HomeBitcoin NewsBitcoin's value drops after announcement that U.S. is transferring 3,940 seized Silk...

Bitcoin’s value drops after announcement that U.S. is transferring 3,940 seized Silk Road Bitcoin to Coinbase

U.S. Moves Seized Silk Road BTC to Coinbase Prime, Market Jitters Ensue

The recent move by the U.S. government to transfer 3,940 seized Silk Road BTC to Coinbase Prime has caused a stir in the market, leading to concerns about a potential massive sell-off and its impact on Bitcoin’s price. The BTC, originally seized from narcotics trafficker Banmeet Singh and forfeited at trial in January 2024, amounted to $240 million.

Collin Brown shared updates on this transfer via Twitter, noting that Bitcoin experienced a tumble as a result of the move. The market reacted nervously, causing BTC to dip below $61K. This transfer is part of the U.S. government’s ongoing efforts to seize and move Bitcoin related to the Silk Road, with previous significant transfers impacting the market price.

The movement of seized Bitcoin has had a noticeable effect on Bitcoin’s price, with the latest transfer causing a drop to $60,800. Despite attempts to recover from previous slumps, Bitcoin and other cryptocurrencies like Ether experienced declines following the news. However, there seems to be a slight positive trend for the BTC price, with Bitcoin currently priced at $61,329.52, showing a modest increase in the past day.

The market remains on edge, awaiting further developments regarding the potential sell-off of the seized Bitcoin. Investors are advised to conduct their own research and consult with financial advisors before making any investment decisions in light of these developments.

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