In a recent turn of events, the Bitcoin market experienced a significant downturn, with prices plummeting to US$60,700 on Wednesday. This decline was triggered by the U.S. government’s notable cryptocurrency transactions.
Arkham Intelligence, through a social media announcement, revealed that a staggering US$240 million worth of Bitcoin, previously under government seizure, was moved to a Coinbase Prime-associated wallet. This development sparked widespread anxiety among the investment community, leading to conjectures about the potential market sale of these digital assets.
**Update: U.S. Government Transfers $240M in Bitcoin to Coinbase Prime**
In a notable transaction, the U.S. government has transferred 3,940 BTC, valued at $240 million, to Coinbase Prime. These funds were initially confiscated from Banmeet Singh, a notorious narcotics dealer, and were officially forfeited following a trial in January 2024.
The transaction involved approximately 3,940 bitcoins, seized from Banmeet Singh, who was implicated in illicit dealings on the Silk Road website. Arkham Intelligence’s post confirmed, “These bitcoins were initially seized from the drug trafficker Banmeet Singh and were forfeited during his trial in January 2024.”
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**Current Bitcoin Valuation**
The news of this transfer emerged amidst Bitcoin’s struggle to recover from a recent crash, linked to the Mount Gox incident. Following the transfer announcement, Bitcoin’s value dipped to $60,700 and is currently endeavoring to regain stability above the $61,000 mark, reflecting a 2% decrease within the past day.
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