US Representative Shri Thanedar’s recent sale of nearly $1 million worth of cryptocurrency has raised concerns about insider trading and timing. Thanedar’s sales of Bitcoin, Ethereum and Litecoin coincided with a period when these cryptocurrencies were experiencing significant price increases. Here are the details…
Politician in the USA sold Bitcoin, ETH and LTC
Insider trading has been a long-standing concern in US politics, particularly in stock trading. However, US Representative Shri Thanedar’s recent announcement that he sold nearly $1 million worth of cryptocurrencies added a new dimension to the issue. Thanedar sold $500,000 worth of Bitcoin (BTC), $250,000 worth of Ethereum (ETH), and $50,000 worth of Litecoin (LTC).
What makes these sales interesting is the significant price increases these cryptocurrencies have experienced in the past month. Capitol Trades data shows the sell-off occurred on February 5, was reported 18 days later on February 23, and was subsequently released on February 26.
How much have BTC, ETH and LTC gained since then?
Investors are accustomed to U.S. politicians investing and investing in a timely manner to secure gains and prevent losses. But this example stands out because the value of all three digital assets has increased noticeably since Thanedar’s divestiture. Since February 5, Bitcoin has increased by 32.8%, adding $13,988 to its value. Ethereum experienced a 41.35% increase, adding $950 to its price. Additionally, Litecoin increased its price by $8, an increase of 12%.
Given the significant price increases, it is likely that a profit of over $1 million would have been made on the sale of Thanedar had he waited another 20 days. Unfortunately, available data does not indicate when Thanedar purchased crypto assets. With this information, sources cannot accurately calculate the profit or loss from this sale. However, due to the current market trend in crypto, Representative Thanedar may soon regret his decision to buy and sell cryptocurrencies.
Did the sale of the agent make sense?
cryptokoin.com As we reported, significant increases in the values of BTC, ETH and LTC have been observed since Thanedar’s sale. This shows that if Thanedar waits another 20 days, he can make a profit of over $1 million from his sale. Although available data does not indicate when Thanedar purchased crypto assets, given the current market trend in crypto, it is likely that he regrets this sale.
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