US Authorities Transfer 10,000 Bitcoins to Coinbase Prime, Sparking Market Speculation”
Many cryptocurrency experts and investors in the crypto space are buzzing with excitement following the revelation that U.S. authorities have transferred 10,000 Bitcoins—equivalent to $593 million—to Coinbase Prime. This news led to a temporary drop in the price of Bitcoin to $58,000, and even lower at times.
These assets were traced back to the infamous Silk Road dark web marketplace, with the court approving their seizure in December 2023. Typically, transferring assets to a custodial address on an exchange suggests an intent to sell, which has raised concerns among cryptocurrency enthusiasts, especially given recent events involving Germany and its holdings.
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However, Mo, a prominent cryptocurrency figure and advocate of the $1 million per Bitcoin theory, reassures that the U.S. government has not sold the 10,000 Bitcoins. Instead, he claims the cryptocurrency was transferred to Coinbase Prime for custody several weeks ago. On July 1, Institutional reported that the U.S. Marshals Service selected Coinbase Prime to provide advanced custody and trading services for the high-value digital asset portfolio. Details on the exact handling of the tokens once they arrive at the centralized platform remain scarce.
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