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HomeNewsUS Government Transfers $2 Billion in Bitcoin to Coinbase Wallet

US Government Transfers $2 Billion in Bitcoin to Coinbase Wallet

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A wallet tagged as belonging to the U.S. government moved 30,175 bitcoins to a reported Coinbase wallet late Tuesday morning, according to data from blockchain analytics firm Arkham Intelligence.

At bitcoin’s (BTC) current price around the $65,000 level, that would be roughly $2 billion worth of the token.

The last confirmed sale by the government, which in late 2022 seized roughly 50,000 bitcoins related to the Silk Road website, was in March 2023 when it unloaded 9,861 coins for $216 million.

This morning’s movement of bitcoins was to an unidentified wallet, but Arkham Intelligence has tagged the wallet as belonging to crypto exchange Coinbase.

Already sharply lower on the day, bitcoin slipped a bit further following the news, dipping under $65,000. It’s since bounced a bit, now trading at $65,200, down 4.7% over the past 24 hours. The broader CoinDesk 20 Index is lower by the same amount.

The sale marks a significant shift in the U.S. government’s approach to cryptocurrencies, as it looks to capitalize on the surging value of digital assets. Investors will be closely watching for any further sales by the government and their impact on the crypto market.

Source: Coindesk

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