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bitcoin price plummeted after a US government transfer of $2 billion in btc from Silk Road confiscated in a move that followed Donald Trump's They promise to “never sell” the US government’s btc holdings.
A wallet labeled “US Government: Silk Road DOJ” moved 29,800 btc on July 29 to an unlabeled address that has no transaction history, according to Arkham IntelligenceThe address subsequently transacted 19,800 btc and 10,000 btc to two different addresses.
The transfers spooked cryptocurrency investors, who quickly dumped their holdings in the leading cryptocurrency due to fears of an imminent sell-off. bitcoin plummeted 4% to trade at $66,639.72 at 2:45 am EST.
<img decoding="async" alt="5 implications of the US government holding $5.5 billion in bitcoin” src=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-drops-below-67000-as-US-government-moves-2-billion.jpeg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-drops-below-67000-as-US-government-moves-2-billion.jpeg" alt="5 implications of the US government holding $5.5 billion in bitcoin“/>
US Government BTCs May Have Been Sent to Coinbase
Arkham analysts suspect the transfer of 10,000 btc, worth $670 million, was a deposit to an institutional custodian or service.
Commenting on the recent US government wallet transfers, Bloomberg ETF analyst James Seyffart speculated that the transactions could be the result of US marshals choosing Coinbase to manage their digital assets.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”4.1896551724138″>
This has to be it, right? https://t.co/NZqQPE6GoL photo.twitter.com/7Ek6bLwpeq
—James Seyffart (@JSeyff) twitter.com/JSeyff/status/1817976693249986577?ref_src=twsrc%5Etfw”>July 29, 2024
1st of July statementCoinbase revealed that the U.S. Marshals Service has selected Coinbase Prime “to provide custody and advanced trading services for the agency's Class 1 (large-cap) digital assets.”
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”8.5467625899281″>
You guys get scared every time big coins move.
Remember that the US Marshall *just* signed with Coinbase Prime to begin custody of government-held digital assets? https://t.co/wwxoFepggH image.twitter.com/WlroZvrblm
— Adam Cochran (adamscochran.eth) (@adamscochran) twitter.com/adamscochran/status/1817965844829454664?ref_src=twsrc%5Etfw”>July 29, 2024
bitcoin hype in 2024 comes to an abrupt end
Before the $2 billion worth of btc was transferred, the crypto community was riding a wave of euphoria after a series of bullish trends. statements by Republican presidential candidate Trump.
At the bitcoin 2024 conference in Nashville over the weekend, Trump said the US government will launch a bitcoin strategic reserve if he wins the November election. He also promised that his administration will never sell any of the confiscated btc.
Trump supporters criticized the development, with Gemini's Tyler Winklevoss sarcastically calling it “a great look and a great way to reboot our industry.”
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”10.739130434783″>
On Saturday, twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw”>@realDonaldTrump pledged to never sell any of the US government's bitcoins. Two days later, the Biden-Harris administration transfers $2 billion worth of bitcoins from Silk Road. A cool image and a cool way to reboot our industry.
—Tyler Winklevoss (@tyler) twitter.com/tyler/status/1817992096541823037?ref_src=twsrc%5Etfw”>July 29, 2024
Despite some investors panic selling over the past 24 hours, the crypto Fear and Greed Index is still at 67, indicating that there is greed in the market. However, the index fell seven points over the last trading day.
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