TL;DR
- A wallet linked to the US government transferred 30,175 bitcoins, valued at approximately $2 billion, to a wallet associated with the exchange platform Coinbase.
- This transfer represents a significant movement of btc seized by the government, with the last sale confirmed in March 2023.
- The transferred bitcoins are related to the seizure of around 50,000 btc linked to the illegal Silk Road marketplace.
The United States government has made a significant transfer of bitcoin, according to recent blockchain data.
A wallet identified as belonging to the US government has moved 30,175 bitcoins to a wallet supposedly associated with the cryptocurrency exchange Coinbase.
This transaction, made late Tuesday morning, is worth approximately $2 billion at current prices, which are around $65,000 per token.
This bitcoin movement is notable given that the last confirmed sale of government-seized BTC occurred in March 2023.
On that occasion, approximately 9,861 btc were sold for $216 million.
These bitcoins were part of the approximately 50,000 tokens seized by the government in late 2022 in connection with the Silk Road website.
The receiving Bitcoin wallet has not been identified yet
Arkham intelligence has tagged it as belonging to the cryptocurrency exchange platform Coinbase.
Following the disclosure of this news, an immediate reaction was observed in the price of btc.
Initially, the cryptocurrency saw a slight decline, dipping below the $65,000 mark before reaching a low of $64,800.
However, this decline was followed by a rapid recovery, with the price of bitcoin rising again and settling at $65,200.
However, the btc market is known for its volatility, and this price fluctuation could be interpreted as an initial reaction to the news of the massive transfer of funds by the US government.
The subsequent stabilization of the price, with an increase of 1.05% and a current value of $65,940, suggests a possible calm in the market and a recovery of investor confidence.
This movement of bitcoins by the US government suggests possible strategic decisions regarding the management of seized digital assets.
Furthermore, it highlights the continued involvement of authorities in the cryptocurrency market, especially in relation to cases of financial crimes such as the Silk Road.
The cryptocurrency community will be keeping an eye on any further developments in this case as it could have significant implications for the broader market.
