Alabama Congressman Barry Moore bought 3 cryptos as the market soared

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Jul 7, 2021
  • Congressman Moore made one purchase of ETH and DOGE and three of ADA.
  • Each of the five purchases was worth between $1,001 and $15,000.
  • Moore used an exchange because ADA is not available on mainstream platforms.

Felix Barry Moore, who serves as the U.S. Representative for Alabama’s 2nd congressional district, has been purchasing Dogecoin (DOGE/USD), Ether (ETH/USD), and Cardano (ADA/USD) over the past few months. A report unveiled this news on July 6, citing a trading disclosure filed with the clerk of the House of Representatives on July 2. Reportedly, the started purchases date as early as May 5, 2021.

According to the disclosure, Moore purchased ETH on May 5, followed by three ADA purchases on May 10, 11, and 13. He then bought DOGE on June 13. However, like his ETH and ADA purchases, the congressman did not disclose how much DOGE he bought. Instead, he detailed the worth of the coins he secured was between $1,001-$15,000. This means his five purchases were worth between $5,005 and $75,000.

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Notably, the purchase of ADA indicates that Congressman Moore purchased the cryptos from an exchange, seeing as the coin is not available on mainstream platforms, such as Robinhood or PayPal, which launched crypto support in December last year.

The crypto market continues declining

Since mid-May, the crypto market has undergone a sharp drop. For instance, ETH/USD traded as high as $3,541.46 on May 5. While the coin continued surging in the following days to set a new all-time high at $4,362.35 on May 12, bears took over the market, forcing the coin to plunge to the $2,000 levels. At the time of writing, ETH/USD is trading at $2,371.58 after gaining 4.5% over the past 24 hours.

On the other hand, ADA/USD average price during the purchases was between $1.53 and $1.97. Like ETH, the coin surged in the next few days after the purchase and hit a new ATH at $2.46 on May 16. At the moment, ADA/USD is trading at $1.42 after gaining 0.64% over the past 24 hours. The coin’s current price depicts a 42.25% slip from its ATH.

Unlike ETH and ADA, Moore purchased DOGE amid a bear market. On June 13, DOGE traded between $0.31 and $0.33 after a massive selling force saw it plunge from its ATH of $0.74. Following in the footsteps of ETH and ADA, DOGE’s price continued declining and the coin is currently changing hands at $0.23, marking a 68.3% drop from its ATH.

This data shows that Moore’s crypto investment has taken a significant blow. However, it remains unknown whether Moore had other crypto holdings, seeing as he only had to disclose the crypto purchases he made after joining Congress earlier this year.

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