Tue Dec 03 07:40:00 UTC 2024: ## Bitcoin Dips Below $100,000 as US Government Moves Seized Silk Road Coins

**NEW YORK** – Bitcoin (BTC) experienced a slight dip on Tuesday, falling 0.8% to $95,928.8, trading below recent record highs of over $99,000. The decline follows reports that the U.S. government transferred nearly 20,000 seized Bitcoin, valued at approximately $1.9 billion, to Coinbase. This movement, representing roughly 10% of the government’s Bitcoin holdings, sparked concerns of an impending sale, although Coinbase holds a contract with the Justice Department for custody and trading of seized digital assets.

While the initial market reaction suggested a potential sell-off, analysts at TD Securities downplayed the likelihood of a significant impact. They cited President-elect Donald Trump’s commitment to maintaining the dollar’s status as the world’s reserve currency as a barrier to the establishment of a U.S. Bitcoin reserve, a prospect that fueled much of Bitcoin’s recent rally. Although Trump’s cabinet appointments are considered crypto-friendly, the fiscal realities of a Republican-led Congress focused on spending cuts make a large-scale Bitcoin purchase unlikely.

Despite Bitcoin’s weakness, the broader cryptocurrency market showed resilience. Several altcoins outperformed Bitcoin, with XRP surging 11.3% to a six-year high on speculation that the Securities and Exchange Commission (SEC) might drop its lawsuit against Ripple. Other notable movers included Cardano (12% increase), Polygon (nearly 18% increase), while Solana saw a slight decrease (0.3%). Meme tokens, however, lagged, with Dogecoin falling 3.8%. Ether, the world’s second-largest cryptocurrency, fell 1.1% to $3,653.11.

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