fell back towards $60,000 on Wednesday, after a wallet tagged to the U.S. Government moved about $240 million worth of seized BTC to a Coinbase Prime address, igniting concerns among traders that the digital assets will likely to be sold.
Some 3,940 bitcoin originally seized from a Silk Road vendor was moved by the the wallet, according to an Arkham Intelligence social media post."This BTC was originally seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024," the post said. The last movement by the government— which in late 2022 seized roughly 50,000 bitcoin related to the Silk Road website—of bitcoin on April 2, which at the time also put pressure on digital markets. The last confirmed sale by the government was in March 2023,
Attempting a modest bounce from its Mt. Gox-related tumble earlier this week, bitcoin slipped back below $61,000 as the news hit. It's since edged back to $61,100 down 1% over the past 24 hours, with the broaderin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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