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%.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.
For the first time in 4 years, Fed cut the rates for the first time in 4 years, which lead to a notable surge in cryptocurrency prices.
Donald Trump, the Republican presidential nominee, made headlines by becoming the first former U.S. president to make a Bitcoin transaction.
Under President Nayib Bukele, El Salvador remains committed to its daily Bitcoin acquisition strategy, currently holding assets worth approximately $354.6 million.