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.
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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.
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.
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