{"id":558443,"date":"2024-07-30T09:31:26","date_gmt":"2024-07-30T09:31:26","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=558443"},"modified":"2024-07-30T09:31:26","modified_gmt":"2024-07-30T09:31:26","slug":"bitcoin-tumbles-below-67k-as-us-government-moves-2b-silk-road-tokens-despite-never-sell-donald-trump-pledge","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-tumbles-below-67k-as-us-government-moves-2b-silk-road-tokens-despite-never-sell-donald-trump-pledge","title":{"rendered":"Bitcoin Tumbles Below $67K As US Government Moves $2B Silk Road Tokens Despite ”Never Sell” Donald Trump Pledge"},"content":{"rendered":"

The Bitcoin price plunged after a US Government transfer of $2 billion in seized Silk Road BTC in a move that followed <\/span>Donald Trump<\/span><\/a>‘s vow to “never sell” US government holdings of BTC.<\/span><\/p>\n

A wallet tagged as “U.S. Government: Silk Road DOJ” moved 29,800 BTC on July 29 to an unlabeled address that has no transaction history, according to <\/span>Arkham Intelligence<\/span><\/a>. Thereafter, the address performed transactions of 19,800 BTC and 10,000 BTC to two different addresses.<\/span><\/p>\n

The transfers spooked crypto investors, who quickly dumped their holdings in the leading crypto due to fears of an impending selloff. Bitcoin slumped <\/span>4% to trade at $66,639.72 as of 2:45 a.m. EST.<\/span><\/p>\n

\"5<\/p>\n

US Government’s BTC Might Have Been Sent To Coinbase <\/span><\/h2>\n

Analysts at Arkham suspect that the transfer of 10,000 BTC, worth $670 million, was a deposit to an institutional custody or service. <\/span><\/p>\n

Commenting on the recent transfers by the US Government wallet, Bloomberg ETF analyst James Seyffart speculated that the transactions might be the result of US Marshals choosing Coinbase to manage its digital assets.<\/span><\/p>\n

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Has to be this, right? https:\/\/t.co\/NZqQPE6GoL<\/a> pic.twitter.com\/7Ek6bLwpeq<\/a><\/p>\n

— James Seyffart (@JSeyff) July 29, 2024<\/a><\/p><\/blockquote>\n