Markets
Bitcoin Falls Below $67K as US Seizes BTC
Bitcoin, the largest cryptocurrency by market cap, fell 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 in seized Bitcoin, raising concerns among investors about the potential sale of these assets. The move came just two days after presidential candidate Donald Trump announced his intention to start accumulating BTC, which pushed up to $70,000 yesterday for the first time since mid-May.
Data from Arkham Intelligence indicates that the government moved 29.8k BTC worth $2.02 billion out of a total of 183,439 BTC to an unknown address, sparking a new wave of fear in the markets.
As the news spread, tweets suggesting the US government intended to sell these Bitcoins sparked panic, causing the price of Bitcoin to plummet to $66,500.
At the time of writing, Bitcoin was trading at around $66,800, down around 4% over the past 24 hours. Bitcoin’s 24-hour low was $65,997, while its 24-hour high was $69,932, according to data from cryptocurrency news.
BTC 2-hour price chart, July 29-30 | Source: crypto.news
Immediately after Trump’s speech on Saturday, Wyoming Senator Cynthia Lummis presented new legislation for the US Bitcoin national reserve, which includes a proposal that the US Treasury should acquire an additional 1 million BTC.
Bitcoin SV Surges on Legal Victory
Meanwhile, amidst Bitcoin’s decline, Bitcoin SV (BSV) has increased by 9% over the past 24 hours, becoming the cryptocurrency with the largest market cap among the top 100 by growth as of Tuesday morning.
The surge follows renewed optimism among BSV holders following news last week that the UK’s Competition Appeals 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 archived 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 anti-competitive behavior by delisting the cryptocurrency.
Bitcoin SV has been delisted from multiple major global exchanges after years of controversy and statements by Craig Wright who was Satoshi Nakamoto, the anonymous creator of Bitcoin. Wright has been a vocal supporter of BSV and has even claimed that it is the real Bitcoin.
However, a recent court ruling He claimed that Wright “lied to the Court” and “forged documents” relevant to the case to support his claims.
BSV has also been delisted by exchange giants like Coinbase, which halted trading of the asset earlier this year. Other exchanges, like Robinhood, have also taken similar measures.
At the time of writing, BSV was trading at $56.96. The cryptocurrency’s daily trading volume was around $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 has stood at over $1.2 billion, making it the 77th largest cryptocurrency. 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 (Exchange rate risk) and Solana (SOL), has seen significant drops ranging from 1 to 5% over the past 24 hours. The overall fear and greed index of the cryptocurrency market stood at 67 (greed) out of 100, according to data from Alternative.
At the time of writing, the global market capitalization of all cryptocurrencies he’s standing at $2.51 trillion, down 3.2% in 24 hours.