Bitcoin (BTC) has been moving through highs and lows ever since it made it to the mainnet. It has been almost one and a half decades since Bitcoin has been around.
This is the reason why the BTC communities are well aware of the surprises that the token can give at any given time.
People that have been linked with Bitcoin are well aware of how surprising and shocking the token can be. They know it is full of surprises and at times, the shocks can be really big.
However, none of the communities representing Bitcoin were ready for the surprise that they have been given recently.
US Government has Surprised the Crypto Market
As of now, it is the US Government that has been the biggest surprise not just to the BTC community but the entire crypto industry.
No one had imagined that there would come a day when the US Government would move Bitcoin from one platform to another.
The entire crypto industry was shocked when it was revealed that the US Government had moved a tremendous batch of Bitcoin.
$1 Billion were Moved
According to the on-chain data analytics firms, the government of the United States has recently moved a huge batch of Bitcoin.
They have reportedly moved $1 billion worth of Bitcoin to multiple addresses. The $1 billion worth of funds also includes a major chunk of the BTC that has been moved by the government to Coinbase.
As per the claims, $217 million worth of BTC has been moved by the US Government over to the Coinbase exchange.
BTC Communities are Worried
Following the reports, several rumors and propositions have started to float about the BTC batch.
Most cryptocurrency investors and economists are siding with the bearish expectations and movement of Bitcoin.
It is suggested that the movement of the batch could be subject to the sale of the tokens. If the speculations turn out to be true, then the entire cryptocurrency industry needs to brace for a major impact.
This is because if the entirety of the batch is sold, it could create a huge void in the entire cryptocurrency industry. With the trading price of Bitcoin moving downward, the entire crypto market’s valuation would take a major hit.
This may end up bringing down the entire cryptocurrency market, making things worse for the “already bearish” market.
Data Shared by Glassnode
The on-chain analytics firm, Glassnode has also confirmed the latest transaction carried out by the US Government.
The analytics firm has confirmed that the government has sent 9,861 BTC to the second-largest cryptocurrency exchange, Coinbase.
On top of that, the government has sent additional BTC to the wallets that are currently under the government’s control.
As per Glassnode, the BTC apart from 9,861 tokens was 40,000, which translates to more than $800 million.
The platform has revealed that these BTC tokens were seized by the government of the United States as part of the enforcement seizures.
According to the claims, there are two wallets owned by the government of the United States that are in possession of 40,000 BTC tokens.
Where Did These Tokens Come From?
Another major crypto market data analytics firm, PeckShield has shared its findings about the huge BTC movement.
The firm has claimed that the government had seized over 51,000 BTC from the darknet market. The name of the particular market is Silk Road. These tokens were seized between 201 and 2022.
The authorities revealed that they had seized and confiscated these many tokens from an individual who was running the platform.
Following the movement, the entire crypto market is concerned as to which direction the token is going to make a move. Investors are concerned about the price movement of Bitcoin as they expect it to move in a negative direction.
Even in the past week, Bitcoin’s trading price has plunged by 7% and it may continue plunging even more if the batch is sold.