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👉Bitcoin falls as the US government moves $2 🛑billion worth of bitcoins.
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👉The US government has confiscated a significant amount of Bitcoin (BTC) linked to the Silk Road market, with the most recent transaction involving 30,174 BTC worth approximately $2 billion. This deal was conducted by the US Department of Justice and was part of ongoing efforts to combat illegal activities related to Silk Road.
👉Silk Road was an infamous darknet marketplace where various illegal products and services were sold using Bitcoin as the primary currency. The platform was shut down by the US government in 2013, and since then authorities have been working to seize assets associated with the site.
👉In 2021, the authorities searched the property of James Zhong, who was convicted of involvement in the Silk Road case. During the raid, they found hard wallets with bitcoins that were part of the assets seized on the Silk Road platform. Most of the seized cryptocurrency was transferred to Coinbase addresses this month.
The US government has been actively selling off confiscated bitcoins, with the last sale taking place in March 2023, when it unloaded 9,861 coins worth $216 million. These actions not only served to suppress the illegal activity promoted by the Silk Road, but also added a significant amount of bitcoins to the government's assets.
This situation attracted the attention of the cryptocommunity and the public, since large-scale movements of bitcoins can affect the dynamics of the market. The possibility that the government will sell more seized assets may lead to increased pressure from sellers in the market.
👉Although this is a very large amount to sell on the market, it was reported that this month the daily trading volume on the Bitcoin market exceeded 20 billion dollars. A number large enough to compensate for the outflow.
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