In a significant move that has caught the attention of the entire crypto market, the US government has transferred 20,000 Bitcoins worth approximately $1.9 billion to Coinbase, one of the world’s largest cryptocurrency exchanges.
The transfer, which originated from a wallet linked to the Silk Road dark web marketplace, is the latest in a series of large-scale Bitcoin movements by the government.
Bitcoin price rises to $94,497 after transfer
This large-scale move was executed in two phases, starting with a small test transfer of 0.001 BTC, worth approximately $97, followed by a much larger transaction of 19.8K BTC, worth approximately $1.92 billion.
Bitcoins were initially sent to an intermediary wallet before reaching Coinbase, one of the world’s largest cryptocurrency exchanges.
This is not the first such transaction by the US government.
In August 2024, 10,000 Bitcoins, worth $600 million at the time, were also transferred from the same wallet to Coinbase, sparking speculation about the government’s ongoing involvement in the cryptocurrency market.
The US government’s crypto activities continue to shape market sentiment, with the movement of such large amounts of Bitcoin often causing cryptocurrency price fluctuations.
The latest Bitcoin transfer caused the price of Bitcoin to fall to $94,497 before rebounding slightly to $95,374 at press time.
US government still has large crypto holdings
The wallet from which the Bitcoin was transferred, which was originally linked to Silk Road – a now-defunct online marketplace known for facilitating illegal activities such as drug and arms trading – still contained an estimated $ There is 18 billion worth of cryptocurrency.
In addition to approximately 188.409k Bitcoin, US authorities also have other crypto assets in their possession, including approximately 59.568k Ethereum, valued at approximately $213.27 million, and 122.131 million USDT, a popular stablecoin.
Since the government holds large amounts of digital assets, its strategies will continue to influence the market in the coming months.
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