Bitcoin continues to experience aftershocks of the $10,000 drop from $52,000. As the fear and greed index enters the fear zone more and more, we observe that investors are uneasy while making purchases.
Although the Coinbase news after the drop made it say that the drop was caused by this, could the size of the drop be affected by different factors? raises the question. Because the SEC move, which is only for certain products of Coinbase, has made such a big impact that everyone was surprised.
A news that recently fell to the agencies reveals that a special meeting was held last week. “U.S. Treasury Department officials met with financial industry executives this week to discuss risks to stablecoins,” the memo, citing anonymous sources, said. it was said.
US TREASURY OFFICIALS MET WITH FINANCIAL INDUSTRY EXECUTIVES THIS WEEK TO DISCUSS STABLECOIN RISKS -SOURCES
— *Walter Bloomberg (@DeItaone) September 11, 2021
A similar meeting was held before, and US Treasury Secretary Janet Yellen was present at the session. It was noteworthy that this meeting was not shared with the public. No information has been shared about what was discussed at the meeting or what actions will be taken at the meeting.
Who Dumped Bitcoin?
Analyst Willy Woo shared some data on the latest dump in Bitcoin. “Contrary to popular belief, this latest drop was not due to whale sales. Whales remained in the buying zone,” he shared a graphic.
Stating that the sale may have originated from a large corporate seller, Woo said; “My friends saw a large OTC selling pattern split into spot markets for sale.”
We don’t know what US Treasury Department officials talked about at this meeting. However, if the talks at the meeting are large enough to initiate a new stablecoin FUD, this could explain the $10,000 dump. Then we can agree when a big institutional investor with inside information dumps the market.
Next week, we will be watching if any information about the details of this meeting will be shared.