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US government moves $2 billion worth of Bitcoin seized from Silk Road

In a major development, 30,175 Bitcoin (BTC) was transferred from a wallet labeled as belonging to the US government on Tuesday morning. Bitcoin prices are currently hovering around $65,000, and the total value of Bitcoin transferred is estimated to be around $2 billion.

Prior to this, the government last confirmed a Bitcoin sale in March 2023, when it sold 9,861 Bitcoins for $216 million. The bitcoins were part of an estimated 50,000 bitcoins seized by the government in late 2022 that were linked to the infamous Silk Road website.

According to blockchain analytics firm Arkham Intelligence, 2,000 of the transferred Bitcoins were transferred to wallets belonging to cryptocurrency exchange Coinbase (COIN), while the remaining Bitcoins were sent to a wallet identified as belonging to the government.

News of Bitcoin’s massive swings had an immediate impact on the cryptocurrency market. After the news was announced, Bitcoin, which was already in a downward trend, fell further below $65,000.

However, it has since recovered slightly and is currently trading at $65,200, down 4.7% in the past 24 hours. Bitcoin recently surged above $71,000 for the first time, shortly after the UK Financial Conduct Authority approved trading of cryptocurrency exchange-traded notes.

Setback after sharp rise

The latest upward trend in Bitcoin prices comes after the United States approved a spot Bitcoin exchange-traded fund (ETF) in January, pushing the cryptocurrency past the $70,000 mark for the first time last week. Likewise, Ethereum (ETH) crossed the $4,000 milestone on Monday. Now, the company is looking to do the same with Ethereum.

The Nasdaq Spot Bitcoin (BTC) exchange-traded fund (ETF) saw $15.4 million in inflows at the end of March, a positive turn after five consecutive days of outflows, according to preliminary data from investment firm Farside.

Last week was a challenging one for these ETFs, with outflows totaling $887.6 million, primarily due to large withdrawals from GBTC.

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