Bitcoin (BTC) experienced a decline, dropping towards $60,000, after a wallet linked to the US Government transferred approximately $240 million worth of seized BTC to a Coinbase Prime address. This move sparked concerns among traders that the government might sell these digital assets.
The 3,940 bitcoin transferred originated from narcotics trafficker Banmeet Singh, confiscated during his trial in January 2024. This incident follows a previous sale of $2 billion worth of bitcoin by the government in April 2024, which also negatively impacted the digital market. In March 2023, the government sold 9,861 coins for $216 million.
This news impacted the broader cryptocurrency market, with the CoinDesk 20 Index also experiencing a decline. Ether (ETH) dropped by 1.6% on the day. Bitcoin's price briefly recovered from its recent drop related to Mt. Gox repayments but then slid again upon this news, ultimately falling below $61,000.
Comments
Join Our Community
Sign up to share your thoughts, engage with others, and become part of our growing community.
No comments yet
Be the first to share your thoughts and start the conversation!