Business
Bitcoin Movement Sparks Concern among Traders
The recent movement of Bitcoin has raised concerns among traders about its impact on the market. Stay informed on the latest updates and analysis in the cryptocurrency world.
Bitcoin (BTC) experienced a dip towards $60,000 following the transfer of approximately $240 million worth of seized BTC to a Coinbase Prime address from a wallet linked to the U.S. Government. This move raised worries among traders about a potential sell-off of the digital assets.
Details of the Seized Bitcoin Movement
- Approximately 3,940 bitcoin, seized from a Silk Road vendor, were transferred by the wallet. The BTC was originally confiscated from narcotics trafficker Banmeet Singh and forfeited at trial in January 2024, as revealed by an Arkham Intelligence social media post.
- The U.S. Government, which had previously seized around 50,000 bitcoin associated with the Silk Road website in late 2022, made a significant bitcoin transfer of $2 billion on April 2, leading to market pressure. The last confirmed bitcoin sale by the government occurred in March 2023 when 9,861 coins were sold for $216 million.
Market Response
Following the recent news, Bitcoin attempted a slight recovery from its previous decline related to Mt. Gox but slipped back below $61,000. Currently, Bitcoin is trading at around $61,100, down 1% over the last 24 hours. The broader CoinDesk 20 Index also experienced a similar decline. Additionally, Ether (ETH) slipped by 1.6% on the day alongside Bitcoin’s movement.