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Bitcoin supply shock

Bitcoin Finds Major Relief After 10 Years: Is The US Government Now The Biggest Threat?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is shaky at spot rates, looking at the formation in the daily chart. The leg-up to spot rates meant the world’s most valuable coin shot by roughly 30%, rising from the pits of $53,500 to around $70,000 over the weekend.

Mt. Gox Overhang Gone, A Relief For Bitcoin

As prices cool off, rapidly finding rejection from the critical round number and roughly $2,000 from June 2024 highs, Glassnode analysts think Bitcoin is entering a new era. Citing the recent distribution of BTC by Mt. Gox creditors, Glassnode observed that the “overhang” that had held the industry ransom for roughly 10 years is easing.

Related Reading: Dems Could Sell Off All Bitcoin To Thwart Trump’s ‘Stockpile’ Plans: Experts

After initial fears that the distribution of billions of BTC by Mt. Gox creditors would wreak the market were proven otherwise, prices rose. While there was success as the market showed how robust it had grown over the years by easily absorbing those coins, what’s important to note is the psychological milestone this event was.

Mt. Gox trustee BTC balance | Source: Glassnode
Mt. Gox trustee BTC balance | Source: Glassnode

Glassnode observed that slightly over 59,000 BTC have been distributed to hack victims via designated exchanges Kraken and Bitstamp. This batch was from the 141,686 BTC recovered from hackers, and Mt. Gox creditors plan to distribute the remainder in the days to come.

While some are relieved that a portion of the Mt. Gox haul has been distributed, it remains to be seen how prices will react in the coming sessions. So far, Bitcoin is within a narrow range, stuck primarily between $60,000 and the all-time high of approximately $74,000. A level deeper, there are key resistance levels to watch at $70,000 and $72,000.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

 

If bulls manage to push prices higher, a break above $72,000 would be crucial. This line represents resistance of May and June, and is the last barrier before the rest of all-time highs.

The United States Government BTC Scare

Optimism is high, but prices fell yesterday after the United States moved approximately $2 billion worth of BTC, according to Arkham Intelligence data. The on-chain transfer of 30,000 BTC, later split into two batches, sent shockwaves across the BTC market, forcing prices lower.

Related Reading: Market Jitters: $2 Billion Bitcoin Transfer By US Gov’t Raises Eyebrows

While there were initial fears that the government planned to liquidate them hours after Donald Trump pledged to hold BTC as a strategic reserve, others speculate that these coins were being moved to a custodian. According to one user on X, the United States Marshals Service recently contracted Coinbase Prime to “safeguard and trade its large-cap digital assets portfolio.”  

United States government controls over 207,000 BTC | Source: BitcoinTreasuries
United States government controls over 207,000 BTC | Source: BitcoinTreasuries

Bitcoin Treasuries data as of July 30 shows that the United States had over 207,000 BTC. This stash was mostly confiscated from criminals and other lawbreakers. China comes second, with 194,000 BTC held.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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