Bitcoin, the leading cryptocurrency by market cap, has retreated from its six-week high, dipping below the $67,000 mark on Tuesday morning. This decline follows news that the United States government moved $2 billion worth of seized Bitcoin, raising investor concerns about a potential sale of these assets. This movement came just two days after Donald Trump announced his intention to start accumulating BTC, pushing Bitcoin up to the $70,000 mark for the first time since mid-May.

Data from Arkham Intelligence indicates that the government moved 29.8k BTC worth $2.02 billion out of its total holdings of 183,439 BTC to an unknown address, generating a fresh wave of fear in the markets. As news spread, speculation about the U.S. government’s intention to sell these Bitcoins caused panic, leading Bitcoin’s price to drop to $66,500.

At the time of writing, Bitcoin was trading around $66,800, down about 4% over the last 24 hours. Bitcoin’s 24-hour low was $65,997, while its high was $69,932. Directly following Trump’s speech on Saturday, Wyoming Senator Cynthia Lummis presented new legislation for a U.S. national Bitcoin reserve, which includes a proposal that the U.S. Treasury should acquire an additional one million BTC.

Bitcoin SV Surges Amid Legal Victory

Meanwhile, amid the drop in Bitcoin, Bitcoin SV (BSV) surged 9% in the last 24 hours, making it the leading gainer among the top 100 cryptocurrencies by market cap on Tuesday morning. This surge follows renewed optimism among BSV holders after the United Kingdom’s Competition Appeals Tribunal approved a £10 billion lawsuit initiated by BSV Claims Limited against four crypto exchanges that delisted the token in 2019.

The case, initially filed in August 2022, represents 240,000 UK investors in the controversial Bitcoin Cash hardfork. The lawsuit claims that crypto exchanges Binance, Bittylicious, Kraken, and Shapeshift engaged in anti-competitive behavior by delisting the cryptocurrency.

BSV was delisted on multiple major global exchanges following years of controversy and claims from Craig Wright that he was Satoshi Nakamoto, the anonymous creator of Bitcoin. Wright has been a vocal advocate for BSV and has even claimed that it is the real Bitcoin. However, a recent court ruling stated that Wright “lied to the Court” and “forged documents” relevant to the case to back his claims.

BSV has also been delisted from exchange giants like Coinbase, which halted trading of the asset earlier this year. Other exchanges, like Robinhood, have taken similar measures. At the time of writing, BSV was exchanging hands at $56.96. The crypto asset’s daily trading volume hovered over $100 million. Moreover, the cryptocurrency’s market cap stood at over $1.2 billion, making it the 77th largest crypto asset. Despite the recent price rise, the token is still down 89% from its all-time high of $490, reached on April 16, 2021.

Other Altcoins and Market Overview

Other popular altcoins, including Ethereum, Dogecoin, Ripple, and Solana, experienced significant drops ranging between 1 to 5% over the last 24 hours. The overall crypto Market Fear & Greed Index stood at 67 (Greed) out of 100. At the time of writing, the global crypto market cap of all cryptocurrencies stands at $2.51 trillion, reflecting a 24-hour drop of 3.2%.

For more updates on the cryptocurrency market and to stay informed about the latest developments, explore Global Crypto News for comprehensive coverage and expert insights.

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