US Government Moves 30.1K BTC Worth $2.1B

US Government Moves 30.1K BTC Worth $2.1B

US Government Moves 30.1K BTC Worth $2.1B

The US government deposited 30,175 Bitcoin (BTC) valued at $2 billion to a wallet identified as part of the crypto exchange Coinbase

Bitcoin’s price fell below $67,000 on Tuesday morning, wiping off gains from the previous week.

The whole crypto market dropped in lockstep with Bitcoin, with the overall market capitalization of all cryptocurrencies falling by 5.2% to $2.6 trillion, wiping out more than $122 billion.

There was a significant $2 billion shift by the US government, estimated when the Bitcoin (BTC) price was around $65,000 per BTC.

US Government Transfers $2 Billion in Bitcoin

This measure follows the US government’s earlier involvement in the bitcoin sector. In March 2023, the government auctioned off 9,861 BTC, raising $216 million.

In late 2022, the government confiscated these coins as part of an enormous cache from the infamous Silk Road website, which totaled over 50,000 Bitcoins (BTC).

ZachXBT, a crypto detective, discovered the payment and labeled the receiver wallet affiliated with Coinbase, one of the biggest cryptocurrency exchanges.

The transaction’s timing and size have stirred debate among investors and market experts, coinciding with a modest drop in Bitcoin’s market price.

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