Bitcoin

Silk Road

Impact

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/us-government-sells-seized-bitcoin" data-wpel-link="internal" rel="noopener noreferrer nofollow">US Government Sells Seized Bitcoin</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/el-salvador-reaps-84-million-profit-from-bitcoin-treasury" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value has dropped below $59,000 due to profit-taking activities, even in light of favorable macroeconomic indicators. A significant transfer has further delayed any swift recovery. This decline in cryptocurrency prices is partly attributed to actions by the US government. Despite reduced fear in the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a>, the surplus supply continues to exert pressure on prices.</p>
<h2 id="why-sell-silk-road-btc">Why Sell Silk Road BTC?</h2>
<p style="text-align: justify">The US government has been selling assets seized during law enforcement operations. Recently, <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from Arkham indicated that 10,000 BTC, valued at $600 million, was transferred to a Coinbase address. This follows a deal between the US Department of Justice and Coinbase Prime, where Coinbase assists in storing and selling these seized assets.</p>
<p style="text-align: justify">Arkham’s recent update revealed, “A wallet that received 10,000 BTC from a known US government wallet 2 weeks ago has now sent the assets to a Coinbase Prime address.” The Silk Road marketplace, once a dark web hub, was dismantled, and the DOJ has been liquidating the seized assets as authorized.</p>
<h2 id="impact-on-btc-sales">Impact on BTC Sales</h2>
<p style="text-align: justify">Transfers to Coinbase Prime shouldn’t be seen as immediate sales on public exchanges. Coinbase also deals in over-the-counter (OTC) transactions, particularly for ETF issuers and institutional clients. Given the strong demand in the ETF channel, offloading thousands of BTC daily remains feasible.</p>
<p style="text-align: justify">The US government holds a substantial reserve of 203,239 BTC, worth $12 billion. Among its top assets are $133 million in ETH and $121 million in USDT. Meanwhile, Mt. Gox has nearly completed its repayments, significantly impacting the market.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<ul>
 <li>US government’s BTC sales can create market pressure.</li>
 <li>Coinbase’s role includes OTC transactions, not just public sales.</li>
 <li>Mt. Gox repayments have largely concluded, affecting Bitcoin’s circulation.</li>
 <li>Current BTC price hovers near $60,000 with potential market stabilization.</li>
</ul>
<p style="text-align: justify">The current situation indicates a complex interplay of government actions and market demand. While large asset sales create short-term pressure, strong ETF channel demand may help absorb the impact. Investors should stay informed about these developments to navigate the volatile landscape effectively.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/us-government-sells-seized-bitcoin" data-wpel-link="internal" rel="noopener noreferrer nofollow">US Government Sells Seized Bitcoin</a></h5>

US Government Sells Seized Bitcoin

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