BTC Slides as U.S. Government-Linked Selling Pressure Looms

Bitcoin has inched toward $66,000, paring all gains from last week, with sentiment dented as a significant amount of the asset was moved from U.S. government-linked wallets, raising concerns of looming selling pressure among traders. BTC lost as much as 5%, before slightly recovering, in the past 24 hours as the U.S. Marshals Service shifted $2 billion worth of BTC to two new wallets. Tracking service Arkham estimated that at least one of the wallets was likely to be a custodial service. Bitcoin was trading around $66,550 at the time of writing, a drop of 4.3% from 24 hours ago. The wider crypto market, as measured by the CoinDesk 20 Index, is 3.5% lower.