2024

Prime

Bitcoin

Silk Road

Million

<p>The post <a href="https://coinpedia.org/news/selloff-ahead-594-million-bitcoin-moves-to-coinbase-prime/" rel="noopener noreferrer nofollow">Selloff Ahead? $594 Million Bitcoin Moves to Coinbase Prime</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>After a significant 33,105 Bitcoin (BTC) worth $2.19 billion move from <a href="https://x.com/ArkhamIntel/status/1823329015450525765" target="_blank" rel="noopener noreferrer nofollow">Mt Gox. wallet</a>, another wallet moved a significant BTC to Coinbase Prime.&nbsp;</p>
<p>On August 14, 2024, security intelligence firm Arkham made a post on X stating that the wallet address “bc1ql,” which received 10,000 BTC worth $593.5 million from the US Government wallet two weeks ago, has recently transferred to Coinbase Prime.&nbsp;</p>
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   <p lang="en" dir="ltr">BREAKING: 10K Silk Road BTC ($593.5M) moved to Coinbase Prime<br><br>Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet. <a href="https://t.co/kNLsiJzL95" rel="noopener noreferrer nofollow">pic.twitter.com/kNLsiJzL95</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1823755773987500286?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 14, 2024</a>
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<h2 class="wp-block-heading" id="h-silk-road-10k-btc-moves-to-coinbase-prime"><strong>Silk Road 10K BTC moves to Coinbase Prime</strong></h2>
<p>According to Arkham, this massive BTC was originally seized from the Silk Road dark web marketplace. In a very short period, such a significant BTC which is expected to be sold in the market is creating a concern among the investors and traders. Apart from this, it has the potential to impact the overall <a href="https://coinpedia.org/news/heres-why-the-crypto-market-is-falling-2/" rel="noopener noreferrer nofollow">cryptocurrency market.&nbsp;</a></p>
<h3 class="wp-block-heading" id="h-impact-on-bitcoin-price"><strong>Impact on Bitcoin Price</strong></h3>
<p>However, an impact has been seen on the BTC, as it is trading near $59,000 and has experienced a price decline of over 3.5% in the last 24 hours. Meanwhile, BTC’s trading volume has also dropped by 4% during the same period. This shows that the participation from investors and traders is reducing.</p>
<h2 class="wp-block-heading" id="h-bitcoin-price-prediction-for-august-2024"><strong>Bitcoin Price Prediction for August 2024</strong></h2>
<p>With this massive price decline in the last 24 hours, expert technical analysis hints BTC looks bearish, as it once again moves below the 200 Exponential Moving Average (EMA) on a daily time frame.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46-1024x448.png" alt="" class="wp-image-338838" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/15004404/BTCUSDT_2024-08-15_00-43-46.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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<p>Additionally, BTC has been continuously moving in a tight range between $58,300 and $61,460 levels for the last four trading days. However, there is a high chance that it could fall to the $54,000 level if it breaches and closes a candle below the $58,300 level and even more.</p>
<p>This bearish outlook for BTC has also been observed in its open interest data. According to an on-chain analytic firm CoinGlass, BTC’s open interest has dropped by 1.5% in the last 24 hours, indicating a lack of investors’ and traders’ interest.</p>

Selloff Ahead? $594 Million Bitcoin Moves to Coinbase Prime

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