Bitcoiners keep an eye on the crypto ongoing trend daily either through social media, news channels, or exploring the internet through various exchange platforms. On Friday, there was a sharp nosedive in bitcoin price value plunging 8% in an hour. The dip had covered almost the whole crypto market. It is specified that the government is moving its big part of crypto coins i.e. Bitcoins to those crypto wallets which are linked to the crypto exchange. But this report as on 24 February 2023, was inaccurate as claimed by the blockchain analytics firm Arkham. The fact cannot be denied that government authorized Bitcoin and coins owned by Mt. Gox we’re fascinating the investors and they bending more towards crypto investment. On 1st May, one more blockchain analytics firm, Glassnode declares that the government of America along with Mt. Gox trustees clasped 205,500 and 137,900 Bitcoins respectively which were approximately covering the range of $20 billion in crypto till the start of February 2023 and instructed investors to retain the funds.
Government decides Bitcoin
The news was spread in the crypto market like a fire but it turned out to be a false alarm. This was acknowledged by the DB Newswire as its account on Twitter was disabling wallets on Arkham’s platform. Later on in February 28,, the firm clarifies this statement with facts and figures. Although this fake news greatly impacted the people and they thought that the downfall in bitcoin values happened due to the government started tossing out large amounts of Bitcoin into the market.
Actual Facts on Government-owned Bitcoin
The fact can not be ignored that due to the above-said incident, the government was supposed to own the bitcoins due to a large number of investors getting fascinated with the Mt. Gox coins. Two days before another firm owing blockchain analytics known as Glassnode said that Mt. Gox trustee and American governmental organization have a hold over 205,500 and 137,900 respectively of Bitcoins in March, 2023 (over $12 billion in crypto). Moreover, they were expecting the investors to keep an eye watch on the crypto funds in the market. As the rates can anytime rise or fall for Bitcoin currency. So, they should maintain a reserved account for investing in cryptocurrency. It is because whenever a large amount of Bitcoins were get transferred from one wallet to another wallet within permissible time, the market starts moving automatically, as per the expert’s advice
Why does the U.S. government hold Bitcoin and what is Mt. Gox?
Last year in 2022, $3 billion worth of bitcoins was seized, comparable with the silk road of the dark net marketplace. That is why they had sold a big part of it and further they were planning to sell more than earlier. The interesting fact is that Mt. God was a famous Bitcoin exchange that was coerced to shut down eight years back after a hamstring hack. It was known as the biggest exchange globally which was closed in 2014 after a significant loss of 860,000 Bitcoins who’s worth in recent times is about $24.20 billion. Since then, investors were expecting to get their funds back and still keep on waiting after that huge loss.
Queries raised by the Christoph Ono
Christopher Ono has raised so many questions about this act. He was still concerned about the conspiracy that decrypting the Bitcoin resources is very risky as this issue is globally spread. He was asking these questions from the open-source Bitcoin resources. He was also curious to know whether the US government will hold on to those Bitcoins forever or if they will let them sell all Bitcoins and if this happened, what would be the specific criteria for pursuing this act? What would be the impact of these acts on the market or would the government dump all the coins in one go or would they organise an auction for bitcoin sale?
However, this would fascinate within the use of the wallets where Mt. Gox accounts are being held identically, he summed up. “I believe Mt. Gox is fairly identical in that there are assorted unknowns,” Ono’s statement declares that the coins have been banished into a feral without intimating anyone. Further as per the statement made by Mr. James Check said that maybe level investors can prefer to use the financial assets of the government, especially their coins.
Conclusion
There is no specific reason behind all these issues. However, whatever happens in the future, investors should keep an eye on big HOLDers who are known as big whales of the crypto market, specifically those who like the US government. It has been estimated that almost 11 billion dollars of bitcoin the cryptocurrency has been abused in an immense amount for the market. Moreover, the developer behind Zeus known as Evan Kaloudis also stated according to, he is very excited to offload the government towards the market to circulate to new HODLers.
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