The US government Bitcoin audit, which is planned for this Saturday will reveal the exact Cryptocurrency holdings over federal agencies. This first ever extensive accounting of government-held Bitcoin comes at a time when the crypto markets experience fairly significant volatility and investors are actively seeking greater openness around US Bitcoin holdings.
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How the US Bitcoin Audit affects markets, prices and regulations
An executive order from March 6 mainly preceded the government’s bitcoin audit and established one Strategic Bitcoin Reserve And also a digital asset storage. All federal agencies must report their crypto holdings to the Treasury within a period of 30 days from the order.
David BaileyCEO of BTC Inc, was clear about the fact that:
“Depending on what we learn, you can answer many of the open questions about the latest price action.”
According to the latest Arkham Intelligence DataThe US Government Bitcoin Audit will assess about 198 012 BTC worth approximately $ 16 billion.
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David SacksWhite House’s crypto czar, mentioned:
“The government previously contained approximately 400,000 Bitcoin through loss of civil and criminal asset over the past decade.”
About 195,000 BTC was sold for only $ 366 million. If these assets had been retained until now, their value today would certainly exceed 17 billion dollars with the many challenges in the government’s crypto management and long-term asset strategy.
Significant steps in the formalization of crypto -market regulation
By reporting digital assets in all federal agencies, the government essentially signals a more structured strategy for Cryptocurrency management in the future.
As the disclosure is rapidly approaching, officials and investors are also awaited by results that can reshape our understanding of the government’s role in the Cryptocurrency markets and provide valuable context for the latest price movements in this increasingly mainstream supply class.
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