The US government's sell-off #Bitcoin caused the market to crash: the reasons behind the crypto market's plunge 🚨
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The recent sharp drop in the crypto market is due to a major decision by the US government: they decided to sell 68,200 bitcoins, worth about $6.8 billion. These bitcoins were originally confiscated in the "Silk Road" case, which should be familiar to everyone. It is a famous dark web case.
This sudden sell-off caused panic among investors and caused a sharp drop in prices across the market. Some experts believe that the timing of this sell-off may be related to political motives. The current government is about to leave office and chooses to sell before leaving office instead of leaving the decision to the incoming government.
Such a large amount of Bitcoin sell-off has caused the market to worry about oversupply, further exacerbating bearish sentiment. Major sell-offs like this not only affect Bitcoin, but also have a chain reaction on the entire crypto market. Traders are speculating on how this decision will affect the long-term price of Bitcoin and the stability of the market
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