On Wednesday, the crypto market experienced a wave of volatility as news broke that the US government had transferred a significant amount of Bitcoin seized from the infamous Silk Road marketplace to the Coinbase exchange. Massive Silk Road Bitcoin Influx To Coinbase According to on-chain data tracker Arkham, the US government recently moved 10,000 Bitcoin worth around $590 million from a known government wallet to a Coinbase Prime deposit address. Notably, this transfer sparked a 3.3% dip in the Bitcoin price, which fell below the key $60,000 support level to trade at around $59,130 at the time of writing. However, it’s important to note that the US government’s selection of Coinbase as the custodian for its seized digital assets may only sometimes lead to immediate selling. Related Reading: XRP Price Eyes $0.60 Reclaim: Crucial for a Fresh Upswing As reported by Bitcoinist, Coinbase announced that the US Department of Justice’s asset forfeiture division, the US Marshal Service, had chosen Coinbase Prime to offer custody and advanced trading services for its “Class 1” digital assets. This partnership is intended to streamline t ..
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