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

US Government Transfers 10,000 Bitcoins to Coinbase Prime

user avatar

by Giorgi Kostiuk

2 years ago

  1. Bitcoin Transfer
  2. Seizure Background
  3. Market Impact


    4. The US government recently transferred 10,000 bitcoins related to the Silk Road seizure to Coinbase Prime, sparking discussions in the crypto community and potential market impacts.

    Bitcoin Transfer

    Arkham highlighted the transaction, which saw $593.5 million worth of bitcoins moved from a known US government wallet to a Coinbase Prime deposit wallet. Two weeks ago, the bitcoins were transferred to this wallet from another government wallet.

    Seizure Background

    In 2022, the Department of Justice (DOJ) seized more than 50,000 BTC when it arrested James Zhong for allegedly manipulating the Silk Road dark web market's transaction system in 2012. Zhong pleaded guilty to wire fraud. In March 2023, the government sold 9,861 of the seized Silk Road BTC for $216 million and planned to sell the remaining assets in four tranches over the remainder of the year but did not provide an update.

    Market Impact

    Arkham data shows US government wallets hold $12 billion of BTC and smaller amounts of other seized crypto. Last month, the DOJ's US Marshal Service announced a partnership with Coinbase Prime to safeguard and trade its large-cap digital assets. These transactions come amid fears of a wider Bitcoin sell-off as Mt Gox and Jump Trading also off-load significant amounts of crypto. BRN lead analyst Valentin Fournier noted that these actions have increased selling pressure on Bitcoin.

    Government bitcoin transfers combined with actions by Jump Trading have led to a temporary dip in Bitcoin prices. However, expectations of imminent rate cuts may help the market recover in the near term.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Traders Return to Speculative Activity as XRP Shows Signs of Upward Pressure

chest

Traders are showing signs of returning to speculative activity as XRP indicates potential upward pressure.

user avatarTomas Novak

XRP Faces Increased Volatility Amid Bearish Market Trends

chest

XRP has breached the 130 support level, leading to heightened volatility on cryptocurrency exchanges, particularly Binance.

user avatarEmily Carter

META CEO Mark Zuckerberg Hints at Entering Cloud Computing Market

chest

META CEO Mark Zuckerberg hints at the company's potential entry into the Cloud computing market to compete with Amazon Web Services and Microsoft's Azure.

user avatarKaterina Papadopoulou

Barclays Predicts Major Decline for Apple Stock

chest

Barclays predicts a significant decline in Apple stock, forecasting it could fall to 253, contrasting with other analysts' optimistic views.

user avatarMaya Lundqvist

Unidentified Wallet Sends 107 BTC to Burn Address, Sparking Speculation

chest

An unidentified wallet has sent 107 BTC to a burn address, leading to speculation about the reasons behind this significant Bitcoin destruction.

user avatarLeo van der Veen

ICE to Extend Trading Hours in Response to Hyperliquid

chest

ICE plans to extend trading hours on Fridays and reopen earlier on Mondays in response to Hyperliquid's disruptive weekend oil trading.

user avatarAisha Farooq

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.