Recently, the U.S. government announced the sale of 69,370 Bitcoins originating from the 'Silk Road', with a total value exceeding $6.7 billion. This move immediately triggered severe turbulence in the cryptocurrency market. Bitcoin prices dropped sharply, once falling below the $93,000 mark, leading to mass liquidation of leveraged long positions.
It is worth noting that this sell-off occurred on the eve of Trump's inauguration, contrasting sharply with his previous advocacy for establishing a strategic Bitcoin reserve, which has heightened market uncertainty, increased risk aversion among investors, and led to a mass exit of short-term holders.
Despite short-term pressure on the market, some industry insiders remain optimistic about Bitcoin's long-term prospects. Robert Kiyosaki, author of the 'Rich Dad' series, believes that this decline presents a good buying opportunity. El Salvador's President Nayib Bukele has also hinted at the possibility of increasing Bitcoin reserves.
The focus of the market is whether Bitcoin prices will continue to dip below $90,000 or if they will regain upward momentum after a short-term adjustment. In this round of market volatility, those who can seize the opportunity may be the first to welcome the next bull market.