The US government may be ready to sell $2 billion in bitcoins.
The US government transferred 30,175 bitcoins (BTC) to a wallet identified as part of crypto exchange Coinbase.
This move represents a whopping $2 billion, calculated at a Bitcoin price of nearly $65,000 per BTC.
The US government has moved $2 billion in Bitcoin
This move follows the US government's previous dealings with the cryptocurrency market. In the year In March 2023, the government auctioned 9,861 BTC for $216 million. The government seized these coins as part of a large cache of 50,000 BTC from the famous Silk Road website at the end of 2022.
The transfer was identified by crypto sleuth ZachXBT, who stopped the receiving wallet linked to Coinbase, one of the major cryptocurrency exchanges.
“The 30.175 BTC, $2.1 billion US government-controlled Silk Road hack fund is now active. 0.001 BTC, worth $69, transferred to Coinbase deposit address, so it's probably a test transfer,” said ZachXBT.
The timing and volume of the transaction has sparked debate among investors and market analysts following a slight drop in bitcoin's market value.
“They will probably sell as stupidly as possible, which will make the market go wrong. It's a good time to buy the crap,” said crypto analyst Emperor.
Read more: Bitcoin price prediction for 2024/2025/2030
Bitcoin experienced a slight decline after the move, falling below $65,000. Although it showed a decline of 6.82% in the last 24 hours, it made a small recovery, stabilizing at $65,500.
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