Bitcoin price hovers around $96k after U.S. government moves $1.9 billion in coins

From Investing.com

December 3, 2024 12:55:38 am:

Bitcoin saw a slight drop below record highs on Tuesday due to reports that the U.S. government moved coins confiscated from Silk Road marketplace. It remained close to recent highs of over $99,000, falling 0.8% to $95,928.8.

Major altcoins surged past Bitcoin in anticipation of friendly policies under President-elect Donald Trump. Ethereum hit a six-year high amid speculation that the SEC will drop its lawsuit against the issuer.

Bitcoin faced losses after the U.S. government moved nearly 20,000 coins, worth $1.9 billion, onto Coinbase from Silk Road. This move typically signals a sale event, but it may not necessarily mean a sale as Coinbase provides custody and trading services to the government.

Analysts downplayed the possibility of a Trump Bitcoin Strategic Reserve, citing his strong support for the dollar as the world’s reserve currency. Despite optimism over crypto-friendly policies, doubts exist about establishing a reserve due to fiscal funding challenges.

Altcoins extended their rally with XRP shining as the world’s third-largest crypto. Ethereum hit a six-year high on speculation of the SEC dropping its lawsuit. Other altcoins like Litecoin and Bitcoin Cash also saw gains, while meme tokens lagged behind.

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