The US Government’s law enforcement moved $1 billion worth of BTC seized from the Silk Road to Coinbase, one of the largest cryptocurrency exchanges.
Highlights
- Bitcoin price nosedived since the announcement of the move of seized BTC to a cryptocurrency exchange platform.
- The US Government’s law enforcement moved $1 billion worth of BTC seized from the Silk Road crime proceeds to Coinbase, one of the largest cryptocurrency exchanges.
- Bitcoin price declined from $22,469 to the $23,000 level within the past 24 hours.
- It remains to be seen whether the rising selling pressure drives the asset lower, or Bitcoin sustains above $22k, historically.
- Typically, a spike in BTC exchange inflow is followed by a decline in Bitcoin price, historically, the spike in inflow leads to a sell-off in Bitcoin.
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