Why is Bitcoin (BTC) Back to $67,000?

Bitcoin (BTC) headed toward the $66,000 mark early Tuesday, erasing last week's gains that reached the $70,000 mark.

Earlier in the morning, the cryptocurrency dropped to the $66,000 level, but then regained some of its losses. At the time of writing, Bitcoin is trading at $67,007, representing a 3.7% loss over the past 24 hours on trading volume of $39.5 million.

According to some crypto enthusiasts, these losses have occurred as market sentiment has deteriorated due to a large-scale movement of BTC from US government-linked portfolios.

The U.S. Marshals Service transferred $2 billion worth of Bitcoin into two new wallets, with the Arkham onchain movement tracking platform claiming that at least one of them was likely custodial, raising concerns about potential selling pressure among traders.

Other major cryptocurrencies also saw declines, mirroring the movement of the largest cryptocurrency. ADA fell 4.3 percent, DOGE and BNB each lost 3.1 percent and XRP declined 2 percent.

Despite these widespread losses, ETH showed relative resilience, falling just 0.7%.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.