coinjournal.net
- US government moved 3,940 Bitcoin ($BTC), which was worth over $241 million at the time, to Coinbase.
- This comes amid another sell-off by the German government, which has sold $BTC since last week.
- Bitcoin price slipped 1.6% after the news, trading below $61k.
The latest crypto news is that the US government has moved 3,940 bitcoins worth over $241 million onto crypto exchange Coinbase.
Specifically, Lookonchain noted that US government-linked wallets had deposited the $BTC into Coinbase Prime. Per the blockchain analytics account, the said wallets still hold 213,546 $BTC currently worth over $13 billion.
According to blockchain security firm Arkham, the 3,940 bitcoins the US sent to Coinbase was originally seized from Banmeet Singh, an Indian narcotics trafficker. Singh forfeited the $BTC in January this year after pleading guilty to drug trafficking and money laundering charges.
Germany, US selling Bitcoin
The news saw Bitcoin price slip below $61k again, shedding about 1.6% of its value to reach lows of $60,822. With the market still largely in downward momentum, its likely $BTC could extend losses as the market reacts.
Notably, the US government’s $BTC transfer to a crypto exchange, probably to sell, comes amid a selling spree by wallets linked to the German government.
Earlier in the day, Lookonchain shared on-chain data that showed the German government’s wallets moved 750 bitcoins worth over $46 million to Bitstamp and Kraken exchanges. These transfers on Wednesday followed the more than 2150 $BTC the said wallets had already sent to exchanges.
While the US government reportedly holds $13 billion more of $BTC, today’s sales sees Germany remain with 45,609 $BTC worth $2.81 billion.