$30,175 Bitcoin, valued at a whopping $2.1 billion, has been transferred by the US Government from the infamous Silk Road to the digital realm of cryptocurrency exchange Coinbase.
Amidst a rollercoaster ride for Bitcoin, the latest transfer has sent shockwaves through the cryptocurrency world. The value of Bitcoin has taken a dip, reaching a weekly low of $64,500 before bouncing back to $66,300.
US Government Makes Historic Transfer
The highly anticipated transfer of 30,175 seized Bitcoin has been revealed by none other than on-chain detective extraordinaire, ZachXBT. With the crypto community buzzing, ZachXBT took to social media to unveil this monumental event, declaring it a game-changer for the industry. However, the US government has remained tight-lipped, leaving us all on the edge of our seats.
In a historic move, the government made a record-breaking sale of Bitcoin in March 2023, raking in a whopping $216 million from the transfer of 9861 BTC. And now, whispers of an even bigger sale are circulating, making this potential transaction the largest in history.
“JUST IN: US Government transfers 30,174 #Bitcoin worth $2.1 billion seized from Silk Road to Coinbase.”
The government made a bold move by kickstarting the transaction with a test transfer of 0.001 BTC to the Coinbase wallet address. This public display of trust and transparency has sparked a frenzy of speculation within the cryptocurrency community. Everyone is buzzing with curiosity about the government’s intentions for the digital assets it now possesses.
Bitcoin Wobbles
Bitcoin’s price took a rollercoaster ride after the big announcement, dipping below the $65,000 threshold before bouncing back with a slight recovery. Currently, it’s standing at $66,300, a mere 1% drop in the last 24 hours. Arkham Intelligence, a leading blockchain analysis firm, revealed that the recipient of the seized Bitcoin was none other than Coinbase.
The recent decision has sparked a fiery debate among crypto enthusiasts, centered around the fate of seized digital assets, including those linked to the infamous Silk Road. The potential auctioning off of these assets has sent shockwaves through the market, with experts predicting a major drop in Bitcoin’s value.
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Previous Sale
The United States government was poised to cash in on a fortune of $130 million from the notorious Silk Road marketplace. This treasure trove, consisting of 69,000 BTC, had been seized and approved for forfeiture by the United States District Court for the District of Maryland. The government’s plan to sell off the digital currency was no secret, as a notice had been issued and the countdown to the sale had begun.
The first lot boasts a whopping 2874.9 BTC, worth a staggering $129 million, while the second lot contains 58.7 BTC, valued at $3.3 million. This highly anticipated sale marks the government’s first release of Bitcoin since March 2023, when they raked in a jaw-dropping $216 million by selling around 9861 BTC.