Breaking: US Government Transfers 29,800 Bitcoin From Silk Road

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The United States Government has just transferred more than $2 billion worth of Bitcoin (BTC) from the stash it confiscated from the dark web marketplace – Silk Road. This marks one of the biggest Bitcoin transfers from the government in recent times, a move that is rattling the market.

Bitcoin Not Free From Government Selloffs

According to data from Arkham Intelligence, the transfer is linked to the wallet address labeled “U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj).” This wallet moved approximately 29,800 BTC in two tranches.

The first involved the transfer of 27,799 BTC and another worth 0.001 BTC to a different wallet. While on-chain data depicts transparency in fund movements, it becomes immediately unclear the reasons for these transfers. The US Government chose to make this move weeks after the German Government ended its Bitcoin selloff bid.

This is a developing story, please check back for updates!!

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