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Bitcoin (BTC) decreased by 0.95% on Sunday. BTC increased by 0.70% to $28,173 at the close of the week after falling by 0.06% on Saturday. BTC managed to hold onto the $28,000 mark for a fifth straight session despite the negative session.

BTC increased to an early peak of $28,515 despite the day's uneven start. BTC dropped to a late low of $27,839 after failing to surpass the First Major Resistance Level (R1) at $28,773. Before ending the day at $28,173, BTC momentarily breached the First Major Support Level (S1) at $28,157 and the Second Major Support Level (S2) at $27,871.

American government intends to dump 41,491 Bitcoin Considering Sentiment

The US government announced a selling of 9,861 Bitcoins on March 14 and intends to sell 41,491 Bitcoins in four installments throughout 2023. The US government confiscated roughly 51,680.33 BTC, which were valued more than $3.4 billion at the moment of the confiscation, according to the statement.

The money was obtained through illicit behavior on Silk Road, a "darknet" black market website. The Silk Road website only accepted bitcoin as payment.

Although the BTC did not respond much to the auction on March 14, the effect on BTC and the larger crypto market will depend on market circumstances.

Enhanced regulatory monitoring exacerbated the pessimistic feeling. Regulator risk has increased, causing cryptocurrency companies to reassess their US position and unsettling the market. The news that Coinbase (COIN) is seeking to grow outside the US and that cryptocurrency exchange Bittrex plans to close down its US activities may be foreboding.

If Ripple prevails in the SEC v. Ripple case, the suffering and degree of SEC monitoring afflicting the digital asset area should be lessened.

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