The US government recently transferred 10,000 Bitcoins (BTC) that were seized from Silk Roada notorious online black market platform. Over the years, the government has Many large-scale Bitcoin transfers have been carried out.strategically moving these assets to new wallets or different exchanges.
US Government Transfers 10,000 BTC to Coinbase Prime
In X (formerly Twitter) mail On August 14, Arkham Intelligence, a blockchain analytics platform, revealed a new Bitcoin transfer by the U.S. government. According to Arkham’s reports, the government transferred 10,000 BTC, worth $593.5 million, from a cache of assets seized during the Silk Road Downfall.
this Huge Bitcoin Transfers It has effectively caught the attention of the crypto community, sparking speculation About its destination and the potential impact on an already struggling market.
In November 2021, the US government announced Over 50,000 Bitcoins Seized From the dark web marketplace Silk Road. At the time, the total value of the confiscated bitcoins was approximately $3.36 billion.
Arkham Intelligence has revealed that the bc1ql wallet address received 10,000 BTC from Silk Road from a crypto wallet reportedly linked to the US government. The massive amount of BTC was then routed to 33J, a Coinbase Prine deposit wallet.
Given the large amount of BTC involved in the recent government transfer, many members of the crypto community He was interrogated. Whether it was Government intends to sell BitcoinThe potential sell-off could have a major impact on the cryptocurrency market, which is still recovering from Major collapses in Bitcoin and Ethereum And other leading cryptocurrencies.
While deposits to a cryptocurrency exchange often indicate an intent to sell a crypto asset, in this case, the government may have moved 10,000 bitcoins for custodial reasons. To provide more context, on July 1, the U.S. Marshals Service, a division of the U.S. Department of Justice (DOJ), issued a warrant to the U.S. Marshals Service, an agency of the U.S. Department of Justice (DOJ). Coinbase Prime Selected As a partner to provide advanced custody and trading services for large-cap digital assets.
Bitcoin price drops below $59K
Following the news that the US government was transferring Bitcoin on a massive scale via Silk Road, the price of Bitcoin has dropped significantly. According to CoinMarketCap data, Bitcoin is currently trading sideways, falling below the $59,000 level.
Over the past few weeks, the price of Bitcoin has been at a remarkable level. Downward trendexperiencing significant price fluctuations as it tries to maintain a foothold. Over $60,000At one point, the cryptocurrency collapsed by more than 20%, largely due to massive liquidations and a massive drop. Whale sales And the German government.
with speculation With concerns growing over the potential sale of Bitcoin by the US government, the price of Bitcoin may face increased volatility and further declines. At the time of writing, the cryptocurrency is trading at $58,321, representing a significant drop of 4.11% in the last 24 hours.
Featured image created using Dall.E, chart from Tradingview.com
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