US Government Owned 40,000 BTC On The Move! Go Where?


 "Going here and there, I hope BTC finds its way back."

Over the past week, the price of the mother of all cryptocurrencies Bitcoin (BTC) saw selling pressure as it plunged by 7.18%, where it is currently hovering at $22,000 in the last 24 hours with a market capitalization of $425 billion.

It was recently reported that nearly 40,000 BTC from wallets linked to the seizure of United States (US) Government law enforcement are on the move.

Although largely seen as an internal transfer, a total of 9,681 BTC seized from the Silk Road hackers was sent to crypto exchange company Coinbase.

According to Ali Martinez, the popular crypto analyst said that BTC continues to face selling pressure after still not breaking through the $23,050 to $23,730 level and the digital asset could slip to $20,700 or $19,300.

He added that the number of BTC wallets holding more than 1,000 BTC also decreased since last week when almost 24 addresses of the digital asset sold their holdings.

In the meantime, Federal Reserve (Fed) Chairman Jerome Powell who intends to raise interest rates aggressively to lower inflation to the 2% target is also the cause of the entire crypto market being difficult to recover.

On Tuesday, GBTC shares continued to rise shortly after a judge in a US court slammed the Securities and Exchange Commission (SEC) over its denial of spot BTC ETFs.