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Here’s what happened in crypto today – Bitcoin at $80K, and the U.S. has a new plan
The cryptocurrency market witnessed significant fluctuations yesterday, with Bitcoin (BTC) plummeting to an intraday low of $80,000 before recovering slightly. This drastic drop has left investors reeling, with the global cryptocurrency capitalization dipping by 4.53% to reach approximately $2.7 trillion.
Despite ongoing trade tensions and economic uncertainties, the U.S. government recently announced its decision not to sell nearly 200,000 Bitcoins acquired from the Silk Road case. Instead, these holdings will be included in a strategic reserve. This unexpected move has alleviated concerns about a potential mass sell-off that could have further exacerbated the market’s instability.
Market observers believe this development may indicate growing confidence in Bitcoin’s long-term prospects. Notably, large-scale investors or “whales” continue to accumulate Bitcoin despite recent volatility, suggesting a level of optimism amidst the turmoil.
In related news, numerous analysts are cautioning against excessive leverage amid concerns about forced liquidations and increased market uncertainty. Market sentiment has plunged to an alarming “Extreme Fear,” as reported by the Coinglass data, with over $620 million in liquidations recorded.
Source: https://ambcrypto.com/heres-what-happened-in-crypto-today-bitcoin-at-80k-and-the-u-s-has-a-new-plan/
