Bitcoin wobbles on sell fears as US strikes $240M worth of Bitcoin to Coinbase tackle

  • The US government seized 3,940 Bitcoin (worth $240 million) from a Silk Motorway vendor after a trial in January 2024.
  • The wallet tagged to the US government ideal moved the total Bitcoin to a Coinbase yarn, sparking fears of a first-rate sell-off.

About 3,940 Bitcoin that turned into seized from a Silk Motorway narcotics trafficker, Banmeet Singh, in January turned into these days moved to a Coinbase Prime wallet tackle, sparking fears of a imaginable sell-off.

The final time the US government moved seized Bitcoin to an substitute tackle turned into in 2022, when it offloaded $216 million worth of confiscated Silk Motorway Bitcoin. On the time, the sale exerted valuable sell strain on Bitcoin’s label and the broader cryptocurrency market, and merchants are concerned the same can even happen again.

The crypto market has declined these days attributable to tendencies fancy Mt. Gox’s plans to repay its collectors and overall uneven conditions.

After the news broke, Bitcoin fell below the $61k diploma however has since climbed reduction to $61,400.

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