Bitcoin Falls as U.S. Government Moves Silk Road Coins, Altcoins Rally

Bitcoin Shows Weakness on Reports of Government Moving Silk Road Tokens

Bitcoin faced losses following reports that the U.S. government transferred a large amount of Silk Road coins to Coinbase.

ARKHAM Intelligence data revealed that nearly 20,000 coins worth $1.9 billion were moved onto the exchange, signaling a potential sale event.

The coins seized from Silk Road represent about 10% of the government’s Bitcoin stockpile.

Trump Unlikely to Establish Bitcoin Strategic Reserve, TD Analysts Say

TD analysts cast doubt on the possibility of a Bitcoin reserve under President-elect Donald Trump.

They stated that Trump’s strong belief in the dollar as the world’s reserve currency would hinder any efforts to hedge against it.

While Trump’s cabinet members support crypto, fiscal constraints may prevent the establishment of a Bitcoin reserve.

Altcoins Extend Rally as XRP Surges

XRP’s recent surge to become the third-largest crypto was fueled by optimism and a change in SEC leadership.

Ripple’s token hit a six-year high, jumping 3% to $2.50, amid speculation of the SEC dropping its lawsuit against Ripple.

Whale activity and increased investor confidence have boosted XRP’s price, with large wallets indicating market sentiment.

Cryptocurrency Market Update

While Bitcoin fell 1.8% to $94,111, altcoins like Ethereum rose 2.1% to $3,560.45.

Cardano surged as Ripple’s XRP continued its impressive rally, gaining 400% in the past month.

Dogecoin dropped 3.6%, while Polkadot and Litecoin rallied, with meme tokens lagging behind.

Ambar Warrick contributed to this news report.