The US government has just transferred $241 million worth of Bitcoin to Coinbase
The price of Bitcoin slipped back below the $61,000 level following the transfer. However, CryptoQuant CEO Ki Young Ju believes that the recent sale is "Coinbase Prime handled 20-49K BTC in sell-side liquidity daily during high spot ETF inflows and 6-15K daily during low spot ETF inflows," the analyst explained. A big portion of its Bitcoins comes from confiscations related to the now-defunct Silk Road dark web marketplace and the infamous Bitfinex hack.
China and the UK are also among the largest Bitcoin holders with $11.8 billion and $3.7 billion, respectively. In 2020, Chinese authorities seized $4 billion worth of crypto from the infamous PlusToken Ponzi scheme. In January, the Metropolitan Police also confiscated more than £1.4 billion worth of the largest cryptocurrency that was derived from a large-scale China-based investment fraud. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
If Bitcoin Plunges Below $57,000, Here Are 3 Possible Outcomes, Ethereum ETF Approval May Be Imminent as VanEck Steps in: Crypto News Digest by U.TodayIf Bitcoin Plunges Below $57,000, Here Are 3 Possible Outcomes, Ethereum ETF Approval May Be Imminent as VanEck Steps in: Crypto News Digest by U.Today
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