Bitcoin drops as US plans to sell over 41,000 BTC

Representations of cryptocurrency Bitcoin are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

Bitcoin’s price has risen by 67.76% so far this year. Photo: Dado Ruvic/Reuters

Bitcoin (BTC-USD) has fallen below $28,000 (£22,730) as regulatory action against the crypto industry intensifies and the US government announces a schedule to sell 41,490 BTC in 2023.

The global cryptocurrency market cap stood at $1.21tn on Monday, a drop of 2.1%, according to Coingecko.

Bitcoin fell 2.2% to $27,887.

The recent price action has left bitcoin’s market capitalisation at $538bn. But, bitcoin’s price has risen by 67.76% so far this year.

Ethereum (ETH-USD) fell 1.27% to $1,790.

Read more: Crypto live prices

The Ethereum Foundation said last week that the blockchain’s Shanghai hard fork, featuring an upgrade enabling investors to withdraw their staked ETH for the first time, is set for 12 April.

US to sell over 41,000 bitcoin

Last month, the US government sold $216m worth of bitcoin that it had seized during a November 2021 search connected to cryptocurrency that had been stolen from the Silk Road dark web marketplace.

The bitcoin sold was a portion of a 50,000 BTC haul that was seized following…

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