After Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, and Solana Experience a Price Surge, Bitcoin and Crypto Prepare for a Potential $1 Billion U.S. Shockwave.
Bitcoin and other major cryptocurrencies have surged in value over the first quarter of 2023, with bitcoin being the best-performing asset by a significant margin. The rise in price is attributed to the market betting that the US Federal Reserve could shift to a dovish stance. Following the sale of $215 million worth of seized bitcoin in March, the market is now braced for the sale of just over $1 billion worth of bitcoin. The US government previously seized 50,000 bitcoin following the arrest of James Zhong, who allegedly manipulated the transaction system of the darknet market Silk Road in 2012. The remaining 41,000 bitcoin is expected to be liquidated in four batches throughout the year. The move has caused concern as the US has historically sold seized bitcoin and crypto via public auctions. The market is also watching for any signs of how the Federal Reserve will act when it meets to decide interest rates in early May. Analysts believe bitcoin could retest $29,000, but it needs to close above that level to be considered a “breakout.” The market is now at a “pivotal moment” as crypto continues to gain mainstream acceptance.