Leading cryptocurrency Bitcoin Bitcoin/USD reached new all-time highs in March 2024.
A US congressman was among people who bought Bitcoin when it was trading near all-time highs, leaving his latest cryptocurrency investment down a month later.
What happened: Bitcoin hit an all-time high of $73,750.07 on March 14, as the leading cryptocurrency broke new highs several times.
The key catalyst for the approval and launch of Bitcoin ETFs in January 2024 showed strong inflows and investor demand in the first few months of trading.
When Bitcoin crossed the $70,000 mark, many investors wondered how soon the leading cryptocurrency would surpass the $100,000 level. Instead, Bitcoin pulled back.
United States Representative Barry Moore (R-Ala.) bought between $1,000 and $15,000 worth of Bitcoin on March 30, according to a filing shared from Congresstrading on X.
On March 30, Bitcoin was trading in a range of $69,601.06 to $70,355.49. Based on a price of $66,117.84 per Bitcoin at the time of this writing, the MP is down 5% to 6% on his cryptocurrency exchange in less than a month.
Related Link: Move Over Bitcoin ETF: This Congressman Bought Ethereum
Because it is important: Cryptocurrency investors may remember Moore’s name as he was one of the members of Congress who purchased cryptocurrency in 2021.
Benzinga previously reported that Moore had bought Dogemoneta DOGE/USD, Ethereum ETH/USD AND Cardan ADA/USD in July 2021.
Moore is one of several members of Congress who have purchased cryptocurrency over the past two years.
While Moore is falling, past history shows that it may be better to wait and the price could rise.
Benzinga recently reported on Rep. Shri Thanedar (D-Mich.) selling Bitcoin, Ethereum and Litecoin LTC/USD. While it is not known whether Thanedar made a profit from his trades, he sold a month before the highs for Bitcoin were reached and missed out on a potential 33% higher price on the cryptocurrency he sold.
BTC Price Action: At the time of writing, Bitcoin is trading at $66,117.84, compared to a 52-week trading range of $24,797.17 to $73,750.07.
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