Bitcoin falls to $59,000 as US government moves to sell more BTC

Bitcoin fell 2.5% to $59,100 on Wednesday after the US government moved more of its Silk Road-affiliated Bitcoin holdings to Coinbase Prime.

On-chain analytics platform Arkham Intelligence flagged the move on Wednesday, noting that 10,000 BTC worth $593 million had been moved. “The bc1ql wallet received 10K BTC from a known US government wallet 2 weeks ago,” Arkham wrote on Twitter. “This BTC has just been sent to 33J, a Coinbase Prime deposit wallet.” According to Arkham, the US government’s Bitcoin wallet still holds 203,239 BTC, worth $12 billion. Much of this Bitcoin was seized from the hacker of the fallen darknet market Silk Road in 2021. At the time, the seizure of 50,000 BTC was the largest financial seizure ever made by the Department of Justice. That record was broken months later when the DOJ seized 94,600 BTC from Heather ‘Razzlekhan’ Morgan and her husband, Ilya Lichtenstein, who together hacked the crypto exchange Bitfinex. The move at Coinbase implies that the government is continuing to sell its BTC, despite Donald Trump’s promise to keep the government’s current coins forever if he is elected president in November. It also adds to the ongoing BTC redistributions to the creditors of Mt. enjoy Arkham marked a $2 billion Bitcoin move on Tuesday from BitGo blockchain wallet creditor coins. SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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