Why Is Crypto Crashing? FED’s Tightening Stance and Silk Road BTC Sale Impact Bitcoin
Recently, the total cryptocurrency market has fallen below $3.2 trillion, losing over $300 billion since January 6. Bitcoin (BTC) is currently above $92,000, showing a trend of higher lows since December 30.
Adding to the bearish sentiment, reports suggest the U.S. government has been given the greenlight to sell 69,370 BTC ($6.5B) from the Silk Road seizure. This raises political tension, as president-elect Donald Trump, set to take office on January 20, had promised not to sell any of the 187,236 BTC held by the U.S. government.
Sell-Off Fear Overstated?
However, analyst Van Straten believes that the fears of a sell-off may be overstated as the potential sale of 69,370 BTC could happen in an orderly manner and may already be priced into…
