Bitcoin
US Government Sends $241 Million in Bitcoin to Coinbase
Alex Dovbnya
The US government just transferred $241 million worth of Bitcoin to Coinbase
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According to blockchain analytics firm Lookonchain, US government wallets deposited $241 million in Bitcoin to Coinbase.
Bitcoin price fell below the $61,000 level after the transfer. However, CryptoQuant CEO Ki Young Ju believes the recent sell-off is unlikely to impact the market.
“Coinbase Prime moved 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.
The US is the largest owner of Bitcoin among countries around the world, boasting a fortune of US$13 billion.
A large portion of its Bitcoin comes from confiscations related to the now-defunct dark web marketplace Silk Road and the infamous Bitfinex hack.
It is worth mentioning that some of the seized Silk Road coins were purchased by famous venture capitalist Tim Draper in 2014.
Other States with Large Bitcoin Holdings
Over the past two weeks, the German government has also transferred more than $200 million of the largest cryptocurrency.
The selloff added yet another bearish narrative during a major market correction.
The German government became one of the biggest holders of Bitcoin after cracking down on Movie2K, one of the most popular streaming sites among pirates, and seizing its assets from one of its former operators in 2014.
China and the United Kingdom are also among the largest holders of Bitcoin, with $11.8 billion and $3.7 billion, respectively.
In 2020, Chinese authorities seized $4 billion worth of cryptocurrencies from the infamous PlusToken Ponzi scheme.
In January, the Metropolitan Police also seized more than £1.4 billion of the largest cryptocurrency derived from a large-scale China-based investment fraud.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.