Revealing the reason for the decline of Bitcoin: a large transfer from the USA
Shortly after Donald Trump said that “if I'm elected, we won't sell any of the bitcoins controlled by the United States,” about 30,000 of those assets moved to a new address. It is believed that this transaction was made for sales purposes.
The reason for Bitcoin's deep decline in the evening hours has become clear. $2 billion of 29,799 bitcoins, which were controlled by the United States and seized from Operation Silk Road, were moved to another wallet.
The transaction was made at 19.18 Turkish time. 29 thousand 799 bitcoins were split into two separate addresses. While a very small amount was sent to one address, almost all of the assets were transferred to the other.
The bitcoins are believed to have been transferred to a new address for sale purposes. While concern that the sales would push the price lower caused panic among investors, the price of Bitcoin fell below $67,000 in the first minutes. The first cryptocurrency saw $66,868.
It is noteworthy that this transfer came after Donald Trump’s statements on Saturday. Trump has said that if elected, he would keep all of the roughly 200,000 bitcoins controlled by the United States as a reserve asset.