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The U.S. government recently transferred 19,800 Bitcoin, worth $1.92 billion, to Coinbase. The funds came from Bitcoin seized in connection with the Silk Road, a dark web marketplace shut down in 2014.
What Happened?
The Bitcoin was seized from James Zhong, who stole 50,676 BTC from Silk Road in 2012. Authorities confiscated it in 2022.
On Monday, 19,800 BTC was sent to Coinbase after briefly being held in another wallet.#BTC #Coinbase
Impact on Bitcoin Price
Bitcoin’s price dropped by over 2% after the transfer, now trading at $95,250. Large government Bitcoin movements often cause concerns about potential sales, but Coinbase is managing the assets, and a sale is not confirmed.
Political Update: Ross Ulbricht
President-elect Donald Trump has pledged to pardon Silk Road founder Ross Ulbricht, who has been in prison for over 11 years. Ulbricht’s supporters are hopeful for his release soon.
This transfer highlights the ongoing influence of government actions on the crypto market.
