US Government Transfers $2 Billion in Bitcoin to Coinbase Wallet
Recently, the US government moved a substantial amount of 30,175 Bitcoin (BTC) to a wallet linked to the popular crypto exchange Coinbase. This transfer represents a staggering $2 billion, based on the current price of Bitcoin at around $65,000 per BTC.
Previous Government Involvement in Cryptocurrency Market
- In March 2023, the government auctioned 9,861 BTC, generating $216 million in revenue.
- These funds were originally seized from the Silk Road website in late 2022, totaling approximately 50,000 BTC.
Crypto Sleuth Identifies Transfer to Coinbase
A well-known crypto investigator named ZachXBT flagged the recipient wallet as belonging to Coinbase. Coinbase is a prominent player in the cryptocurrency exchange space.
“30.175 BTC, worth $2.1 billion, of Silk Road hack funds controlled by the US government is on the move right now. 0.001 BTC, worth $69, transferred to a Coinbase deposit address, so it’s a test transfer, possibly,” ZachXBT said.
Market Reactions and Analysis
Given the timing and size of the transaction, it has sparked discussions among investors and market analysts. This event coincided with a slight downturn in Bitcoin’s market price.
“They will probably sell it in the most stupid way possible, making the market mispriced. Good time to buy the dump if it happens,” noted crypto analyst Emperor.
Bitcoin Price Movements Post-Transfer
Following the transfer, Bitcoin experienced a modest dip, briefly falling below the $65,000 threshold. However, the cryptocurrency has since recovered slightly, stabilizing at around $65,500. Nonetheless, this represents a 6.82% decrease in the last 24 hours.
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