US Government Transfers 10,000 Bitcoins to Coinbase Prime

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

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.