The Bitcoin (BTC) market faced a sharp drop, reaching the level of US$60,700 this Wednesday, after a significant movement of cryptocurrencies by the United States government.

According to information from Arkham Intelligence released on social media, approximately US$240 million in BTC, which had previously been seized, was transferred to an address associated with Coinbase Prime. This event generated a wave of concern among investors, fueling speculation that these assets could soon be sold on the market.

The transfer involved around 3,940 bitcoins, which were confiscated from Banmeet Singh, a supplier to the Silk Road website known for his illegal activities. “This BTC was originally seized from drug trafficker Banmeet Singh and confiscated at trial in January 2024,” the Arkham Intelligence post stated.

Bitcoin Price Today

News of the recent transfer coincided with an attempted recovery in Bitcoin, which had suffered a crash related to the Mount Gox case earlier in the week. After the announcement, the price of Bitcoin fell to $60,700 and has since been trying to stabilize above $61,000, representing a 2% drop in the last 24 hours.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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