The U.S. government transferred 30,175 Bitcoin (BTC) to a wallet recognized as part of cryptocurrency exchange Coinbase.
This move is worth a significant $2 billion at the typical Bitcoin price of around $65,000 per BTC.
US Government Moves $2 Billion to Bitcoin
This move follows the US government’s previous involvement in the cryptocurrency market. In March 2023, the government auctioned 9,861 BTC, generating $216 million in revenue. The government seized the coins as part of a larger cache totaling approximately 50,000 BTC from the infamous Silk Road website in late 2022.
The transfer was confirmed by cryptocurrency detective ZachXBT, which showed that the recipient’s wallet was linked to Coinbase, one of the major cryptocurrency exchanges.
“30.175 BTC worth $2.1 billion of US government-controlled Silk Road hacking funds are currently in transit. 0.001 BTC worth $69 was transferred to the Coinbase deposit address, so it was probably a test transfer,” ZachXBT said.
The timing and size of the transaction coincided with a slight decline in the Bitcoin market price and sparked discussion among investors and market analysts.
“They are probably selling it in the most foolish way and mispricing the market. “If that happens, it’s a good time to buy a dump.” Cryptocurrency analyst Emperor said:
Read more: Bitcoin price prediction for 2024/2025/2030
Bitcoin fell slightly after the transfer, falling below $65,000. It has since recovered slightly and stabilized at $65,500, but is down 6.82% in the last 24 hours.
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