Bitcoin and Crypto Are Suddenly Prepared for a US$1 Billion Earthquake After Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, and Solana Price Surge

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Bitcoinbitcoin, ethereumethereum and other major cryptocurrencies soared during the first quarter of 2023, making bitcoin the best performing asset by a significant margin and placing the crypto at a “tipping point”.

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Bitcoin’s price has nearly doubled from its late-2022 lows as the market bets the Federal Reserve may be on the verge of turning dovish (although the world’s largest asset manager has issued a serious warning). Etherem price surged along with bitcoin and other top ten cryptocurrencies BNBbinancecoin, XRPripple, cardanocardano, dogecoindogecoin polygon and solanasolana.

Now, after the US sold $215 million worth of bitcoins seized from the market last month, bitcoin and crypto traders are poised to sell just over $1 billion worth of bitcoins later this year.

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The nearly 10,000 bitcoins sold by the US government in March are part of a batch of 50,000 bitcoins seized following the November arrest of James Zhong, who pleaded guilty to wire fraud after the government alleged that he manipulated the Silk Road darknet market transaction system in 2012, claimed to be the last bitcoin seizure ever.

The remaining 41,000 bitcoins, worth $1.1 billion, “are expected to be liquidated in four more batches during this calendar year,” according to the court filing.

In March, it was noticed that bitcoins in wallets associated with funds seized from Silk Road had been transferred to a Coinbase address, which had received nearly 10,000 bitcoins.

The move spooked the market and raised eyebrows among analysts, as the US has always preferred to sell seized bitcoins and cryptos through public auctions.

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Bitcoin price rebounded from last year’s bitcoin, ethereum and crypto market crash… [+] but remains well below its late 2021 peak of nearly $70,000 per bitcoin.

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The bitcoin and crypto market is also watching closely for any signs of how the US Federal Reserve will act at its next meeting to decide interest rates in early May.

“With concerns about the US banking system waning, the market is once again concerned about the Fed’s rate hike decision in May,” said Yuya Hasegawa, crypto market analyst at Bitbank, based in Tokyo, in an e-mailed note pointing to economic data that has come up surprisingly hot in recent weeks.

“Bitcoin might retest $29,000, but it needs to close above that level to call it a ‘breakout,’ otherwise it might be another ‘fake,'” Hasegawa added.

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