Against the background of the recent rally in the crypto market, the optimism of investors and traders seems quite justified. However, this year there are several days in which you can expect a sharp drop in the price of bitcoin (BTC), and the culprit of this dump will be the US government.
The US government is a Real Crypto whale
Over the years, the US government has repeatedly confiscated bitcoin from criminal organizations. In total, the authorities have at their disposal about 200,000 BTC worth about $ 6 billion, and a quarter of them account for the coins seized from the notorious James Zhong.
Recall that Zhong stole 50,000 bitcoins from the Silk Road darknet marketplace and was sentenced to a year in prison.
Thus, the US government can be confidently called a real cryptocurrency whale.
The authorities plan to get rid of part of the bitcoin reserves by the end of 2023
Recently, the US government released information that it plans to sell some of the confiscated BTC in several batches during this year.
The first sale took place on March 14. The authorities got rid of almost 10,000 coins worth about $215 million, which provoked a significant drop in the price of bitcoin. In total, the US government plans to release 41,500 BTC to the market this year.
