US government sells Silk Road-linked Bitcoin, BCH completes second halving, BTC faces increased volatility: This week's crypto roundup

This week has been a very volatile roller coaster for major cryptocurrencies and other markets, likely caused by actions taken by the US government.

Recall that last Friday, BTC price stalled around $69,000 as the bulls failed to break out of the $70,000 level. After a relatively quiet weekend in which BTC remained at about the same level, BTC went on the offensive again on Monday, rising above $71,000.

However, Bitcoin was unable to decisively overcome that resistance. Subsequent rejections, especially yesterday's final rejection, sent it hard south. Within hours, the cryptocurrency plummeted below $65,000, hitting a 10-day low.

This was announced amid reports that the US government has transferred 2,000 BTC confiscated from Silk Road to Coinbase. Concerns that US authorities are selling millions of dollars worth of Bitcoin have caused asset prices to fall, according to a recent analysis.

Yesterday, the cryptocurrency finally started to regain some value, rising to just over $69,000. But that didn't last long, with the asset dropping to $66,000 earlier today. The past few hours have seen some positive gains again, and BTC is currently above $68,000.

Its dominance over alternatives has increased significantly over the past week, which is quite expected as most alternatives have fallen significantly within this period. The most significant decreases were due to DOGE (-19%), ADA (-13%), AVAX (-15%), SHIB (-13%), and DOT (-13%).

market data

Market Capitalization: $2.635 Trillion | 24 Hour Volume: $116 Billion | BTC Dominance: 50.3%

BTC: $68,540 (-3%) | ETH: $3,327 (-6.4%) | BNB: $584 (-5.5%)

This week's headlines you can't miss

Bitcoin miner achieves record monthly income of over $2 billion. Bitcoin's fourth halving is just around the corner, and miners managed to record over $2 billion in monthly revenue in March, the last month before their rewards were halved.

Bitcoin is insurance against unjust regimes: Cathie Wood. The founder and CEO of Ark Invest emphasized his support for Bitcoin, especially during these turbulent times. She said major cryptocurrencies serve as insurance against rogue regimes.

Bitcoin’s current 18% retrace is on schedule and actually good news: Here’s why. BTC has fallen as much as 18% from its all-time high of $73,800 in early March. This seems like a big number, but if you look at the history of the asset prior to each halving, you'll see that it's actually what you would expect. In fact, such a correction could be positive for BTC in the long run.

Plan B says Bitcoin (BTC) price will never fall below this level again. Plan B, creators of the popular and somewhat controversial S2F model, have outlined BTC’s current 200-day moving average level of $33,000 as the line the cryptocurrency will not fall below again. Plan B previously stated that Bitcoin would never fall below $40,000.

BCH soars 10% after second halving, BTC slumps at $66,000 (MarketWatch). While the Bitcoin halving is estimated to take place later this month, the Bitcoin Cash halving event took place a few days earlier after some delay. BCH remained active in the weeks leading up to the event and is now one of the few green alternatives.