Bitcoin Falls as User Misreads Onchain Data

Misreading of onchain data by a Twitter user has led to Bitcoin crash. While the researcher Beetle deleted the tweet, US Governtment wallets haven’t moved BTC, according to zachxbt.

The information spread that stated Bitcoins held by the United States had been on the move. The move, which took place almost at the same time as Elon Musk shared his NFT collection called Milady Maker, aroused a question mark in the minds. According to @zachxbt on Twitter, the wallets hadn’t moved, while the information was misleading.

Bitcoins are on the move, according to beetle

The wallet, which is linked to the US Government, can be viewed on Blockstream. It is seen that the seized Bitcoins connected to Silk Road in the wallet moved about 19 minutes ago.

The information, which has not been verified by ArkhamIntel, was shared by twitter user beetle. The user who first tweeted about the movement in Wallets shared that there was movement in US Wallets.

Bettle later deleted the tweet, after @zachxbt‘s tweet informing that wallets have not moved.

Bitcoin Fell Sharply

Although the information was not verified when shared, the Bitcoin price had fallen sharply. Bitcoin slumped as low as $26,800 with a sudden drop from the $28,210 levels.

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