The post Bitcoin Price Crash: Did FOMC Meeting Drive $2B Transfer & ETF Outflows? appeared on BitcoinEthereumNews.com.

Despite the post-BTC Conference optimism vibes across the crypto market, recent news has struck the crypto market and caused some significant downturn, with substantial movements involving Bitcoin transfers and ETF outflows, despite the recent positive comments from high-profile political figures. In this article, we will delve into the major events causing the Bitcoin price crash causing other altcoins to fall back. $2 Billion Bitcoin Transfer: What Happened? A notable event in the Bitcoin network saw a $2 billion transfer involving a U.S. government-associated address linked to the Silk Road seizure. This transfer, executed on July 29, 2024, involved the movement of approximately 29.8K BTC to two new addresses. The first address received 9,999.999 BTC, while the second address received 19,799.99 BTC. The reasons for such a substantial transfer could include operational modifications, fund redistribution, or preparations for future sales. Given the size of the transfer, an immediate market sale is unlikely due to potential adverse effects on Bitcoin price. Redistributing funds for security purposes ensures that large amounts of Bitcoin are not held in a single address, minimizing risk. Alternatively, the transfer could be a precursor to future sales intended to recoup government costs or reintegrate the funds into the economy. Currently, Bitcoin price hovers around $66,770, having faced resistance at $68,000. A breakout above $70,000 could indicate a bullish trend, although market caution prevails following the transfer. Bitcoin Price Analysis: From Highs To Lows Impact on Bitcoin Price and ETF Outflows Bitcoin price dropped by 3.94%, reversing a previous day’s gain. The news of the U.S. government’s Bitcoin transfer played a significant role in this decline, sending Bitcoin from a session high of $69,916 to a low of $65,877. Arkham Intelligence provided insights into the transfer, noting that it likely involved institutional custody services. The market’s reaction underscored the…

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Filed under: News - @ July 30, 2024 2:16 pm