Tuesday, 23 July 2024

Crypto News

US Govt Moves Nearly $1 Billion in $BTC – Will It Cause a Price Crash? $GFOX ICO Maintains Steady Price Growth

US Govt Moves Nearly $1 Billion in $BTC - Will It Cause a Price Crash? $GFOX ICO Maintains Steady Price Growth

$BTC is up above $63,000, but some crypto analysts have suggested a possibility of its price dropping due to the U.S. government’s recent transfer of almost $1 billion worth of Bitcoin from two cryptocurrency wallets that held funds seized in 2016 from Bitfinex. Meanwhile, $GFOX, the new cryptocurrency making waves in the industry has maintained an impressive steady price growth over the course of its presale. This continued growth of this token has attracted thousands of investors to the Galaxy Fox ecosystem. 

U.S. Government Transfers $922 Million Worth of Bitcoin, Sparking Concerns of Price Decline

On February 28, 2024, the U.S. government moved $BTC worth $922 million from two cryptocurrency wallets that held tokens seized in 2016 from Bitfinex, a crypto exchange. On the same day, the price of $BTC rallied past $60,000 for the first time since 2021.

According to Arkham Intelligence, a platform that tracks the information of addresses on blockchain, the U.S. government’s transfer occurred in four parts, with the first being a test transfer worth $1BTC at $60,200. The second transfer of 2,817 $BTC, worth $172.74 million, occurred shortly. The remaining two transfers were 0.01 $BTC and 12,267 $BTC, worth $613.35 and $748.46 million respectively.

Experts have pointed out that this significant transfer of $BTC by the U.S. could incite fear in investors that the government is planning to dump those bitcoins on the retail market. This may cause a massive selling pressure in the market and can ultimately drive the value of the token down. 

However, regardless of these negative sentiments and the possible decline in $BTC’s price, experts are still optimistic about $BTC’s upcoming Halving event, which will reduce the token in circulation and increase its value. 

More Than Just a Meme: Galaxy Fox Shines with Steady Growth

Galaxy Fox continually surprises crypto investors as it keeps growing steadily in price and demand in its ongoing presale. As a coin with several use cases, many investors, especially crypto beginners, have preferred it over Bitcoin because as it excels in its presale it offers a cheaper (and therefore less risky) possibility of gains this year.

The platform is being favorably compared to memecoin giants like Dogeoin and Shiba Inu because it aims to revolutionize the booming play-to-earn (P2E) sector with its…

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