US government transfers Bitcoins worth $ 590 million by Silk Road to Coinbase

According to reports, the USA transferred 10,000 BTC to Coinbase by Silk Road.
• The government still holds 203,200 BTC worth around $ 12 billion.
• future sales by the United States could influence the cryptocurrency market.

The US government has transferred 10,000 Bitcoin (BTC) worth around $ 590 million to the coin base wallet. Data from Arkham Intelligence .

The transferred BTC are related to assets that were confiscated on the notorious Darknet marketplace Silk Road.

Bitcoin transfers from the US government

The referred bitcoins came from a Wallet from the US government, which currently holds a significant amount of cryptocurrency.

According to Arkham's data, the US government still controls over 203,200 BTC and is therefore the world's largest national Bitcoin owner. These stocks are estimated at around $ 12 billion according to current market prices.

The majority of the government's Bitcoin reserves were accumulated by police measures, in particular by the confiscation of around 174,000 BTC on the Silk Road Marketplace.

Silk Road was a notorious online black market that enabled the sale of illegal goods and services before it was closed by the authorities in 2013. Since then, the US government has sold parts of the confiscated bitcoins in auctions at regular intervals, but large transfers such as the latest on coin base have triggered speculation about possible future sales.

The latest step is followed by a prior transfer from Bitcoin worth around $ 241 million at the end of June, followed by a further transfer of Bitcoin worth $ 2 billion at the end of July, which raises questions about the government's intentions with these digital assets. It remains unclear whether the government plans to sell or keep the bitcoins.

The decision to transfer such a large amount of bitcoins into a coin base wallet has attracted considerable attention because it could be a signal for upcoming market activities.

investors and analysts observe the situation carefully because every major sale through the government could have an impact on the cryptocurrency market.