From Investing.com: 2024-06-27 11:23:56

The US government transferred 3,940 BTC worth $241 million to Coinbase, adding pressure to the crypto market. The government continues to transfer seized cryptocurrencies to exchanges, with $2 billion worth of Bitcoin transferred in April. The US government holds 213,460 BTC worth $13.07 billion, the most among governments globally.

Bitcoin market downtrend intensified with government and miner sales. Speculations suggest the US government can manage the market with its BTC reserves. Market anxiety is increasing due to potential impact of government transfers triggering panic selling.

Bitcoin closed below $61,000 with a 1.5% drop but is now recovering towards $62,000. Increased buying activity during US trading hours is supporting the cryptocurrency’s price rebound after recent market pressure.

Read more at Investing.com: Bitcoin transfer by the U.S. government to Coinbase sparks market speculation By Investing.com