Bitcoin (BTC-USD) briefly dropped to below $66K on Tuesday, after testing the $70K mark in the prior session, as concerns of potential selling pressure mounted after the U.S. government moved $2B worth of the cryptocurrency.
Bitcoin (BTC-USD) dropped to below $66K on Tuesday, after testing the $70K mark in the prior session, as concerns of potential selling pressure mounted after the U.S. government moved $2B worth of the cryptocurrency.
The highest-profile token fell 2.9% to $66.1K at 11:38 a.m. ET, erasing last week's gains that were driven by Donald Trump's pro-bitcoin speech. BTC fell to as low as $65.5K earlier in the session, before quickly paring the slide.
The coin actually started reversing course on Monday, when news broke that the U.S. moved $2B of bitcoin (BTC-USD) to a new digital wallet address, blockchain research firm Arkham wrote in an X post.
There is speculation that the tokens originated from the Silk Road marketplace, where virtual currencies were used to purchase illegal drugs and hacking tools prior to its closure.
The intraday weakness extended beyond bitcoin (BTC-USD), with solana (SOL-USD) down 2.8%, binance coin (BNB-USD) off 1.5%, dogecoin (DOGE-USD) -1.6%, cardano (ADA-USD) -1.7% and avalanche (AVAX-USD) -3%. There were several winners, though, such as ether (ETH-USD) +0.4%, XRP (XRP-USD) +3.1% and celestia (TIA-USD) +2.2%.
Crypto-focused stocks changed hands mostly in the red, with MicroStrategy (MSTR) -3.8%, Coinbase (COIN) -2.4%, Galaxy Digital (OTCPK:BRPHF) -0.4%, Bakkt (BKKT) -1.8%, Riot Platforms (RIOT) -2% and Marathon Digital (MARA) -1.8%.
More on Bitcoin USD
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
