The U.S. government recently transferred around 20,000 Bitcoin, valued at approximately $1.9 billion, from a wallet linked to the Silk Road to Coinbase. This wallet still holds about $18 billion in Bitcoin. The move included a small test transfer of 0.001 Bitcoin before the substantial transfer to an intermediary wallet and then to Coinbase. This transaction follows a previous transfer of 10,000 Bitcoin worth around $600 million in August. Currently, the U.S. government retains various cryptocurrencies, including about $217 million in Ethereum and $122 million in Tether. Bitcoin’s price dropped to $96,200 following the transactions.
In a recent development, the US government has transferred approximately 20,000 Bitcoin, valued at about $1.9 billion, to cryptocurrency exchange Coinbase. This significant move was made from a crypto wallet linked to Silk Road, a notorious dark web marketplace shut down in 2013 for illegal activities like drug trafficking and weapon sales. Following this transaction, the wallet still holds around $18 billion in Bitcoin, along with other cryptocurrencies such as Ethereum and Tether, totaling an estimated $217 million and $122 million, respectively.
The transfer to Coinbase was executed in two stages. Initially, a small test transaction of 0.001 Bitcoin, worth about $97, was sent to a Coinbase Prime deposit address. This was followed by the larger transfer of 19,800 Bitcoin to an intermediary wallet before reaching Coinbase.
This is not the first time the government has moved Bitcoin from this wallet; in August, it transferred 10,000 Bitcoin, valued at approximately $600 million, to the same exchange. Following the latest transaction, Bitcoin’s price dropped to $96,200, reflecting the Market‘s reaction to such large-scale Bitcoin movements.
This story is still developing, and further updates are expected regarding the implications of this transfer and its effect on the cryptocurrency Market.
Key Takeaways:
– US government moved 20,000 Bitcoin worth $1.9 billion to Coinbase.
– The wallet still contains approximately $18 billion in Bitcoin after the latest transfer.
Stay tuned for more updates on this situation.
What does it mean that the US government transferred $1.9 billion in Bitcoin to Coinbase?
It means that the government moved a large amount of Bitcoin, worth $1.9 billion, to a popular cryptocurrency exchange called Coinbase.
Why is the US government moving Bitcoin to Coinbase?
The government may be selling or managing the Bitcoin it has seized from illegal activities, and Coinbase is a safe platform to handle such transactions.
How does this affect Bitcoin’s price?
Large sales or purchases of Bitcoin can influence its price. If the Market sees a big transfer, it can lead to price changes, but the exact impact is hard to predict.
What happens to the Bitcoin after it is on Coinbase?
Once it is on Coinbase, the government can sell it, keep it for future use, or do other transactions according to its plans.
Is this the first time the government has moved Bitcoin to Coinbase?
No, the government has moved Bitcoin to exchanges before, but this amount is one of the largest transfers to date.
