$1 billion price of Silk Highway Bitcoins on the transfer; BTC dump imminent?

    The US authorities has moved $1 billion price of Bitcoin (BTC) it seized from the nameless darknet market Silk Highway in 2021 and 2022.

    A complete of 49,000 BTC moved from authorities pockets addresses, of which roughly 10,000 BTC went to high world change Coinbase, distributed ledger technology safety agency PeckShield introduced in a tweet on eighth March that the BTC is a part of these seized in 2021 and 2022.

    Between November 2021 and March 2022, the US authorities seized about 51,351.9 BTC from the Silk Highway crime proceeds. In line with PeckShield, the BTC had been held in two authorities addresses: bc1q5s…0ch and bc1q2ra…cx7 till now. On the time, the BTC was price roughly $3.39 billion.

    One other recognised crypto market intelligence platform, Glassnode has additionally observed an uncommon BTC motion. Most transfers had been inner, together with near 10,000 BTC despatched to Coinbase. Glassnode stories that 40,000 BTC had been moved in whole by authorities regulators.

    Supply: Glassnode

    Silk Highway cash laundering

    Silk Highway was a black market platform infamous for its cash laundering actions. Based in 2011 by Ross Ulbricht, US regulators shut it down in 2013 on suspicion of unlawful actions. Following a collection of investigations and home searches, the BTC was confiscated and traced to Ulbricht who’s at present serving a life sentence for the crime. 

    Silk Highway was one of many pioneer web sites to simply accept BTC and because it got here to be generally known as a cash laundering platform, Bitcoin and crypto have had an advanced status with the federal government ever since.

    The implication of the BTC actions

    At occasions of huge BTC actions like this, one concern is that there could also be an enormous dump within the value of the asset if the Bitcoin goes to an change. 

    Though there was a slight dip in BTC value from $22,469 to $22,000 following the occasion, solely about 10,000 BTC (~$217 million) went to Coinbase and had been in all probability bought. This shouldn’t be of a lot concern since not all 49,000 BTC had been bought.

    Bitcoin value at present sits at $22,059 however might see an even bigger hit if the remaining 39,000 BTC transfer to Coinbase or another change as this might set off a panic promote. 

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