The US authorities’s Bitcoin (BTC) pockets containing Silk Street’s seized funds moved roughly 29,800 BTC to totally different addresses at the moment, on-chain information reveals. The quantity is equal to over $2 billion, and the information made the BTC price crash 1.2% in a couple of minutes, at present sitting at $66,890.12.

Notably, the tackle that acquired the Bitcoin transaction is unknown up to the time of writing. In response to on-chain information platform Arkham Intelligence, the US authorities’s Bitcoin tackle holds over $12 billion, which is sort of 183,440 BTC.

The crypto market was simply recovering from a “government dump,” after the German authorities offered 49,858 BTC for $2.89 billion over 23 days, sending the Bitcoin price as little as $54,000.

Furthermore, there’s nonetheless no purpose behind the motion made by the US authorities pockets, leaving traders questioning if this was a motion to promote 29,800 BTC or only a reallocation of funds.

This can be a story in growth. We are going to replace this text as quickly as extra info is revealed.