en.bitcoinsistemi.com
The leading cryptocurrency Bitcoin has experienced an unstoppable rise in recent days and exceeded $ 52,000 after a long time.
At this point, while investors expect further rises from $BTC, there are two major sales threats that can negatively affect the $BTC price in the short term.
It was stated that recent sales threats include Genesis' sale of 35 million GBTC shares worth $ 1.3 billion and the sale of Bitcoins seized by the US government from Silk Road.
“Bitcoin price has been on the rise for the last 7 days and finally broke the $52,000 barrier again after 2 years!
But there are two major threats to the short-term $BTC price. Can Bitcoin overcome this selling pressure threat?
Threat #1: Court approves Genesis to sell 35 million Grayscale Bitcoin Trust shares (GBTC) worth ~$1.3 billion on February 15, 2024.
A similar incident occurred in FTX. Note that FTX also once sold over $1 billion worth of GBTC stock, causing the price to drop from $49,000 to $39,000 in January.
Threat 2: The US Government notified to sell 2,875 $BTC (worth ~$150.6 million) seized from Silk Road on January 25, 2024.
Currently, the US Government remains one of the largest holders of $BTC, with approximately 208 thousand $BTC (~$10.9 billion).
-It was claimed that they sold 8.2 thousand $BTC (worth $248 million) through Coinbase during the last pump in July, and this news caused the price to drop from $30.8 thousand to $30.2 thousand.”
The #Bitcoin price has been on the rise for the past 7 days and finally broke the $52K mark again after 2 years!
However, there are two impending big threats to the short-term $BTC price. Can it overcome?
1. #Genesis was approved to sell 35M Grayscale Bitcoin Trust shares… pic.twitter.com/Qn7wbQXaDa
— Spot On Chain (@spotonchain) February 15, 2024
While Genesis and the US government's potential sale of Bitcoin spark speculation in the market, $BTC and the cryptocurrency market are showing resilience.
*This is not investment advice.