Bitcoin suddenly dived below $34,000, suspected to be related to the U.S. Department of Justice and Trump

A Zero Hedge article points out that there are suspicions that the U.S. Department of Justice dumped their recently recovered bitcoin, which caused the sudden drop.

Bitcoin suddenly dived below ,000, suspected to be related to the U.S. Department of Justice and Trump

Influenced by news that MicroStrategy will issue $400 million in bonds to buy more bitcoin, bitcoin had reversed its weekend trend to move slightly higher during the day on Monday (June 7), however, at around 05:15 a.m. BST on Tuesday (June 8), bitcoin took a sudden dive, falling more than $2,000 within minutes to break below $34,000 per coin, dropping more than 5% during the day. Meanwhile, ethereum fell below $2,600 per coin.

Colonial Pipeline, the largest U.S. operator of refined oil pipelines, was hacked into a cyber attack last month and eventually paid $4.4 million in cryptocurrency as ransom to cybercrime group DarkSide to resume operations. The Justice Department said Monday (7) that authorities successfully recovered cryptocurrency paid by the aforementioned company in a ransomware worth about $2.3 million to combat the country’s most devastating cyberattack ever.

Deputy Justice Minister Lisa Monaco said investigators recently seized 63.7 bitcoins paid for by Colonial Pipeline after its systems were hacked last month. She also stressed that the Justice Department has located and recovered most of the ransom money paid by the company.

The Zero Hedge article notes that there are suspicions that the U.S. Department of Justice dumped the bitcoins they recently recovered, which caused the sudden drop. This comes after the U.S. Department of Justice also said it was elevating the investigation into the ransomware attack to a priority similar to that of a terrorism case.

The Zero Hedge article also points out that an earlier announcement about former U.S. President Donald Trump also contributed to bitcoin’s sudden dive.

Bitcoin fell on the news after Trump slammed bitcoin as a scam against the dollar in an interview with Fox and demanded that regulators impose strict regulations on it. Trump said.

“Bitcoin looks like a scam. I don’t like it because it’s another currency that competes with the dollar. I want the dollar to be the world currency.”

Trump also said he would not invest in U.S. stocks right now because they are already “too high.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-suddenly-dived-below-34000-suspected-to-be-related-to-the-u-s-department-of-justice-and-trump/
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