Bitcoin Price Crashes to $67K After US Government Transfers $2B Worth of BTC

The price of Bitcoin, the largest cryptocurrency by market cap, has crashed to the $67,000 level, according to Bitstamp data.

The price of Bitcoin, the leading cryptocurrency by market capitalization, crashed to the $67,000 level on Friday, bitstamp data showed.

The price crash comes as the US government has moved around $2 billion in BTC, according to data from Arkham Intelligence.

The coins that were moved recently by the U.S. government were confiscated from Silk Road.

Earlier today, the price of Bitcoin came close to hitting the $70,000 level. However, the bulls faced another rejection.

The U.S. is the largest holder of Bitcoin among world governments at $13.9 billion in BTC. The Chinese government comes in second place with $13 billion. The German government was once in fourth place by total Bitcoin holdings after confiscating 50,000 BTC from a well-known piracy website. But it went on to fully liquidate its holdings, putting immense pressure on the price of Bitcoin. According to Arkham, the U.S. government has split its Bitcoin holdings across two addresses.

As such, the U.S. is unlikely to be able to easily liquidate this sum.

The U.S. Marshals Service (USMS) has announced a partnership with cryptocurrency exchange Coinbase in a bid to bolster the security of its crypto holdings.

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