Bitcoin

Bitcoin Tumbles Below $67K As US Government Moves $2B Silk Road Tokens Despite ”Never Sell” Donald Trump Pledge

Published

3 months ago

August 4, 2024

5 Implications of the US Government Owning $5.5B of Bitcoin

Be part of Our Telegram channel to remain updated on breaking information protection

The Bitcoin value plunged after a US Authorities switch of $2 billion in seized Silk Highway BTC in a transfer that adopted Donald Trump‘s vow to “by no means promote” US authorities holdings of BTC.

A pockets tagged as “U.S. Authorities: Silk Highway DOJ” moved 29,800 BTC on July 29 to an unlabeled deal with that has no transaction historical past, in line with Arkham Intelligence. Thereafter, the deal with carried out transactions of 19,800 BTC and 10,000 BTC to 2 completely different addresses.

The transfers spooked crypto buyers, who rapidly dumped their holdings within the main crypto resulting from fears of an impending selloff. Bitcoin slumped 4% to commerce at $66,639.72 as of two:45 a.m. EST.

5 Implications of the US Government Owning $5.5B of Bitcoin

US Authorities’s BTC Would possibly Have Been Despatched To Coinbase

Analysts at Arkham suspect that the switch of 10,000 BTC, price $670 million, was a deposit to an institutional custody or service.

Commenting on the latest transfers by the US Authorities pockets, Bloomberg ETF analyst James Seyffart speculated that the transactions is likely to be the results of US Marshals selecting Coinbase to handle its digital property.

Must be this, proper? https://t.co/NZqQPE6GoL pic.twitter.com/7Ek6bLwpeq

— James Seyffart (@JSeyff) July 29, 2024

In a July 1 assertion, Coinbase revealed that the US Marshals Service chosen Coinbase Prime “to supply custody and superior buying and selling companies for the company’s Class 1 (massive cap) digital property.”

You guys freak out any time massive cash transfer.

Keep in mind that US Marshall’s *simply* signed with Coinbase Prime to begin custody of presidency held digital property? https://t.co/wwxoFepggH pic.twitter.com/WlroZvrblm

— Adam Cochran (adamscochran.eth) (@adamscochran) July 29, 2024

Bitcoin 2024 Pleasure Comes To An Abrupt Finish

Earlier than the $2 billion price of BTC was shifted, the crypto group was driving a wave of euphoria after a sequence of bullish statements by Republican presidential nominee Trump.

On the Bitcoin 2024 convention in Nashville on the weekend, Trump stated the US authorities will launch a strategic Bitcoin reserve if he wins the November elections. He additionally promised his administration would by no means promote any of its seized BTC.

Trump supporters slammed the event, with Gemini’s Tyler Winklevoss sarcastically calling it a ”nice look and nice approach to reset with our trade.”

On Saturday, @realDonaldTrump pledged to by no means promote any of the US authorities’s bitcoin. Two days later, the Biden-Harris Administration strikes $2 billion of Silk Highway bitcoin. Nice look and nice approach to reset with our trade. 🤡

— Tyler Winklevoss (@tyler) July 29, 2024

Regardless of some buyers panic promoting over the previous 24 hours, the Crypto Worry and Greed Index nonetheless stands at 67 to sign greed available in the market. The index did, nevertheless, fall seven factors through the previous day of buying and selling.