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Bitcoin (BTC) Falls After U.S. Sends $240M Worth of Silk Road-Related BTC to Coinbase

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2024-06-27 07:35:10886browse

About4kbitcoinhadbeenseizedfromnarcoticstraffickerBanmeetSinghathisJanuary2024trial.

Bitcoin (BTC) Falls After U.S. Sends 0M Worth of Silk Road-Related BTC to Coinbase

Bitcoin(BTC)fellbacktowardsthe$60,000levelonWednesday,asawallettaggedtotheU.S.Governmentmovedsome3,940bitcoin,nowworthabout$240million,toaCoinbasePrimeaddress.Thelargebitcoinmovementcomesastradersarekeepingacloseeyeonthegovernment,whichhasbeenslowlysellingoffthedigitalassetthatwasseizedfromnarcoticstraffickerBanmeetSinghathisJanuary2024trial,accordingtoanArkhamIntelligencesocialmediapost."ThisBTCwasoriginallyseizedfromnarcoticstraffickerBanmeetSingh,andforfeitedattrialinJanuary2024."Sometradershaveexpressedconcernthatthegovernment,whichinlate2022seizedroughly50,000bitcoinrelatedtotheSilkRoadwebsite,maybepreparingtosellthecoins,whichwouldaddtothesellingpressurethathasgrippeddigitalmarketsformuchoftheyear.ThelasttimethegovernmentmovedbitcoinwasonApril2,whenitsentsome$2billionofthedigitalassettoaCoinbaseinstitutionaladdress,amovethatalsoputpressureondigitalmarkets.ThelastconfirmedsalebythegovernmentcameinMarch2023,whenitunloaded9,861coinsfor$216million.Bitcoin,whichhadbeenattemptingamodestbouncefromitsMt.Gox-relatedtumbleearlierthisweek,slippedbackbelow$61,000asthenewshit,andwaslastchanginghandsat$61,100acoin,downabout1%overthepast24hours.ThebroaderCoinDesk20Indexslippedbyaboutthesameamount.Ether(ETH)alsoslippedonthenews,falling1.6%ontheday.

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