$BTC
Why did the market crash on April 2?
Published 1 day ago, on April 2, 2024
By Crypto Times
US Government Transfers $2 Billion Silk Road Bitcoin to Coinbase
Late Tuesday morning, a US government-affiliated wallet transferred 30,175 bitcoins to a Coinbase-affiliated wallet. At the current price of Bitcoin (BTC), which is over $65,000, this translates to approximately $2 billion worth of tokens.
US government transferred 30,175 Bitcoins, Source: Blockchain
This transaction from a Bitcoin wallet called “Silk Road DOJ Confiscated Funds” could be the source of a test transaction to the Coinbase Prime wallet for 0.001 BTC.
Bloomberg research analyst James Seifert said in a tweet that the government waited for Judge Fella's dismissal of SEC charges against Coinbase for brokerage activity through Coinbase Wallet before taking action.
Bitcoin, which had already fallen significantly during the day, fell further following the news, closing below $75,000. After a small change, it is currently trading at $65,200, down 4.7% from the previous day.
According to a recent update from an analyst, ZachXBT, a significant transfer of 1999 BTC, equivalent to approximately $139 million, was made to the same Coinbase primary deposit address.
Will the US government sell or freeze the 30,175 bitcoins, or dispose of the bitcoins, sparking speculation about its intentions in the cryptocurrency market?
