The US government has made a move that has sparked intense speculation within the crypto community. It initiated a series of Bitcoin transactions involving more than 9,300 BTC. The news caused panic among community members, with many wondering if the government was planning to sell their important assets. Here are the details…
Many Bitcoins seized in the USA
The US government has seized Bitcoin from many criminals over the years. In fact, he is generally considered one of the biggest Bitcoin whales. But as the government holds the large supply, the slightest hint of selling causes panic in the community. Currently, the US government has transacted over 9,318.7 BTC from its two wallets. At the time of this writing, transactions are awaiting approval. The government sent about 318.8 BTC from wallet Bc1qmx and about 8,999.9 BTC from wallet Bc1qe7. The two new wallets, 361yog and bc1qpg, received 8,200 and 1,118.7 BTC, respectively.
According to the CryptoQuant dashboard, Bc1qmx received around 50,000 BTC after the US Government confiscated the assets of James Zhong. Zhong stole this amount from the illegal online marketplace Silk Road. Bc1qe7, on the other hand, received approximately 8,999 BTC from another government address on April 3, 2023. The movement of funds has sparked a debate over whether the government is planning to sell Bitcoin. As we reported on Cryptokoin.com in March, the US government announced that it wants to sell 41,500 BTC from Silk Road. He had already sold about 9,800 BTC on March 8, 2023. Fabian D., a Twitter user, commented on today’s fund move:
Amounts sent were split between 2 destination addresses. I think this makes funds movement more likely for reasons other than selling
CryptoQuant analyst thinks wallets are mislabeled
There was a similar rumor that the US government was selling Bitcoin on June 21. However, on-chain analyst Ki Young Ju disputed the allegations, citing mislabeling of the wallets. It has had little impact on the price of BTC yet. As of writing, the price has increased by about 0.64 percent in the last 24 hours. While the intentions behind the recent transactions remain unclear, the crypto community is eagerly awaiting further developments.
Whether the US government plans to divest a significant portion of its Bitcoin holdings or pursue alternative strategies, the market remains nervous, aware of the potential consequences of such decisions. As the story continues to evolve, market watchers and enthusiasts will be keeping a close eye on any upcoming US government announcements or updates, aiming to learn about its plans and its potential impact on the wider cryptocurrency market.
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