On These Four Days, Expect a Sharp Drop in Bitcoin (BTC) Price

2023-4-20 18:53

Amid the recent surge in the crypto market, optimism appears to be well-founded. Still, there are a few days this year when a sharp Bitcoin price drop can be anticipated.

The likelihood of the US government selling BTC it confiscated on the days explained below could add pressure to the leading crypto.

Mark Your Calendars: Potential Bitcoin Price Drop

Over the years, the US government has repeatedly seized Bitcoin from criminal organizations. It has now been revealed that it plans to sell these BTC this year, specifically on four separate occasions.

The first batch, consisting of nearly 10,000 BTC, was sold on March 14 this year, with a total value of $215 million. On that day, there was also a significant drop in the exchange rate.

In total, the US government plans to release 41,500 BTC into the market this year.

An analyst and frequent writer at CryptoQuant provided the exact dates for the sale of the remaining four portions:

May 26 August 7 October 19 December 30 Bitcoin US Dollar Price Chart. Source: CryptoQuant

Mark these dates in your calendar, as the market may be particularly volatile on these days.

In November last year, US authorities seized over 50,000 BTC from James Zhong. This fraudster had stolen the assets in 2012 from Silk Road, an illegal online marketplace.

The US Government Is a Crypto Whale

The 41,000 BTC seized by the US government does not represent the entirety of America’s cryptocurrency holdings.

In recent years, the government has repeatedly confiscated Bitcoin from alleged criminals. In addition to Zhong’s 50,000 BTC, authorities have seized over 160,000 additional BTC.

As a result, the total known amount of BTC held by the US government currently stands at around 200,000 BTC. This figure equates to a value of nearly six billion dollars.

It is safe to say that the US government is a true Bitcoin whale.

The post On These Four Days, Expect a Sharp Drop in Bitcoin (BTC) Price appeared first on BeInCrypto.

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