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%.
Personal-finance author Robert Kiyosaki is sounding the alarm that next year could bring an economic breakdown unlike anything modern markets have seen.
The firm formerly known as MicroStrategy is back in the spotlight after its executive chairman, Michael Saylor, shared a cryptic social media post suggesting fresh Bitcoin acquisitions could be imminent.
Crypto markets were the first to absorb the shock of escalating tensions between the U.S. and Iran, as news of targeted airstrikes on nuclear facilities sent ripples across the digital asset landscape.
A fresh surge of corporate activity is putting Bitcoin at the center of modern treasury strategy.