Bitcoin: Is a BTC market dump incoming after latest ‘Silk Road’ move?

• The U.S. authorities bought greater than 9k Bitcoins seized from the fraud in June final yr.
• Bitcoin remained secure within the final 24 hours at round $66k.

The U.S. authorities grabbed the eye of the cryptocurrency market with its on-chain strikes on the 2nd of April.

Seized Bitcoins transfer

A pockets, underneath the management of the U.S. Division of Justice (DOJ), was seen transferring 30.17k Bitcoins, value practically $2 billion as of this writing, to an unknown pockets, based on Spot on Chain.

From this middleman handle, about 2,000 BTCs, value $132 million, had been despatched to a Coinbase Prime handle, and round 29.8k BTC, valued at $1.95 billion, to a different handle that additionally reportedly belongs to the U.S. authorities.

Curiously, the pockets from which these funds had been despatched contained Bitcoins confiscated as a part of the crackdown on the notorious Silk Road Hack of November 2o21.

For the curious, Silk Street was a web-based black market that exploited Bitcoin’s anonymity to settle transactions and conceal person identities.

Whereas the operator was arrested in 2013, the darknet received widespread consideration in 2021 when James Zhong, the one that stole greater than 50k Bitcoins from the market, was arrested by the U.S. businesses.

It stays to at the present time one of many greatest cryptocurrency seizures in historical past.

Notably, the U.S. authorities bought greater than 9k Bitcoins seized from the fraud in June final yr. The sale amounted to roughly $206 million at the moment.

In keeping with CryptoQuant, the U.S. authorities nonetheless held practically 209k seized Bitcoins, value $14 billion.

What could possibly be the rationale?

Speculations and discussions had been operating excessive in regard to the newest motion. Inasmuch, a distinguished crypto influencer reckoned DOJ was transferring Bitcoins for custody at Coinbase.

Learn Bitcoin’s [BTC] Worth Prediction 2024-25

Nonetheless, a component of hysteria prevailed, as many individuals feared {that a} dump was incoming.

That being mentioned, the fears didn’t translate to elevated promoting stress out there, as Bitcoin remained secure within the final 24 hours, per AMBCrypto’s evaluation of CoinMarketCap information.