Nearly $600 million worth of Silk Road-related BTC has been moved to Coinbase
provided by blockchain analytics platform Arkham Intelligence, $593.5 million worth of Silk Road-related Bitcoins have been moved to the Coinbase exchange. As reported by U.Today, the price of Bitcoin dipped after the U.S. government transferred nearly $2 billion worth of BTC to exchanges. However, it turned out that the market overreacted since these coins were simply sent for custody.
In early July, the leading US cryptocurrency exchange secured a high-profile partnership with the United States Marshals Service, the very first law enforcement agency in the country. The deal was meant to ensure Coinbase Prime securely stores the government's confiscated coins. . A big chunk of the coins held by the US government come from Silk Road, the long-defunct dark web marketplace.
Apart from the U.S., China and the UK are also among the top Bitcoin holders. Germany, however, left the list after Saxony, one of its states, sold off all of its confiscated coins earlier this year, putting significant selling pressure on the market. 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.
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