Insider trading has been a longstanding concern in US politics, primarily around stock trading. However, US Representative Shri Thanedar recently revealed a sale of nearly $1 million worth of cryptocurrencies, shedding light on a new dimension to this issue.
Thanedar sold $500,000 worth of Bitcoin (BTC), $250,000 worth of Ethereum (ETH), and $50,000 worth of Litecoin (LTC). What makes these sales intriguing is the notable price increases these cryptocurrencies experienced over the past month.
Capitol Trades data reveals that the sales took place on February 5, were reported 18 days later on February 23, and subsequently published on February 26.
Thanedar crypto sales. Source: Capitol Trades
How much have BTC, ETH, and LTC gained since then?
Traders are accustomed to US politicians making timely investments and divestments to secure gains and prevent losses. However, this instance stands out because all three digital assets have notably increased in value since Thanedar divested.
Since February 5, Bitcoin has surged by 32.8%, adding $13,988 to its valuation. Ethereum experienced a 41.35% increase, adding $950 to its price. Additionally, Litecoin saw a 12% increase, boosting its price by $8.
BTC, ETH, and LTC have increased in value since February 5. Source: Google Finance
Considering the substantial price increases, if Thanedar had waited 20 more days, his sale would likely yield a profit of over $1 million.
Unfortunately, the available data doesn’t indicate when Thanedar acquired his digital assets; with this information, Finbold cannot calculate the exact profit or loss he incurred from this sale.
However, with the current market trend in crypto, Representative Thanedar could quickly regret his decision to trade his cryptocurrencies soon.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
