Bitcoin Tests $65K as US Government Moves $2.1 Billion Silk Road Bitcoin to Coinbase – Where Next for BTC?
The Bitcoin (BTC) price is eyeing a possible breakout to the south of the $65,000 level as the market readies itself for a potential $2.1 billion sale of confiscated Silk Road Bitcoin tokens by the US government.
A wallet associated with the US Department of Justice just moved 30,174.7 BTC tokens to a Coinbase wallet.
That’s according to on-chain data presented by blockchair.com, which values the Bitcoin moved at just over $2.1 billion.
A US court finalized the forfeiture of 69,370 BTC tokens confiscated from Dark Web market Silk Road last December.
Traders will now be monitoring for any potential rise in sell pressure on Coinbase’s BTC spot market.
If the US government did embark on a fire sale of its Silk Road Bitcoin, that could heavily pressure BTC.
Other’s, like crypto influencer @MartyParty, theorized that the DoJ could be moving its Silk Road Bitcoin to Coinbase for custody.
Breaking: US Dept of Justice moved 30174.7 Bitcoin today from their Silk Road DOJ Confiscated Funds wallet bc1qmxjefnuy
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