Prime

Bitcoin

David

Arkham

Drops

<p>Bitcoin is experiencing another significant drop in its price and is once again touching 65,000 dollars. This decline comes after a massive transfer of 2 billion dollars in BTC carried out by the US government to unknown recipients.</p>
<h2 id="h-the-massive-bitcoin-transfer-by-the-us-government">The massive bitcoin transfer by the US government</h2>
<p>On July 29, 2024, the <a href="https://www.cointribune.com/en/bitcoin-arkham-reveals-a-secret-wallet-of-the-us-government/" target="_blank" rel="noopener noreferrer nofollow">US government</a> transferred nearly 28,000 BTC, worth approximately 2 billion dollars, to unidentified recipients. This transaction <a href="https://www.ccn.com/news/crypto/us-2-billion-bitcoin-transfer-market-fears/" target="_blank" rel="noopener noreferrer nofollow">was detected</a> by Arkham Intelligence, which linked the transferred BTC to funds seized by the US Department of Justice in 2020. These funds came from the defunct dark web marketplace, Silk Road.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Shortly after the initial transfer, the US government redistributed the bitcoins by sending about 19,800 BTC to one address and 10,000 BTC to another. Arkham Intelligence interprets this action as an institutional deposit, indicating strategic management of the seized assets.</p>
<p>The market repercussions were not long in coming. Right after the announcement of this transfer, the price of bitcoin fell, dropping below 66,000 dollars. Currently, the crypto asset is trading just above this threshold.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-reactions-and-speculations-around-the-us-government-move">Reactions and speculations around the US government move</h2>
<p>The crypto community is abuzz, speculating about the motivations behind this massive transfer. David Bailey, CEO of Bitcoin Magazine, suggested that this move could be politically motivated to counter the policies of former President Donald Trump.</p>
<p>According to Bailey, this action could be seen as an attempt to hinder Trump’s pro-crypto policies, especially his promise not to sell the government’s bitcoin holdings. Other crypto figures, like Mike Novogratz, criticized the timing of the transfer, calling it “ill-advised”.</p>
<p>They believe this action could be linked to an agreement with Coinbase for the custody of government assets. This speculation is reinforced by the fact that the government had previously transferred nearly 2,000 BTC to a Coinbase Prime hot wallet in April.</p>
<p>The implications of these actions are vast. Economically, such massive transactions can influence investor confidence and affect market prices. Politically, they raise questions about the use of digital assets as economic and political instruments, reflecting broader ideological battles within the American political sector.</p>

Bitcoin Drops to $65K: What’s Next for the Crypto Queen?

Innehållsförteckning

Cointribune EN

Andra artiklar publicerade 31 juli 2024

Pepe Price Prediction: PEPE Plunges 5% As Investors Flock To This Pepe 2.0 Meme Coin As It Blasts...

India’s Web3 Alliance Ramps Up Cybersecurity Measures Following WazirX Hack

Donald Trump’s Appearance At 2024 Bitcoin Conference Yields $25 Million In Funds

Why Ethereum’s Next Move Could Shock Crypto Traders – Insider Secrets Revealed

SEC's Greenlight For Spot Ethereum ETFs Sends BONK, ETFSwap (ETFS), And Mines Of Dalarnia (DAR) S...

Unleash your crypto potential: KK Miner paves the way for extraordinary returns

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!