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How the U.S. Government's 69,000 BTC Sale Could Affect the Market

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by Giorgi Kostiuk

a year ago

The U.S. Department of Justice plans to sell 69,000 bitcoins, which could impact the cryptocurrency market. Experts are analyzing the situation to predict potential effects.

U.S. Planned Bitcoin Sale

The U.S. Department of Justice is preparing to sell 69,000 BTC, valued at over $6 billion. Experts are evaluating market data to comprehend the potential effects of this significant sale.

Comparison with Germany's Bitcoin Sale

In July 2024, the German government sold 56,000 BTC, which did not lead to a market collapse. Instead, the price of Bitcoin surged from $53,000 to $68,000, indicating that large-scale sales do not always negatively affect the market.

Temporary Effects of U.S. Government Sales

According to Glassnode analysts, the impact of the upcoming Bitcoin sale by the U.S. government will depend on which cycle phase the cryptocurrency market is in. Bitcoin's NUPL indicator is between 0.5 and 0.75, indicating a state of Euphoria/Greed. This suggests the effects of the sale may be temporary.

The U.S. government's Bitcoin sale will be a significant event for the crypto market. Experts continue to analyze data to assess possible impacts on price dynamics.

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