U.S. Government Moves $2 Billion in Bitcoin to Coinbase, Impacting Market
U.S. shifts $2B in Bitcoin to Coinbase, sparking slight market dip
The U.S. government made headlines by moving 30,175 bitcoins to a wallet linked with Coinbase, amounting to roughly $2 billion in value.
This transaction occurred late Tuesday morning and is the most significant since a previous sale over a year ago.
In other cryptocurrency news, the President of Argentina has rolled out new rules for crypto registration, eliciting varied reactions from the Bitcoin community.
Meanwhile, Figure Markets, a cryptocurrency exchange, is on a mission to democratize financial services.
Coinbase has also raised flags about the potential dangers within the growing Ethereum restaking market.
Back in March 2023, the government offloaded 9,861 bitcoins, netting $216 million.
These bitcoins were initially seized from the Silk Road website towards the end of 2022. Arkham Intelligence has traced the latest batch of transferred bitcoins back to Coinbase.
This development caused a stir in the cryptocurrency market, although specific price details were not provided.
The reaction mirrored a broader trend observed in the CoinDesk 20 Index, reflecting the market's sensitivity to significant Bitcoin transactions by the government.
