Bitcoin price decreased Decrease After introducing the strategic bitcoin reserves in the United States
The reserve will contain approximately 200,000 coins by the government.
The price of encoded currency decreased after the market assumed that the government would avoid buying additional coins.
However, the government will look for ways to purchase an additional BTC without using taxpayer boxes. Bitcoin future acquisitions are likely to require congressional approval.
According to the data provided by the Analytics Lookonchain platform, the United States government has $ 16.14 billion by selling BTC prematurely.
Buy rumors and sell news
The sharp bitcoin drop is not a surprise, given that many markets expect that the market will be treated by creating the reserve as the “Sell-The News” event.
The CEO of BitWise Hunter Horsley recalled that Bitcoin was also sold after the release of the Bitcoin exchange (ETFS) in early 2024.
However, the leading cryptocurrency continued to reach a new record after a short period of sales.
According to BitWise Cio Matt Hougan, the introduction of the reserve “greatly” reduces the possibility of the government’s ban on bitcoin.
This will also push other countries to follow by creating their Bitcoin reserves.
