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Bitcoin To Be Sold By The US Government For $246 Million

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Bitcoin To Be Sold By The US Government For $246 Million

(CTN News) – In recent days, the US government has shocked the crypto markets as it prepares to sell Bitcoin worth $246 million if it decides to go ahead with the sale.

It is believed that the recent transfer of over 9,825 bitcoins, which were linked to Silk Road addresses, could have been one of the factors that precipitated this seismic event. It is now suspected that the US Department of Justice may have taken control of these addresses.

Can We Expect a Bitcoin Sell-Off in the Near Future?

The US Department of Justice (DOJ) seems to have carried out a meticulous operation in order to move 8,200 Bitcoins from Coinbase to Coinbase in a very meticulous manner.

As a result of a labyrinthine funding process, the federal agency shuffled the assets through a address of 361yogPsasxJz6JAaFskmWZes14Gs38ikj, which was used to send the funds.

A total of 8,200 bitcoins were dispersed among more than 100 different Coinbase addresses, with each address receiving 79.2 bitcoins, according to the DOJ.

It is possible that this complex scheme will culminate in the liquidation of these BTC.

It is worth noting that the amount of accumulated equates to an astronomical amount of $246 millions, a figure which has been calculated based on a current market price of $30,000.

Despite the fact that this news may be sending tremors throughout the crypto market, there are experts, such as those at the on-chain analytics firm Crypto Quant, who point out that these government actions are not necessarily associated with a drop in the price of bitcoin.

There will be a lot of pressure on the US government when it disposes of the in such a high-profile manner. As a result, the stability of the crypto market, which is currently experiencing a liquidity crisis, is of utmost importance.

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