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Bitcoin's Surge to $52K Faces Threats From Two Major Sell-Off Events

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Looming sell-offs by Genesis and US government could challenge Bitcoin's latest surge

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The first event concerns the approval granted to Genesis, a key player in the cryptocurrency market, to sell a substantial amount of Grayscale Bitcoin Trust shares. The sale involves 35 million GBTC shares, valued at approximately $1.3 billion.holdings, which allegedly led to a significant price drop in Bitcoin — from $49,000 to $39,000 in January of the preceding year.

 

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