pwshub.com

US government moves $2 billion in Bitcoin, price dips 1.3%

1 month ago

US government's Bitcoin wallet, containing seized Silk Road funds, transfers $2 billion worth of crypto to unknown addresses.

Golden Bitcoin symbol above US government building, illustrating US Bitcoin transfer

Key Takeaways

  • US government moved 29,800 BTC worth $2 billion from seized Silk Road funds.
  • Bitcoin price dropped 1.3% following the transfer, trading at $66,890.12.

The US government’s Bitcoin (BTC) wallet containing Silk Road’s seized funds moved roughly 29,800 BTC to different addresses today, on-chain data shows. The amount is equivalent to over $2 billion, and the news made the BTC price crash 1.2% in a few minutes, currently sitting at $66,890.12.

US government transaction. Image: Arkham Intelligence

Notably, the address that received the Bitcoin transaction is unknown up to the time of writing. According to on-chain data platform Arkham Intelligence, the US government’s Bitcoin address holds over $12 billion, which is nearly 183,440 BTC.

The crypto market was just recovering from a “government dump,” after the German authorities sold 49,858 BTC for $2.89 billion over 23 days, sending the Bitcoin price as low as $54,000.

Moreover, there’s still no reason behind the movement made by the US government wallet, leaving investors wondering if this was a movement to sell 29,800 BTC or just a reallocation of funds.

This is a story in development. We will update this article as soon as more information is revealed.

Disclaimer

Source: cryptobriefing.com

Related stories
1 month ago - Galaxy’s Alex Thorn wrote in a note that this is both a “technical and macro driven breakdown” than a fundamental one.
1 month ago - US government Bitcoin movements could impact market stability and signal future regulatory actions in the cryptocurrency space. The post US government-associated wallet moves $600 million in Bitcoin appeared first on Crypto Briefing.
1 month ago - Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire...
1 month ago - More Bitcoin seized from Silk Road is on the move, with nearly $600 million worth transferred to Coinbase on Wednesday, said Arkham.
1 month ago - Plus, 21Shares exec Federico Brokate thinks shifting attitudes in Washington could quicken the approval of SOL ETFs.
Other stories
26 minutes ago - After launching a Bitcoin yield ETP, Core wants to bring a similar product to the U.S. "as soon as regulatory frameworks allow it.”
44 minutes ago - Dogecoin could be gearing up for another major surge in price as the meme coin’s chart shows the formation of a major pattern. The Golden Cross pattern is a major bullish formation on a chart that usually precedes a notable rally for...
56 minutes ago - Bybit's support for Ethereum's Attackathon underscores the growing emphasis on security and innovation in the crypto industry. The post Bybit backs Ethereum’s first Attackathon with 75 ETH commitment appeared first on Crypto Briefing.
56 minutes ago - The arrests and asset freezes highlight the growing effectiveness of international cooperation in combating sophisticated crypto crimes. The post Massive $243 million crypto heist ends with multiple arrests and asset frozen appeared first...
56 minutes ago - Maestro's advanced features and broad network support could democratize crypto trading, making it more accessible and secure for a global audience. The post Maestro – Your one-stop solution for seamless crypto trading appeared first on...