U.S. Moves Billions in Seized Crypto; Sparks Bitcoin Price Concerns

The U.S. government moves billions in seized crypto, including BTC and ETH, to new wallets. Concerns rise over potential government sale of seized Bitcoin after large transfer. Bitcoin recovers after price dip following government transfers but faces resistance near $100K. The U.S. government has transferred billions of dollars worth of seized cryptocurrency, including Bitcoin and Ethereum, into new wallets, raising questions within the crypto community about the potential market impact. The assets , confiscated during investigations involving major crypto cases like FTX and the Silk Road marketplace, were moved to several addresses. These transfers follow the FTX bankruptcy in November 2022, triggered by allegations of fund misuse by the exchange and its trading arm, Alameda Research. FTX and Alameda Transfers: What We Know On December 3, blockchain analytics firm Arkham Intelligence identified significant movements of crypto assets linked to the U.S. government. These included 5,024 ether (ETH), valued at approximately $18 million, sent to two wallet addresses beginning with “0x9cd” and “0x9ac.” Alongside Ethereum, the government moved addi… The post U.S. Moves Billions in Seized Crypto; Sparks Bitcoin Price Concerns appeared first on Coin Edition .

Source: Coin Edition