This week, has been affected by global politics and transactional drama from governments. While Bitcoin price has managed to hold above $62K resistance as the Iran crisis intensifies, the United States government has made a move.
The U.S. government has moved nearly $300 million in seized Bitcoin and to Coinbase. While there are debates on whether the crypto would be sold, President Donald Trump has made a bold public push for a major piece of industry-friendly legislation.
U.S. Government Moves $297M in Bitcoin & Ether to Coinbase
On Monday, blockchain analytics platforms detected massive on-chain movements originating from wallets managed by the U.S. government. According to on-chain data from Arkham, federal authorities transferred 3,940 Bitcoin (worth approximately $243.95 million) and 30,014 Ether (valued around $53.09 million) directly to Coinbase Prime.
Researchers noted that the transferred Bitcoin is linked to past law enforcement actions, including seizures from convicted darknet operator Ryan“Xanaxman” Farace and the defunct exchange BTC-e.
The Ether originates from assets confiscated in the Brian Krewson money laundering scheme. Because Coinbase Prime offers custodial and institutional trading services, the sudden transfer sparked heavy market speculation about an impending state-sponsored sell-off.
This potential liquidation stands in sharp contrast to Trump’s previous executive guidance, which proposed holding seized crypto assets to build a strategic national reserve.
Trump Urges Senate to Pass Crypto-Friendly Bill
Almost immediately after these transfers hit the news, President Trump took to Truth Social to demand immediate congressional action on crypto regulation. Trump strongly urged the U.S. Senate to pass the Digital Asset Market Clarity Act, a highly anticipated, industry-supported regulatory framework.
Trump framed the push as a tribute to the late Republican Senator Lindsey Graham, who suddenly passed away over the weekend at the age of 71. Trump called Graham a “big supporter” of the legislation and insisted that passing the bill is crucial to keeping America ahead of foreign adversaries.
“Don’t let China win!” Trump posted, warning that international competitors are fighting hard to gain complete control over both digital assets and artificial intelligence.
While the Clarity Act passed the Senate Banking Committee with a bipartisan 15-9 vote in May, Graham’s passing has temporarily shrunk the Republican Senate majority. This, combined with ongoing Democratic pushback regarding ethical disclosures for lawmakers holding digital assets, makes the bill’s legislative path a complex hurdle.
Bitcoin Holds Above $62k Despite Rising Global Pressure
Despite the pressure from the global political scene, Bitcoin price has shown incredible resilience. According to CoinMarketCap data, Bitcoin price has managed to stabilize near the $62,600 mark despite the pressure.
The performance of BTC price is noteworthy as the tensions in the Middle East have been rising. As Iran attacked U.S. air bases BTC price fell under $61,700. However, Bitcoin price displayed remarkable resilience, climbing back above the key support level at $62,000.
Technical Indicators Remain Bearish
Despite holding the $62,000 baseline, Bitcoin’s short-term technical outlook looks decidedly fragile on Investing.com. BTC price currently trades under all key moving averages, including MA10, MA50, MA100 and MA200.
Bitcoin is trading beneath its Ichimoku Cloud boundary on the 4-hour chart. Also, the MACD, RSI (14) and CCI (14) indicators are showing downward momentum. Traders are closely watching the $61,800 level for a continuation of the uptrend or a deeper correction to the $60,000 support.