Bitcoin Transfers Made by the US Have Been Approved: What Happens Now?

• The transaction carried out today shows that a total of 3918 Bitcoins (BTC) associated with the Silk Road operation and determined to belong to the American government were moved.
• With the news, the price of Bitcoin dropped by approximately 1% to $30,461 but quickly recovered and is currently trading at $30,770.
• Previously, the US government seized 50,000 Bitcoins associated with the Silk Road market in November and sold 9,861 Bitcoins for $216 million in March.

The claim that the Bitcoins seized by the US government from Silk Road were moved is confirmed by the transaction record.

US is Moving its Bitcoins

On-chain data shows that a total of 3918 Bitcoins (BTC) associated with the Silk Road operation and determined to belong to the American government were moved in the transaction carried out today. The current value of these Bitcoins is slightly over $285 million.

The US Government successfully completed the transfer of 9318 #Bitcoin.

— CO NEWS (@coinotag) July 12, 2023

The first news about the transfer process came about 2 hours ago, but it needed to be verified because similar news had come twice before and turned out to be false.

With the news, the price of Bitcoin dropped by approximately 1% to $30,461 but quickly recovered and is currently trading at $30,770. It is still uncertain whether the US has sold these Bitcoins, but the US had already announced that it would sell these Bitcoins.

The confirmation of this transaction was made with the TX record:

According to the information in the transfer, it shows that the government-controlled wallets sent a total of 9,318 Bitcoins. The same wallet had made a transfer of over $1 billion worth of Bitcoins in March, causing a decline in the value of all major cryptocurrencies.

Previously, the US government seized 50,000 Bitcoins associated with the Silk Road market in November and sold 9,861 Bitcoins for $216 million in March.