WhaleWire) of Twitter was the one to first break the news of the sale.

In a tweet, WhaleWire highlighted that “In 2014 and 2021, the US government seized and sold 9,800 BTC ($256M). At current pricing, this is over 0.05% of the supply and worth over $500M. How will the market react if they auction the remaining confiscated Bitcoin?”

Different Responses from the Crypto Community

Members of the crypto community have reacted to the news in a number of ways. While some see it as a positive move, others are worried about how it might affect the market. Experts anticipate that such a big sell-off might lead the price of Bitcoin to plummet even further, possibly falling to less than $10,000, with the US government still holding $200K worth of BTC and rumours circulating about a significant Bitcoin dump.

A Complex Relationship: US Government and Bitcoin

The US government's relationship with Bitcoin and other cryptocurrencies has always been complex and dynamic. This most recent sale is more proof that the government keeps a close eye on the cryptocurrency market and intervenes when necessary. The federal authorities sold off 30,000 BTC that it had taken from the Silk Road in 2014. Their ongoing participation in cryptocurrency issues is demonstrated by the most recent sale.

Events like this are likely to cause a stir in the market given the predictions that Bitcoin will hit an all-time high of $1 million by 2023. According to Coinpedia a steady rise in volumes could push the bitcoin price prediction for 2023 to $43,959.19.

Reference - https://coinpedia.org/price-prediction/bitcoin-price-prediction/