Bitcoin Traders Target $50K as Billions in BTC Selling Pressure Looms
How much Bitcoin is reportedly owned by the US government?
The U.S. government reportedly owns over 200,000 bitcoins, worth around $12 billion, making it one of the largest holders of the cryptocurrency. These holdings primarily come from seizures in criminal cases, such as the Silk Road dark web marketplace and the Bitfinex hack.
What price level might Bitcoin drop to in the coming weeks?
Bitcoin traders anticipate a potential drop to $50,000 in the coming weeks due to billions of dollars in selling pressure from the German government, Mt1. Gox, and the US government. The recent 10% price plunge in seven days has already erased all gains since the end of February.
Why has Bitcoin's price plunged 10% in the past seven days?
Bitcoin's price has plunged 10% in the past seven days due to the prospect of billions of dollars worth of selling pressure from the German government, defunct crypto exchange Mt. Gox, and the US government. The market expects most Mt. Gox users to dump their tokens, and wallet activity from a German government entity has contributed to the bearish sentiment.