US government transfers $1.9 billion in Bitcoin to Coinbase Prime

[AMEBO]

The US government has made a massive move in the crypto market, transferring 20,000 Bitcoin worth $1.9 billion to Coinbase from a Silk Road-related wallet ¹. This transaction has sparked concerns about the government's crypto strategy and its potential impact on market sentiment.

The wallet, linked to the US Department of Justice, still holds approximately $18 billion in Bitcoin after the latest transfer ¹. The government also holds other crypto assets, including Ethereum (approximately $217 million) and USDT (around $122 million) ¹.

The recent transfer was executed in two parts, with a test transfer of 0.001 BTC to a Coinbase Prime deposit address, followed by a larger transfer of 19,800 BTC to an intermediary wallet before reaching Coinbase ¹. This move follows a previous transfer of 10,000 BTC, worth approximately $600 million, to Coinbase from the same wallet in late August ¹.

The transfer has already had an impact on the market, with Bitcoin's price dropping to $96,200 following the transfer, according to CoinGecko data ¹. The move has also sparked speculation about the government's plans for the transferred Bitcoin, with some wondering if it will be sold or traded ².

[TomPluz]

I am thinking what the hell the government is doing here...transferring such a good volume of Bitcoin to maybe sell on the market...are they not planning to make Bitcoin included in its international reserve and make USA the Bitcoin capital of the world? Then I realized that this is actually still BIDENOMICS' time and TRUMP will only begin his term come January 20. I am sure this is one of the many things the current administration is trying to sabotage Trump, aside from pardoning his son and many midnight decisions. I am hoping that somebody in the Trump team can look into this and request that any decision on this matter be shelved until the new managers will be on board.

[hugeblack]

The US often sells its Bitcoin to Coinbase and perhaps the laws are what forced them to sell more than the price or profit from seizing the Bitcoin. The funny thing is how the US turned the illegal money into legal money without using a mixer or breaking the link between the transactions and without anyone objecting.

[Aanuoluwatofunmi]

The US government has made a massive move in the crypto market, transferring 20,000 Bitcoin worth $1.9 billion to Coinbase from a Silk Road-related wallet ¹. This transaction has sparked concerns about the government's crypto strategy and its potential impact on market sentiment.

We have to know and get the real fact about this, US government are only making transfers out of the confiscated cons they have obtained from a number of entities related to scam and others, they make a transaction and this does not have to be a reason why there should be a market reaction, though as we may sometimes believe also, there could be coincidence in all these, but as long as the market demand or supply is being shift through any of their moves, it may cause a little readjustment on the market for a little time. 

[ZAINmalik75]

The US government has made a massive move in the crypto market, transferring 20,000 Bitcoin worth $1.9 billion to Coinbase from a Silk Road-related wallet ¹. This transaction has sparked concerns about the government's crypto strategy and its potential impact on market sentiment.

The wallet, linked to the US Department of Justice, still holds approximately $18 billion in Bitcoin after the latest transfer ¹. The government also holds other crypto assets, including Ethereum (approximately $217 million) and USDT (around $122 million) ¹.

The recent transfer was executed in two parts, with a test transfer of 0.001 BTC to a Coinbase Prime deposit address, followed by a larger transfer of 19,800 BTC to an intermediary wallet before reaching Coinbase ¹. This move follows a previous transfer of 10,000 BTC, worth approximately $600 million, to Coinbase from the same wallet in late August ¹.

The transfer has already had an impact on the market, with Bitcoin's price dropping to $96,200 following the transfer, according to CoinGecko data ¹. The move has also sparked speculation about the government's plans for the transferred Bitcoin, with some wondering if it will be sold or traded ².

They will certainly sell it for dollars and add that money in their reserves but if the bill passes by them to invest in BTC then they can sell high or buy low or won't sell at all. But they have already sent so they will sell and until the bill passes they won't buy BTC for their reserves.

BTC price dropped and recovered it was not a big amount because Microstrategy is buying in billions so these small sellings from the government won't dip the BTC investors and newbies are also aware that this is not enough to dump the market.

