The U.S. government transferred 58.742 bitcoin (BTC), worth nearly $4 million, to Coinbase (COIN) on Monday, from an address labeled 'U.S. Government: Ryan Farace Seized Funds,' seized from individuals convicted for dark web activities.
The movement of funds is part of the liquidation process of bitcoin seized from individuals involved in criminal activities, representing less than 1% of bitcoin's 24-hour trading volume, unlikely to significantly impact spot price.
Germany's Saxony state selling a significant amount of BTC led to a drop in spot price, contrasting with the U.S. government's smaller liquidation, maintaining a positive market sentiment.
Despite the recent sale, the U.S. government still holds a substantial amount of BTC, over 213,000 coins valued at over $14 billion, indicating continued involvement in the cryptocurrency space.
Collection
[
|
...
]