An investigator named ZachXBT alerted the cryptocurrency community about the U.S government transferring 30,175 BTC, which is nearly $2 billion, to a Coinbase wallet. The price of Bitcoin experienced a significant drop at the time of the transfer, falling to a weekly low of $64,500.

Following this, the price of Bitcoin quickly recovered and stabilized at over $65,000. This large-scale transaction exemplifies the government's bold actions, starting with a test transfer of 0.001 BTC to the designated Coinbase address. The transparency of the transactions is evident through the public disclosure of the transaction hash and the Coinbase deposit address.

The government's move has sparked uncertainty and speculation among the crypto community regarding its intentions with digital assets it owns. Despite a slight decline in Bitcoin's value initially, the cryptocurrency has since recovered and tested the $65,000 threshold again. According to data from CoinMarketCap, the price of Bitcoin has seen a 4.96% decrease in the past 24 hours, trading at $66,029.

The broader market trend also influences this change, harking back to when the FBI seized bitcoins from the infamous Silk Road marketplace shutdown in 2013. The involvement of Arkham Intelligence, a blockchain research group, suggests that the government might be orchestrating a plan to sell or swap the seized bitcoins by associating the receiver wallet with Coinbase.

Highlighted Crypto News Today:

• Can Cardano Repeat Its Rally? Analysts Reveal Mind-Blowing ADA Price Targets