Bitcoin News

US Gov Law Enforcement Wallet Moves Millions in Bitcoin, Will They Sell?

Blockchain analytics company Glassnode noticed the significant Bitcoin change and published it on March 8.

The estimated wallet balance of the US government, according to Glassnode, was 144,500 BTC prior to the most recent transaction.

Additionally, it decreased to 125,600 BTC as 18,860 coins worth an estimated $418 million were on the move. About to 40,000 BTC were reportedly transferred in the transaction, with about 25% going to Coinbase, according to the mempool tracker.

Glassnode verified that an estimated 9,861 Bitcoin valued roughly $219 million were transmitted to Coinbase. According to Glassnode, they were recovered from the Silk Road hacker. Nine years after he had stolen more than 51,000 BTC from the dark web marketplace Silk Road, James Zhong admitted guilt to wire fraud, according to a November 2022 announcement from the US Department of Justice.

An affidavit at the time backed the government’s seizure of the large hoard valued more than $3.3 billion at the time. A significant law enforcement operation that shut down The Silk Road in late 2013 resulted in the capture of its inventor Ross Ulbricht. After the change, the price of bitcoin has already fallen 1.5% as worries about a significant selloff grow. “The elites doing everything they can to dump the price of Bitcoin,” was one comment to the data.

The recent Federal Reserve move is more likely to be to blame for the decline. Fed Chair Jerome Powell stated on March 7 that the Open Markets committee could need to boost interest rates above early expectations.

Cash savings are more desirable than risky investments like cryptocurrencies due to higher interest rates.

In response, market value dropped 1.3% to $1.06 trillion. Moreover, Bitcoin is currently trading at $22,125, down 1.6% on the day. BeInCrypto reports that both volume and mood are declining. This may cause the king of cryptocurrency to suffer greater immediate losses. More than 9% of Bitcoin’s value has been lost in the last two weeks. It looks like it will find support around $21,000.


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