The crypto market was roiled by a storm of volatility on Wednesday as the news spread that the US had moved a large amount of Bitcoin from the Silk Road exchange to Coinbase.
Coinbase sees massive Silk Road Bitcoin inflow
According According to the on-chain data tracking tool Arkham, US Government recently transferred 10,000 Bitcoins worth approximately $590,000,000 from a government known wallet to an address for Coinbase Prime.
The price of Bitcoin fell by 3.3%, falling below the important $60,000 level. At the time this article was written, the Bitcoin rate traded at about $59130.
The US government has selected a number of different candidates for the position. Coinbase The sale of digital assets that the company has seized may not always be immediate.
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The following are some of the ways to get in touch with us. reported Coinbase Prime announced by Bitcoinist that US Marshal Service’s Asset Forfeiture Division, US Department of Justice, has chosen Coinbase Prime as its preferred provider of custody and advanced trading for its asset forfeiture clients. “Class 1” digital assets.
This partnership will streamline custody, management and disposition processes of crypto assets. Diversification is possible in terms of types of digital asset that may be handled or disposed within the forfeiture program of the government.
This may lead to the exchange holding a large number of BTC, but this will not have a significant impact on the Bitcoin price or selling pressure in the near term unless the previous trend is changed. Moves They decide to liquidate them.
Critical Resistance and Support Thresholds
Daan crypto trades highlighted a few recent findings in his analysis of Bitcoin’s current price. key levels Watch for BTC to continue its recovery in the last seven days, after it fell towards $59,000 at the beginning of August.
Analyst first noted Bitcoin has reached a critical point. It needs to move above its 200-day exponential-moving-average (EMA), which is $59,468. Also it must break through the 200 day moving-average (MA), at $62,274.
Daan Crypto Trades states that these key levels are crucial to catalyzing favorable long-term and medium-term dynamics favoring the bulls. The cryptocurrency struggled to overcome this obstacle and was unable to consolidate over these levels in the last week.
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Analyst has determined that there are two major resistance levels in this situation. BTC price Must uphold when a possible correction appears.
Daan Crypto Trades emphasizes the importance to be vigilant around the $56,530 level on the BTC/USDT chart daily, highlighting its critical role in preventing an downturn which could potentially cause a crash. mirror The substantial 20 percent correction that was observed at the beginning of August.
Moreover, the analyst makes a point of pointing out the $52,990 level as a subsequent support to be monitored should Bitcoin fail at the above mark. This is especially true if sales pressures intensify, exerting downwards pressure on Bitcoin’s price trajectory.
Chart from TradingView.com, image courtesy of DALL-E
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Source: www.newsbtc.com