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In March 2024, the primary cryptocurrency Bitcoin (BTC/USD) surged to set new record highs.
Among the investors caught up in the Bitcoin frenzy was a U.S. Congressman, who unfortunately saw his recent cryptocurrency investment decrease in value within a month.
The surge in Bitcoin’s price to an all-time peak of $73,750.07 on March 14 marked a significant milestone amidst multiple new highs for the leading cryptocurrency.
The approval and subsequent launch of Bitcoin ETFs in January 2024 served as a pivotal moment, driving substantial inflows and investor demand in the initial months of trading.
As Bitcoin surpassed the \(70,000 threshold, speculation arose regarding when it would reach \)100,000. However, the cryptocurrency experienced a pullback instead.
On March 30, U.S. Representative Barry Moore (R-Ala.) disclosed purchasing between \(1,000 to \)15,000 worth of Bitcoin. As of the report’s writing, with Bitcoin priced at $66,117.84, the Congressman found himself facing a 5% to 6% loss on his crypto investment in less than a month.
Significance of the Event: Investors familiar with the crypto space may recognize Moore’s name from his previous cryptocurrency acquisitions in 2021, including Dogecoin (DOGE/USD), Ethereum (ETH/USD), and Cardano (ADA/USD).
Notably, Moore is part of a cohort of Congress members who have delved into the realm of cryptocurrencies over the past couple of years.
While Moore’s recent trade has resulted in losses, historical trends suggest that patience might yield positive outcomes as prices could potentially rebound.
Recent reports from Benzinga highlighted Rep. Shri Thanedar (D-Mich.) selling Bitcoin, Ethereum, and Litecoin (LTC/USD). Although the profitability of Thanedar’s trades remains undisclosed, his decision to sell a month before Bitcoin’s peak meant missing out on a potential 33% higher price for the digital assets he offloaded.
BTC Price Movement: At the time of reporting, Bitcoin was valued at \(66,117.84, situated within a 52-week trading range of \)24,797.17 to $73,750.07.
For more insights: 10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)
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© 2024 Benzinga.com. Please note that Benzinga does not offer investment advice. All rights reserved.
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