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The US government’s move to transfer 10,000 Bitcoin from a Silk Road wallet has set off alarm bells across the crypto market, sparking fears of a significant selloff.
US Moves Silk Road Bitcoin Amid Market Concerns
Wallets associated with the dark web marketplace Silk Road have recently had around 10,000 Bitcoin (BTC) transferred from them by the US authorities, Coingape reports. The present prognosis for the underlying asset has been negatively impacted by transfers like this one that have occurred in the past week.
The USA possesses one of the country's largest inventories. The majority of the Bitcoins it possesses were confiscated from the dark web marketplace during a crackdown on illicit activity. The administrators of the fund have kept moving various tranches of the coin for months, for reasons that have not been explained.
After a string of selloffs in July, Germany depleted its 50,000 BTC hoard, so the fund movement is in line with that.
US Sends 10,000 Bitcoin in Two Tranches
According to HODL15Capital, a data curation site on X, the US government sent 10,000 Bitcoin in two separate batches. A total of 0.00000546 BTC was involved in the initial, less substantial transfer. In the second, 9999.9990 BTC was sent to "33JEE….4jnoE." from 9999.9999 Bitcoin.
At the time of the deal, the hoard was worth $594 million. A Coinbase Prime-affiliated wallet received the Bitcoin transfer. Who knows if the US government will sell the assets or just let the recipient keep them.
The United States government made an even bigger transfer towards the month's end in July. The "U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj)" account had 29,800 BTC withdrawn in two separate transactions. Over $2 billion was the value of the Bitcoin that was moved.
Legislators Push Back on US Bitcoin Moves
Notably, a group of legislators led by Donald Trump have devised a strategy to safeguard the asset. The US government should stop its Bitcoin dumping moves, according to political BTC proponents. In fact, Trump has advocated hoarding Bitcoin for the next twenty years as a means of paying off the US national debt.
Despite the criticism he has faced for proposing this approach, the Republican presidential contender remains optimistic about Bitcoin's future. Legislation to that effect was introduced by Senator Cynthia Lummis, who is also a strong supporter of this notion.
The Treasury repurchase program is the government's current priority. By October's end, we hope to have bought $50 billion worth of Treasury securities. The medium-term financial outlook for the nation might be brightened by this strategy and the possibility of lower US CPI inflation figures.
