QCP Capital: The US government's transfer of BTC, Mt. Gox and Genesis repayments have brought panic selling pressure to the market

QCP Capital posted on its official Telegram channel that the market violently reversed the bullish trend brought by Trump's support for the cryptocurrency market this week. The BTC price fell 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 US government (about 28,000 BTC), Mt.Gox (33,960 BTC), and Genesis (BTC and ETH worth $1.5 billion); the increase in Bitcoin mining difficulty to a historical high, and people's expectations of a recession. According to options market data, it is expected that price fluctuations will stabilize in the summer.