📉 Bitcoin Falls After US Sends $240M Worth of Silk Road-Related $BTC to Coinbase
🔗 The U.S. government has transferred approximately 3,940 BTC (worth about $240 million) from seized Silk Road assets to a Coinbase Prime address. This move, involving Bitcoin confiscated from narcotics trafficker Banmeet Singh in January 2024, has sparked market concerns about potential selling pressure.
Bitcoin's price dipped toward $60,000 following the transfer, currently trading around $61,100, down 1% in 24 hours. The broader crypto market, including Ether, also saw slight declines.
⌛️ This action follows a similar government move in April 2022, which also impacted the market. Investors are watching closely, as previous government sales of seized crypto assets have influenced market dynamics.
