Bitcoin Plunges Below $58,000 Amid Capital Movements in US Government Accounts

On the evening of August 14, 2024, Arkham experts reported that US authorities transferred 10,000 BTC to the Coinbase Prime platform. Against this background, the asset rate collapsed.

According to analysts, we are talking about crypto assets involved in the Silk Road darknet platform case. The court approved the order for their confiscation in December 2023.

Already in January 2024, US authorities announced that they planned to sell these crypto assets. In April, 2,000 BTC from frozen funds were transferred to Coinbase Prime.

Experts noted that the authorities sent bitcoins to a wallet from which the assets were eventually withdrawn two weeks ago. The transfer was made from an address directly associated with the US Department of Justice, Arkham Intelligence reports.