Bitcoin (BTC) Slides to $66K in Wake of Silk Road BTC Movements, Solana's (SOL) Leads Majors Losses

“It’s going to be extremely volatile this week, so I will not be surprised to see BTC price get another 10% drop/pump,” one analyst noted.

Bitcoin (BTC) price fell below the $66,000 level early Tuesday, giving up all gains from last week amid concerns over large movements of the asset from U.S. government-linked wallets.

BTC price dropped as much as 5% before recovering slightly in the past 24 hours. The price decline came as the U.S. Marshals Service moved $2 billion in BTC to two new wallets. Tracking service Arkham noted that at least one of these wallets is likely a custodial service.

Solana (SOL) led losses among major tokens with a 6% loss to the downside, reversing gains from Monday. Token prices surged as memecoin trading heated up on the network over the weekend, leading to higher on-chain trading volumes than usual market leader Ethereum (ETH).

Major Token Prices

Major token prices dropped broadly amid the bitcoin price decline. Cardano (ADA) lost 5%, dogecoin (DOGE) and BNB Chain’s BNB fell 4%, while XRP lost 3%.

Ether held up relatively well with a 1% loss, even as the newly launched spot ETH exchange-traded funds (ETFs) saw $97 million in net outflows on Monday, the fourth-straight day of outflows.

Analysis: Macro Decisions, Lack of Catalysts Seen Pushing Markets Lower

Market observers noted that macroeconomic decisions, as well as the lack of any new major catalysts, could serve as market headwinds, pushing prices down in the near term.

“The market received a boost last week with anticipation of Trump’s speech at the Nashville Conference, where he was expected to mention BTC as a strategic reserve asset,” Alice Liu, research lead at CoinMarketCap, told CoinDesk in an email.

On Saturday, Republican candidate Donald Trump, during a speech at the annual Bitcoin 2024 conference in Nashville, promised to fire SEC head Gary Gensler and create a strategic Bitcoin reserve if elected.

He also said he would be a "pro-Bitcoin" president and would not allow any of the 213,239 BTC seized by authorities and held in US government wallets to be sold. According to Trump, the US will become the world's cryptocurrency capital.

However, Liu said optimism peaked on the 27th and led to a “sell the news” phase, adding that “there is no new sauce of optimism in the market now.”

She further noted that interest rate decisions from three central banks – the Bank of Japan, Federal Reserve, and the Bank of England – on Wednesday and Thursday could further increase volatility in the crypto market.

CoinDesk is a leading authority on cryptocurrency, digital assets and Web3.ジャック・ドシー氏のBlock（旧Square）がCoinDeskを2023年12月31日にbullish brands companyの一員として買収しました。

私たちの使命は暗号経済をより信頼できる透明なものにすることです。私たちの基準についてはこちらでより詳しく学ぶことができます。

The above is the detailed content of Bitcoin (BTC) Slides to $66K in Wake of Silk Road BTC Movements, Solana's (SOL) Leads Majors Losses. For more information, please follow other related articles on the PHP Chinese website!