The U.S. government has transferred approximately 10,000 Bitcoin linked to the Silk Road case to Coinbase Prime, a platform typically used by institutional investors for trading and custody services.
Bitcoin Transfer and Its Significance
According to Arkham intelligence, about 9999.99 Bitcoin were transferred to an address associated with Coinbase. As of now, the Bitcoin price is below $60,000, which has dropped around 4% in the last 24 hours.
Impact on the Cryptocurrency Market
It was recently reported that Coinbase Prime has been chosen by the U.S. Marshals Service to offer custody and sophisticated trading services for its portfolio of large-cap digital assets. This collaboration suggests that the U.S. government is now keeping the Bitcoin transferred to Coinbase Prime safe under Coinbase’s control rather than selling it.
Community Reaction
This transfer aligns with previous actions by the U.S. government that transferred over $240 million worth of Bitcoin seized from Silk Road to a Coinbase Prime address in June. However, the current move suggests a focus on secure custody rather than immediate sale. The crypto community is closely monitoring the situation for further developments.
The movement of such a significant amount of Bitcoin has sparked speculation within the cryptocurrency community. This transfer is part of the government’s strategic approach to managing its digital asset holdings securely, reflecting growing trust in Coinbase Prime’s capabilities.
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