Investing.com — Bitcoin fell slightly on Tuesday, remaining below its all-time high, as sentiment was spooked by reports that the US government had mobilized some coins seized from the Silk Road market. .
The world's largest cryptocurrency has dipped into a trading range below the $100,000 level in recent weeks, after barely breaking out of the much-needed level during a rally that ended in November. However, it remains close to its recent high of over $99,000.
By 12:18 a.m. ET (5:18 p.m. Japan time), shares were down 0.8% at $95,928.8.
Most major altcoins rose above Bitcoin on hopes of friendlier policies under President-elect Donald Trump. has been a big beneficiary of this trend, hitting its highest level in more than six years on speculation that the SEC may drop its long-running case against the issuer.
Bitcoin spooked after government moves $1.9 billion of Silk Road tokens
Bitcoin posted some losses after data from Arkham Intelligence showed the US government moved nearly 20,000 coins worth about $1.9 billion to Coinbase (NASDAQ:). Such movements usually herald a sale event.
The coins were seized from the now-defunct Silk Road online black market and represent about 10% of the government's total Bitcoin stockpile, according to Arkham data.
The mobilization of tokens onto exchanges is typically a precursor to a sales event, and governments have sold tokens through similar channels in the past.
However, the move may not necessarily portend a sale, given that Coinbase has an agreement with the Department of Justice's U.S. Marshals Service to provide storage and trading for digital assets.
President Trump’s Bitcoin reserves seem unlikely – TD
Analysts at TD say the president-elect's “ironclad” view that the dollar must remain the world's reserve currency will hamper attempts to hedge against the dollar, and Bitcoin strategy preparations under Donald Trump administration. He discounted the potential of gold.
Bitcoin's recent rally has been fueled by optimism over Trump's election victory, given that he has promised to enact crypto-friendly policies and potentially establish a Bitcoin reserve. Brought to you.
But while the Trump administration is picking all the positives about cryptocurrencies, questions have been raised about the potential for reserves. Creating the reserve would also require financial resources to buy more Bitcoin, but that seems unlikely with a Republican-led Congress seeking to cut government spending.
Cryptocurrency prices today: Altcoins continue to rise, XRP shines
Broad-based crypto prices have rebounded primarily following Bitcoin's previous decline. The world's second-largest cryptocurrency fell 1.1% to $3,653.11.
It rose further after its recent rally made it the world's third-largest cryptocurrency. The altcoin rose 11.3% to $2.7395, hitting a six-year high on speculation that the long-running lawsuit against Ripple could be dropped following a change in SEC leadership.
It fell by 0.3%, while it rose by 12%. It rebounded by nearly 18%.
Meme tokens were a laggard, falling 3.8%.
