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Crypto prices are down on the week, with the total crypto market cap plunging 10% off its Monday high to break below the $2.5T level that served as support throughout the week prior. What events have moved markets this week?
Yesterday morning, panic gripped Crypto Twitter when a wallet controlled by the US government holding over $2B in BTC from the Silk Road forfeitures sent a test transaction to a Coinbase deposit address, followed up shortly thereafter by a $139M BTC transfer to the same address.
While the move sparked concern that the US may begin offloading BTC holdings en masse, this sale had been announced back in January. Further, considering the nature of how over the counter (OTC) transactions are often structured, it is likely that these coins were already sold and that the BTC transfer merely represented post-trade settlement.
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