Bitcoin Price Drops as US Moves 4,000 BTC to Coinbase Prime
The United States government allegedly moved 4,000 Bitcoin (BTC) to Coinbase Prime, which coincided with the price of the coin falling again.
Bitcoin returns to $60 thousand
Earlier, Bitcoin recorded a slight rise, indicating that it is recovering from the series of declines seen in the last few days. However, the coin has returned to its downward trend at the time of writing
According to current market data, BTC price decreased by 0.38% to $61,208.25. It is noteworthy that the leading cryptocurrency made this move after a wallet associated with the US government was seen moving approximately 4,000 BTC worth approximately $240 million to the Coinbase Prime address.
Bitcoin assets are assets seized during the trial of Silk Road narcotics trafficker Banmeet Singh in January 2024.
The coin’s movement raised suspicion of a potential sale. These concerns are not unfounded considering how the US government sells Bitcoin from the Silk Road takeover.
The Silk Road case has attracted public attention for several years. It reached a new chapter with the sentencing of the Faraces, including Ryan Farace, who was previously convicted in 2018. He was involved in the production and sale of Xanax pills through dark web marketplaces such as Silk Road. Ryan Faraces was operating under the alias ‘Xanaxman’.
The government reported that Farace received more than 9,138 Bitcoins for these transactions, equivalent to approximately $364 million.
USA and BTC from the Silk Road
In 2022, the US Department of Justice (DOJ) seized $3.6 billion worth of BTC linked to the illegal marketplace Silk Road in 2013. This $3.6 billion accounted for more than 50,000 BTC at the time. Almost five months later, government officials sold 9,861 Bitcoins for over $215 million. A filing revealed that the government plans to offload the remaining 41,000 BTC in four separate lots during this calendar year.
By July, more than 9000 more BTC had been sold, leaving approximately 30,000 coins in the wallet. It was later made official in court that the US government had seized a total of 69,370 Bitcoins and other cryptocurrencies linked to the Silk Road dark web market. Bitcoin’s last move by the government was noticed in April and was worth approximately $2 billion.
If this new move towards Coinbase Prime leads to a sell-off, the level of pressure it will put on the broader crypto market is uncertain.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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