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Bitcoin’s Shocking $30K Plunge: Analyst Points Finger at US, Will the Dive Deepen?

  • Analyst Konstantin Anissimov believes that the US government’s sales from Silk Road could create price volatility in Bitcoin (BTC).
  • Anissimov points to the low trading volumes in the market as a reason for potential short-term selling pressure caused by the $300 million worth of Bitcoin seized from the darknet platform.
  • The analyst suggests that the current daily trading volume of Bitcoin, which is less than $2 billion, with a significant portion being wash trading, could exacerbate any potential sell-off.

Silk Road Sales Could Impact Bitcoin Price, Says Analyst

An experienced analyst who believes that a sell-off is imminent, Anissimov suggests that the market could soon price in the negative impact of this news:

“I believe that this price drop is mostly due to the signals of a drop in futures prices and the news that the US government is preparing to sell $300 million worth of Bitcoin. I think the market expects this to happen very soon. The total daily trading volume of Bitcoin is currently less than $2 billion. My assumption is that a portion of this is wash trading. Therefore, a $300 million Bitcoin sale should result in a negative price movement, and it will.”

On the other hand, Anissimov believes that the downturn will be short-lived and that a rebound will not be delayed.

Recently, Acheson Acheson, the author of Crypto is Macro Now, pointed out the inverse correlation between the US dollar index (DXY) and BTC, suggesting that a decline in DXY would trigger a rise in Bitcoin.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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