The U.S. government acquired 30,175 BTC, worth approximately $2 billion at the time. coinbaseThe transfer took place during a time when Bitcoin prices were falling significantly, hitting a weekly low of $64,500. However, a little later, the cost of the cryptocurrency gained support above $65,000. This move was brought to the attention of the crypto community by on-chain detective Zach
This massive transaction represents government self-righteousness and begins with a test transfer of 0.001 BTC ($69) to a designated Coinbase address. The transaction hash and Coinbase deposit address are public, reflecting the openness of the transaction. The decision has garnered attention and much speculation within the crypto community, and uncertainty remains about the government's plans for digital assets held.
Silk Road Bitcoin moved to Coinbase wallet
The value after the announcement is Bitcoin fellHowever, the decline was only a small one as it fell below $65,000 and quickly began to recover. Currently, the value of this cryptocurrency is $65,200, or down 4.7% in the past 24 hours. This move captures a bearish market overall. The Bitcoin in question is part of a group confiscated at the end of 2022 and is associated with the infamous Bitcoin. Silk road The marketplace was shut down by the FBI in 2013.
Blockchain analysis firm Arkham Intelligence highlighted that the recipient's wallet belonged to Coinbase, suggesting a possible government-backed move to sell or exchange the seized bitcoins. A significant government offering to the public took place in March 2023, disposing of 9,861 BTC, valued at nearly $216 million. The Bitcoin transfer has caught the attention of the crypto community, which is trying to figure out the US government's strategy with the remaining Bitcoin in hopes of seeing what the outcome of this event will be.
US government moves to stimulate digital asset market
The recent transfer has sparked debate over the management and disposal of seized digital assets. This action is likely to have a significant impact on the stock market regarding digital assets. The US government's prior application in January to sell $130 million worth of seized BTC has yet to be confirmed, adding further mystery.
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