QCP Capital: US Government Transfer of BTC, Mt. Gox, and Genesis Repayments Together Bring Panic Selling Pressure to the Market

Odaily Planet Daily News QCP Capital stated in its official Telegram channel that the market violently reversed the positive trend brought by Trump to the cryptocurrency market this week. The price of $BTC dropped from the high point of 70,000 after the speech to nearly 60,000 this morning. The reasons for the decline include selling pressure from the U.S. government (about 28 trillion $BTC), Mt.Gox (33.96 trillion $BTC), and Genesis ($BTC and ETH worth 15 billion USD); Bitcoin mining difficulty reaching a historical high, and increased expectations of a recession. According to options market data, price volatility is expected to stabilize in the summer.