Bitcoin
Bitcoin Falls Below $67K as US Moves BTC
Bitcoin, the top cryptocurrency by market cap, has pulled back from its six-week high, falling below the $67,000 mark on Tuesday morning.
The fall of Bitcoin (BTC) comes after News on Monday, July 29, the U.S. government moved $2 billion worth of seized Bitcoin, raising investor concerns about the potential sale of these assets. This move came just two days after presidential candidate Donald Trump announced your intention to start accumulating BTC, which pushed to the $70,000 mark yesterday for the first time since mid-May.
Data from Arkham Intelligence indicates that the government transferred 29,800 BTC, worth $2.02 billion, of its total 183,439 BTC, to an unknown address, generating a new wave of fear in the markets.
As the news spread, tweets suggesting the US government intended to sell these Bitcoins caused panic, sending the price of Bitcoin crashing to $66,500.
At the time of writing, Bitcoin was trading around $66,800, down about 4% over the past 24 hours. Bitcoin’s 24-hour low was $65,997, while its high was $69,932, according to data from crypto.news.
BTC 2-hour price chart, July 29-30 | Source: crypto.news
Shortly after Trump’s speech on Saturday, Wyoming Senator Cynthia Lummis introduced new legislation for the US Bitcoin national reserve, which includes a proposal that the US Treasury must acquire an additional one million BTC.
Bitcoin SV Surges Amid Legal Victory
Meanwhile, amid Bitcoin’s slump, Bitcoin SV (BSV) is up 9% over the past 24 hours, becoming the biggest gainer among the top 100 cryptocurrencies by market cap on Tuesday morning.
The increase follows renewed optimism among BSV holders following last week’s news that the UK Competition Appeal Tribunal approved a £10 billion lawsuit brought by BSV Claims Limited against four cryptocurrency exchanges that delisted the token in 2019.
The case was initially filed in August 2022, representing 240,000 UK investors in the controversial Bitcoin Cash hardfork. The lawsuit alleges that cryptocurrency exchanges Binance, Bittylicious, Kraken, and Shapeshift engaged in anticompetitive behavior by delisting the cryptocurrency.
Bitcoin SV has been delisted from several major global exchanges after years of controversy and claims Craig Wright claimed he was Satoshi Nakamoto, the anonymous creator of Bitcoin. Wright has been a vocal supporter of BSV and has even claimed it is the real Bitcoin.
However, a recent court decision claimed that Wright “lied to the Court” and “falsified documents” relevant to the case to support his claims.
BSV has also been delisted by exchange giants such as Coinbase, which halted trading of the asset earlier this year. Other exchanges such as Robinhood have also taken action. similar measures.
At the time of writing, BSV was trading at $56.96. The cryptocurrency’s daily trading volume hovered above $100 million, according to data from crypto.news.
BSV 1-Hour Price Chart, July 29-30 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at over $1.2 billion, making it the 77th largest crypto asset. Despite the recent price surge, the token is still down 89% from its all-time high of $490, reached on April 16, 2021.
Meanwhile, other popular altcoins including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP) and Solana (SUN), experienced significant drops ranging between 1 to 5% in the last 24 hours. The overall crypto market Fear and Greed Index stood at 67 (Greed) out of 100, according to data of the Alternative.
At the time of writing, the global market capitalization of all cryptocurrencies stand up at US$2.51 trillion, reflecting a 3.2% drop in 24 hours.