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Bitcoin Drops As US Government Wallet Makes Transactions

GB Market Commentary 27/04/2023

by Marcus Sotiriou

Bitcoin dropped almost 10% yesterday after climbing to $30,000, as around 19,400 Bitcoin were sold on Binance. $30,000 is proving to be a pivotal price region for Bitcoin to overcome, as there were 20,000 Bitcoins sold the previous time Bitcoin reached this level.

Many speculate that this drop was caused by a tweet from Arkham, who announced that Mt Gox and US Government wallets were making transactions. This caused extreme panic on Crypto Twitter as investors became fearful of the thousands of Bitcoin from the Mt Gox hack and those held by the government being sold onto the market. However, the alert on Twitter actually came after the big drop in price.

The bankrupt digital asset broker Voyager has confirmed that BinanceUS will not be going ahead with buying their $1.3 billion. The digital asset broker said that it will still be returning funds back to clients, but the decision from BinanceUS to pull out was disappointing.

The Voyager Official Committee of Unsecured Creditors has said it would investigate claims against BinanceUS for how they have proceeded with the purchase agreement.

The result of BinanceUS pulling out is that the thousands of customers of the bankrupt digital asset broker have to further wait to receive their locked funds.

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