Bitcoin And Crypto Are Suddenly Braced For A $1 Billion U.S. Earthquake After Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana Price Surge

Update 04/05 below. This article was originally published on April 3.

Bitcoin bitcoins , ethereal Ethereal and other major cryptocurrencies surged in the first quarter of 2023, making Bitcoin the best-performing asset by a wide margin, placing the cryptocurrency at a "tipping point."

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Bitcoin has nearly doubled from recent 2022 lows as markets indicate the Federal Reserve may be ready to reverse course (despite stern warnings from the world's largest asset manager). Ethereum price is rising along with Bitcoin and ten other BNB cryptocurrencies binancecoin , XRP fluctuation , dreadlocks dreadlocks , dogecoins dogecoins landfill and salinity saltwater .

Now, after the US released $215 million worth of seized bitcoins last month, bitcoin and cryptocurrency traders are poised to sell more than $1 billion worth of bitcoins by the end of this year.

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Update 05/04: The price of Bitcoin has fallen steadily over the past week, never breaking above $30,000, and traders are now eyeing Friday's US jobs report as a potential trigger for the "next big move." " From the market.

“Previously, the cryptocurrency was stuck at local highs, unable to consolidate since March 19,” FxPro chief market analyst Alex Kuptykiewicz said in emailed comments. “This continued consolidation sets the stage for the next big step. The outcome of this consolidation will likely depend on the market's reaction to Friday's Non-Farm Payrolls report. Technically, a pullback to the $27,000 level is now more likely to correct the March 10 rally.

Friday's payroll data is expected to show that the labor market continues to cool. However, if the number is higher than expected, it could mean the Federal Reserve is increasing pressure to raise interest rates, further draining liquidity from the system. This week, Federal Reserve Bank of Cleveland President Loretta Mester warned that the Fed will have to raise interest rates above 5% and keep them there longer than most investors want.

Some 10,000 bitcoins sold by the US government in March were among the 50,000 bitcoins seized following the November arrest of James Zhong, who pleaded guilty to wire fraud after the government accused him of manipulating the trading system. of Silk on the dark web of Street. In 2012, Bitcoin is said to have been conquered for the last time.

The remaining 41,000 bitcoins, worth $1.1 billion, are "expected to settle in four additional waves this calendar year," according to the court filing.

Bitcoin in a wallet belonging to the Silk Road fund that was seized in March was seen being transferred to a Coinbase address, where around 10,000 bitcoins were.

The move rocked markets and surprised analysts, as the US has historically preferred to sell seized bitcoins and cryptocurrencies through public auctions.

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Bitcoin and cryptocurrency markets are also watching for any signs of action at the upcoming US Federal Reserve interest rate meeting in early May.

Yuya Hasegawa, a Tokyo-based cryptocurrency market analyst at Bitbank, said, referring to the surprising economic data: “With concerns about the relaxation of the US banking system, market concerns are again linked to the decision of the Federal Reserve to raise interest rates in May." In recent weeks.

"Bitcoin may retest $29,000, but it needs to close above this level to call it a breakout, otherwise it could be another 'mistake,'" Hasegawa added.

Cryptocurrency Suddenly Braced for a Major $10 Trillion Earthquake Emergency