On early Tuesday, Bitcoin’s price dropped below $66,000, after a failed attempt to surpass $70,000 on Monday. The cryptocurrency briefly stabilized around $66,700.
Despite bullish inflows into Bitcoin ETFs, the market faced uncertainty. Notably, BlackRock’s iShares Bitcoin Trust received $205.62 million, the highest among its peers. On the other hand, other major funds like the Grayscale Bitcoin Trust saw outflows.Â
The volatility was partly due to the US government’s movement of 28,000 Bitcoin. They are valued at $2 billion, from the Silk Road seizure. This raised fears of potential sell-offs, causing market speculation.Â
Amidst this, Senator Cynthia Lummis proposed creating a “Bitcoin strategic reserve” to help mitigate the US national debt, which exceeds $35 trillion. Her plan aims to accumulate 1 million BTC, while Robert F. Kennedy, Jr. suggested a more ambitious reserve of 4 million Bitcoin.Â
Catherine Chen from Binance highlighted that discussions about a US national Bitcoin reserve are positive for the crypto market.Â
