There have been significant developments in the cryptocurrency market recently, and the price of Bitcoin (BTC) has increased significantly in this process, exceeding $ 52,000 for the first time in two years. While this event is considered a major turning point in the cryptocurrency world, Spot On Chain, one of the leading cryptocurrency analysis platforms, also confirmed this situation.
Spot On Chain reports that the price of Bitcoin has shown a steady rise over the past seven days and this significant achievement has reached its peak. stated. However, this increase in Bitcoin’s value is threatened by two major sell-off events that could potentially impact it in the short term.
First, yesterday, a company called Genesis received court-approved permission to sell 35 million Grayscale Bitcoin Trust (GBTC) funds worth $1.3 billion. While this large amount of sales created uncertainty in the markets, a similar situation had previously occurred when FTX sold its GBTCs and the Bitcoin price dropped from 49 thousand dollars to 39 thousand dollars at that time. Such large sell-offs can cause rapid and sharp price declines in the cryptocurrency market, which may raise concerns among investors.
Investors and analysts are monitoring the situation closely, as the market prepares for the potential impact of Genesis’ sale.
Secondly, Spot On Chain announced that the US government filed a notice to sell 2,875 Bitcoins worth $150 million seized as part of the Silk Road operation on January 25. The total value of 208 thousand BTC held by the US government is estimated to be 11 billion dollars.
Historical data shows that previous sales by the government, such as the disposal of 8.2 thousand BTC through Coinbase in July last year, affected the price dynamics of Bitcoin. Following the periodic sell-off, the market saw a slight decline from $30.8K to $30.2K, leading to speculation about the potential effects of the upcoming sell-off.
These potential effects on the price of Bitcoin create uncertainty in the market and create a situation that should be watched carefully for investors.
Despite these looming threats, the cryptocurrency market continues to show resilience. As of the latest updates, the price of Bitcoin is at $52,354, up 2% in the last 24 hours.
You can follow the current price movement here.
