Benzinga - by Chris Katje, Benzinga Staff Writer.
Leading cryptocurrency Bitcoin (CRYPTO: BTC) hit new all-time highs in March 2024.
A U.S. Congressman was among the people who bought Bitcoin when it traded near all-time highs, leaving his most recent cryptocurrency investment down one month later.
What Happened: Bitcoin hit an all-time high of $73,750.07 on March 14, which came as the leading cryptocurrency passed new highs multiple times.
The key catalyst of Bitcoin ETFs being approved and launching in January 2024 showed strong inflows and demand for investors in their first few months of trading.
As Bitcoin passed the $70,000 mark, many investors asked how soon the leading cryptocurrency would pass the $100,000 level. Instead, Bitcoin pulled back.
U.S. Representative Barry Moore (R-Ala.) bought $1,000 to $15,000 worth of Bitcoin on March 30, according to a filing shared by Congresstrading on X.
On March 30, Bitcoin traded in a range of $69,601.06 to $70,355.49. Based on a price of $66,117.84 for Bitcoin at the time of writing, the Congressman is down 5% to 6% on his crypto trade in less than a month.
Related Link: Move Over Bitcoin ETF — This Congressman Has Been Buying Ethereum
Why It's Important: Crypto investors may recall the name of Moore as he was one of the members of Congress who bought cryptocurrency in 2021.
Benzinga previously reported that Moore bought Dogecoin (CRYPTO: DOGE), Ethereum (CRYPTO: ETH) and Cardano (CRYPTO: ADA) in July 2021.
Moore is one of several members of Congress who have bought cryptocurrency over the last two years.
While Moore is down on his trade, past history shows that it might be best to wait it out and the price could go up.
Benzinga reported recently on Rep. Shri Thanedar (D-Mich.) selling Bitcoin, Ethereum and Litecoin (CRYPTO: LTC). While its unknown if Thanedar made a profit on his trades, he sold one month before highs were hit for Bitcoin and missed out a potential 33% higher price on the cryptocurrency he sold.
BTC Price Action: Bitcoin trades at $66,117.84 at the time of writing versus a 52-week trading range of $24,797.17 to $73,750.07.
Read Next: 10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.