US government moves nearly 10K Bitcoin worth over $300M related to Silk Road seizure

Other lovers have dismissed such commentary as unneeded worry, unpredictability and doubt based upon the lack of tidal movement– more than six hours after the transactions were clocked, BTC has seen less than 1% of market movement. Collect this short article as an NFT to protect this moment in history and reveal your support for independent journalism in the crypto area.

A cryptocurrency wallet related to the United States Department of Justice (DOJ) moved roughly 9,825.25 Bitcoin worth around $299 million in a series of deals on July 12. Its unclear at this time whether the deals, which appear to have ultimately propagated to at least 101 brand-new wallets, were sent to exchange addresses for sale or remain in the custody of the Justice Department.DOJ Bitcoin deals. Source: Screenshot via Blockchain.comInitially, roughly 9,825 of the Bitcoin (BTC) related to the Silk Road seizure moved in a set of transactions sent out to 3 addresses at around 1:00 pm UTC. The bulk of the coins– 8,200 BTC worth almost $250 million since the time of this articles publication– were sent out to a single address, which subsequently divided the total quantity throughout 101 separate addresses a little over an hour later: An 8,200 BTC deal from a wallet that got coins originating from the DOJ. Source: Screenshot via Blockchain.comThe U.S. federal government formerly revealed that it had strategies to unload the rest of its BTC from the Silk Road seizure throughout 4 batch transactions throughout the remainder of the calendar year. Related: US federal government prepares to offer 41K Bitcoin connected to Silk RoadAccording to current on-chain information, its possible the U.S. government might be evaluating liquidity techniques. One account related to batch deals carried out on March 7, 2023 appears to have benefited in the quantity of $237,934,919 on 30,174.7 in BTC holdings not presently related to the July 12 batch of transactions.However, another account that got 9,825.6 BTC from the DOJ during the March 7 batch distributed those coins among 101 accounts. The very same account later joined 599 other accounts to send out an overall of approximately 0.1 BTC (about $3,032 since the time of this posts publication) to yet another account, which then spread its holdings of around 51 BTC throughout 37 addresses. An around 51 BTC transaction from a wallet that received coins stemming from the DOJ. Source: Screenshot via Blockchain.comWhile speculation abounds about the precise nature of the deals, which now cover some 800-plus wallet addresses, the large variety of deals and associated wallets makes tracking exactly what the U.S. federal government is making with each coin a progressively difficult endeavor.This absence of certainty has led some members of the crypto community to fear that BTC is being “nuked” or that the U.S. federal governments wake-inducing coin motion will ripple throughout the cryptocurrency economy and trigger financiers to abandon what some view as the early phases of a bull run. Bullish CPI and #bitcoin nukedNot a good sign– Algod (@AlgodTrading) July 12, 2023