- US transfers $241M in seized Bitcoins to Coinbase, increasing market speculation.
- Government Bitcoin holdings now total 213,546 BTC, worth $13.07B.
- Seized Bitcoins from Banmeet Singh highlight ongoing crypto asset management efforts.
On Wednesday, the US government transferred 3,940 Bitcoins to a Coinbase Prime wallet. According to blockchain data firm Arkham Intelligence, these Bitcoins were seized from convicted drug trafficker Banmeet Singh, who pleaded guilty to money laundering earlier in this year.
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The seized Bitcoins are part of the United States government’s enormous cryptocurrency holdings. The US government reportedly owns 213,546 Bitcoin, which is worth about $13.07 billion, according to Lookonchain.
Approximately 2.7% of the 21 million Bitcoins in circulation are held by governments worldwide, including those in Germany and El Salvador. This follows the recent transfer of 400 Bitcoins by the German government, with 200 BTC each sent to Coinbase and Kraken.
Singh, a 40-year-old Indian national, was sentenced to five years in prison for selling controlled substances on dark web marketplaces such as Silk Road and AlphaBay for cryptocurrency. Singh forfeited $150 million in cryptocurrency as part of his plea deal.
The selling pressure on Bitcoin, the leading digital asset, has been intensified this week due to sales by government entities. Some blockchain analysts believe that miners have a greater influence on the Bitcoin downtrend than governments or large holders.
The transfer of such a large amount of Bitcoin to Coinbase has sparked speculation about its impact on the market. While some believe that the influx of these coins will increase selling pressure, others argue that the market’s reaction will be determined by whether these Bitcoins are sold right away or held for a longer period.
The transfer of seized Bitcoins to Coinbase reflects governments’ ongoing efforts to manage and liquidate seized cryptocurrency assets. The market will be closely monitoring how this major transfer impacts Bitcoin prices in the days ahead.
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