Bitcoin Price Crashes as US Government Transfers $2 Billion Worth of BTC

The Bitcoin price has crashed to $67,000 due to renewed concerns about increasing selling pressure

The price of Bitcoin, the largest cryptocurrency by market cap, has crashed to the $67,000 level, according to Bitstamp data.

The price crash came after the US government transferred roughly $2 billion worth of BTC, according to data provided by Arkham Intelligence.

The coins that were recently moved by the U.S. government were confiscated from Silk Road.

Earlier today, the Bitcoin price came close to the $70,000 level. However, the bulls suffer from another rejection.

The U.S. is the largest holder of Bitcoin among world governments with $13.9 billion worth of Bitcoin. The Chinese government comes in second place with $13 billion.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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