• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

US Government Moves 15,940 Bitcoins to Coinbase Prime - Potential Market Impact

user avatar

by Giorgi Kostiuk

a year ago


  1. BTC Falls 5% After Major Transfers
  2. Potential Market Impact
  3. Significance of Big Bitcoin Transactions

  4. The US Government recently transferred a significant amount of Bitcoin to the Coinbase Prime platform. The total transfer amounted to 15,940 BTC, valued at approximately $966.4 million. These transfers occurred over the year in three separate transactions, according to Lookonchain data.

    BTC Falls 5% After Major Transfers

    After the first two transactions, which occurred one after another within a short interval, the value of Bitcoin slightly declined by 5% over three days. Although there is no direct causal evidence linking the transfers to the price change, there is a possibility that BTC may fall below $56k during the upcoming weekend.

    Potential Market Impact

    The large transfer of Bitcoin to Coinbase Prime can be seen as a significant movement of cryptocurrency from the government reserve to the exchange for further trading. Coinbase Prime is a platform designed for institutional clients, meaning these Bitcoins might be ready for further trading or investment by large market participants.

    Significance of Big Bitcoin Transactions

    While such transfers provide investors with a large amount of cryptocurrency for trading, they can sometimes lead to shifts in market sentiment and prices. Despite the price decline after the transfers, it is unknown whether these transactions triggered the price changes or if other factors were involved. According to Lookonchain, large Bitcoin transactions could affect the market price of the currency, particularly when executed through specialized platforms like Coinbase Prime.

    This case illustrates that significant actions by major institutional or government participants can seriously impact the dynamics of the cryptocurrency market. The transfer of Bitcoins to a platform for institutional investors could indicate preparation for active trading or investment, reflecting on market prices and sentiments.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Volume of Losses from Fraud Schemes in the Crypto Industry Exceeds $2.1 Billion

chest

An analysis of current social engineering threats in the crypto industry leading to losses of $2.1 billion.

user avatarGiorgi Kostiuk

US Stock Market: Analyzing the Opening and Its Impact on Cryptocurrencies

chest

Mixed results in the US stock market opening reflect diverging investor sentiment. We analyze current trends.

user avatarGiorgi Kostiuk

Ethereum Surpasses $2800 Driven by Institutional Interest

chest

Ethereum gained 5.54% in 24 hours, surpassing $2800, indicating growing institutional interest and a bullish market sentiment.

user avatarGiorgi Kostiuk

Traders Open Short Positions on PUMP Totaling $9.2 Million

chest

Four major crypto traders opened $9.2 million in short positions on PUMP following the launch of preliminary trading.

user avatarGiorgi Kostiuk

Tesla Files for Autonomous Ride-Hailing Certification in Arizona

chest

Tesla aims to secure approval for its autonomous ride-hailing service in Arizona by the end of July. Read more about the company’s plans.

user avatarGiorgi Kostiuk

GMX Hack: Losses Total $42 Million, Hacker Exchanges Funds for ETH

chest

Decentralized platform GMX lost $42 million in an attack. The hacker converted most of the stolen funds into 11,700 ETH.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.