Bitcoin price falls to $66k due to US government selling $2 billion worth of tokens

From Investing.com

July 30, 2024 02:03 AM:

Bitcoin price fell on Tuesday as reports of the U.S. government moving $2 billion worth of tokens offset optimism over regulation comments from Trump. The cryptocurrency dropped 4.7% to $66,422.1 after hitting $70,000. The government holds $12 billion worth of tokens, mostly from the Silk Road marketplace.

Losses in Bitcoin were worsened by reports of U.S. government moving $2 billion of seized tokens, sparking fears of more selling pressure. Trump assured no token sales under his presidency, but hesitated on creating a strategic Bitcoin reserve. Altcoins followed Bitcoin’s decline with overall crypto prices slipping ahead of a Fed meeting.

Broader cryptocurrency prices dipped alongside Bitcoin, with uncertainties before a Federal Reserve meeting affecting prices. Ethereum fell 1.7% to $3,311.76, while other popular tokens took hits as well. The market remained cautious as the Fed was expected to keep rates unchanged, but traders awaited any hints of rate cuts.

Read more at Investing.com: slides to $66k as US sale fears offset Trump boost By Investing.com