Bitcoin

Silk Road

Joe Biden

Arkham

President Donald Trump

<p class="is-style-lead">Bitcoin fell slightly on Monday as the U.S. government transferred a significant amount of Bitcoin from its Silk Road crypto trove.</p>
<p>Data from Arkham <a href="https://platform.arkhamintelligence.com/explorer/entity/usg" target="_blank" rel="noopener noreferrer nofollow">showed</a> that the U.S. government sent approximately $2 billion worth of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) to a new address. The transactions were made in two batches, valued at roughly $669 million and $1.33 billion each.</p>
<p>According to Arkham, the funds were likely moved to an institutional custodial service, with Coinbase being a likely although unverified candidate due to its role as the preferred brokerage platform for U.S. authorities.</p>
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   <p lang="en" dir="ltr">UPDATE: The U.S. Government has split the $2B Bitcoin into two addresses:<br><br>10,000 BTC ($669.35M): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek<br>19,800 BTC ($1.33B): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c<br><br>We believe this represents a 10,000 BTC deposit to an institutional… <a href="https://t.co/0aULBXGd8P" target="_blank" rel="noopener noreferrer nofollow">https://t.co/0aULBXGd8P</a> <a href="https://t.co/RTwtaqvMmM" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/RTwtaqvMmM</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1817975722662670643?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 29, 2024</a>
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<p>No one is entirely sure who oversees the address yet.&nbsp;Bitcoin declined around 1% following the news and traded under $67,600. The fall came after BTC briefly touched $70,000 for the first time since May.</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-breaks-70k-after-trumps-nashville-remarks/" rel="noopener noreferrer nofollow"> Bitcoin breaks $70k after Trump’s Nashville remarks </a></p>
<h2 class="wp-block-heading" id="bitcoin-community-reacts">Bitcoin community reacts</h2>
<p>The lack of detailed information about the wallet’s management did not quell speculation. Tyler Winklevoss, co-founder of Gemini, noted that the transfers occurred shortly after former President Donald Trump announced his intentions to halt all government Bitcoin sales if re-elected. This timing led to further speculation about the current administration’s plans for the nation’s BTC reserves.</p>
<p>Speculators wonder if the current Democratic administration, led by President Joe Biden and Vice President Kamala Harris, plans to offload the nation’s BTC horde.</p>
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   <p lang="en" dir="ltr">On Saturday, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@realDonaldTrump</a> pledged to never sell any of the US government's bitcoin. Two days later, the Biden-Harris Administration moves $2 billion of Silk Road bitcoin. Great look and great way to reset with our industry. 🤡</p>— Tyler Winklevoss (@tyler) <a href="https://twitter.com/tyler/status/1817992096541823037?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 29, 2024</a>
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<p>At the Bitcoin 2024 conference in Nashville, Trump promised to convert the seized Silk Road BTC into a strategic national reserve.&nbsp;His promise to <a href="https://crypto.news/goodbye-gary-donald-trump-vows-to-fire-sec-chief-if-elected/" target="_blank" rel="noopener noreferrer nofollow">fire</a> Securities and Exchange Commission chair Gary Gensler was met with enthusiastic applause from the crypto community. Additionally, Trump’s campaign has highlighted the case of Ross Ulbricht, the creator of Silk Road, with many in the Web3 community supporting his release..</p>
<p>Read more: <a href="https://crypto.news/pro-trumps-bitcoin-2024-speech-pressured-harris-to-embrace-crypto/" rel="noopener noreferrer nofollow"> Pro: Trump’s Bitcoin 2024 speech ‘pressured’ Harris to embrace crypto </a></p>

US govt moves $2b worth of Bitcoin after Trump’s ‘no sell’ speech

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