DoJ Gets Clearance to Offload 69,000 $BTC, Sparking Speculations in Crypto Market
Author: Content Editor
The United States Department of Justice (DoJ) has obtained clearance to sell 69,000 Bitcoins ($BTC), which has raised concerns about the potential impact on the wider crypto market. The market is looking for clues as to how this sell-off will affect sentiment and whether it will be positive or negative. Glassnode compared this potential sell-off to a previous one by the German government, which did not destabilize the market as expected. The market has shown resilience in the face of substantial liquidations under favorable conditions. Market experts are analyzing Bitcoin's 30-day moving average and netflows to gauge the sell-side pressure. The response to the DoJ sale will depend on liquidity conditions and wider sentiment.