🤔 US Government Moves $240M Silk Road BTC to Coinbase
Bitcoin's recent slight gain was short-lived as it returned to its downward trend, dropping 1.37% to $60,761. This decline followed the movement of 3,940 BTC, worth about $240 million, by a US government-associated wallet to Coinbase Prime, raising fears of a potential selloff. The BTC was seized from Banmeet Singh during his January 2024 trial related to the Silk Road case.
The US government has a history of selling off Bitcoins seized from Silk Road, including a huge $3.6 billion worth in 2022, with plans to sell the remaining BTC in multiple lots throughout the year. The market impact of the latest potential selloff remains uncertain. The news comes just days after the Mt. Gox $9 billion in Bitcoin repayment plan and the German BTC sell-off.
