• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
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.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Dalmas Ngetich

Dalmas Ngetich

Follow

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.

Full Profile

Related Posts

Bitcoin

Looking For A Good Bitcoin Entry? Crypto Research Firm Reveals The Best Time To Buy BTC

3 hours ago
Bitcoin Buying Frenzy Ahead As Eric Trump Predicts ‘Floodgates Are Opening’

Bitcoin Buying Frenzy Ahead As Eric Trump Predicts ‘Floodgates Are Opening’

8 hours ago
Bitcoin Holdings By Public Firms Cross 1 Million BTC As Asset Gains Traction

Bitcoin Holdings By Public Firms Cross 1 Million BTC As Asset Gains Traction

18 hours ago
Bitcoin Mining

Bitcoin Miners Brace For 5% Difficulty Spike To Fresh Record

22 hours ago
The Bitcoin Liquidity Battle Intensifies: Coinbase vs. Kimchi Premium

The Bitcoin Liquidity Battle Intensifies: Coinbase vs. Kimchi Premium

23 hours ago
Binance Liquidity Flows Into Stablecoins As Bitcoin Exposure Cools

Binance Bitcoin Liquidity Flows Into Stablecoins As BTC Exposure Cools

1 day ago

Premium Sponsors

Press Releases

  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    6 hours ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    6 hours ago
  • miner

    Cardano (ADA) Market Outlook: Long-term Potential Passive...

    7 hours ago
  • etnminer

    How to Play to Earn Crypto in 2025: Discover 6 Most...

    12 hours ago
  • miner

    BAY Miner Cloud Mining App Launches with ETH and BTC Users...

    13 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.