[electronicash]

I am thinking what the hell the government is doing here...transferring such a good volume of Bitcoin to maybe sell on the market...are they not planning to make Bitcoin included in its international reserve and make USA the Bitcoin capital of the world? Then I realized that this is actually still BIDENOMICS' time and TRUMP will only begin his term come January 20. I am sure this is one of the many things the current administration is trying to sabotage Trump, aside from pardoning his son and many midnight decisions. I am hoping that somebody in the Trump team can look into this and request that any decision on this matter be shelved until the new managers will be on board.

true that. the current administration is doing everything to ruin the next admin.
they gonna make Trump buy BTC for his reserves strategic plan while Biden is selling. nice work. and they always choose coinbase.  this exchange will soon be owned by the government.

by 2025, Trump is going to be buying BTC for a higher price to sky rocket the price also. i guess Biden is doing this right?

[Faisal2202]

The recent transfer was executed in two parts, with a test transfer of 0.001 BTC to a Coinbase Prime deposit address, followed by a larger transfer of 19,800 BTC to an intermediary wallet before reaching Coinbase ¹. This move follows a previous transfer of 10,000 BTC, worth approximately $600 million, to Coinbase from the same wallet in late August ¹.

The transfer has already had an impact on the market, with Bitcoin's price dropping to $96,200 following the transfer, according to CoinGecko data ¹. The move has also sparked speculation about the government's plans for the transferred Bitcoin, with some wondering if it will be sold or traded ².

So they also tested first by sending 0.001 BTC that it actually works or not haha, just kidding I know its a good technique to verify the address and all that, plus it also gives a hint to the market speculators that hey we are coming in the market so be red haha. This news is not that bearish because MSTR recently bought 8 billion worth of BTC in the price range of $95k to $98k AFAIK I might be wrong about the investment, but it was close to it CMIIW.

This selling won't cause must volatility, but they should try to sell it via OTC trading, or they can directly sell it to MSTR like they bought recently in hand deal no on chain data so no volatility. Why are they not taking this step? Well, it's their decision and we can't do a thing about it.

[hugeblack]

they make a transaction and this does not have to be a reason why there should be a market reaction, though as we may sometimes believe also, there could be coincidence in all these, but as long as the market demand or supply is being shift through any of their moves, it may cause a little readjustment on the market for a little time. 

It is an additional supply and sale transaction of Bitcoin and therefore it will definitely affect the price but the total daily trading volume is about $57 billion so $1.9 billion will affect but not a big one.
It is surprising to see that a few years ago selling 60,000 bitcoins led to a deep market correction while selling 20,000 did nothing.

[Stompix]

And everybody screams the government!!!!

First, it's not the evil gubbermint it's the USMS, second the ale has been cleared by the Supreme Court, and the Supreme Court is made by 6 Republicans (3 nominated by Trump) and only 3 Democrats and the bankruptcy denial as well as he sale were clear with a majority, so,  dump your tinfoil hats where they belong! 

The funny thing is how the US turned the illegal money into legal money without using a mixer or breaking the link between the transactions and without anyone objecting.

I don't see anyone complaining about property bought with stolen money by SBF being sold to pay back victims, maybe we should complain about that too?

[0t3p0t]

the current administration is doing everything to ruin the next admin.
they gonna make Trump buy BTC for his reserves strategic plan while Biden is selling. nice work. and they always choose coinbase.  this exchange will soon be owned by the government.

by 2025, Trump is going to be buying BTC for a higher price to sky rocket the price also. i guess Biden is doing this right?

Most likely that is really what they are trying to do right now so that the next administration will rise from scratch but that is the biggest mistake the Biden administration is doing because the next admin is pro-crypto so dumping would be the best way to give them the chance to accumulate more and that means an impulsive move in the market therefore more gains.

[robelneo]

The US often sells its Bitcoin to Coinbase and perhaps the laws are what forced them to sell more than the price or profit from seizing the Bitcoin. The funny thing is how the US turned the illegal money into legal money without using a mixer or breaking the link between the transactions and without anyone objecting.

That's what they do; they call illegal what they deem illegal and legal what they think legal; they are the law, and they can circumvent it anytime they want it.
Its very interesting what will be the scenario if Trump starts his tenure. The community will be watching what changes the Trump administration will implement that are different for Biden.