U.S Government Transfers $2 Billion Worth of Bitcoin to Coinbase

• On-chain investigator ZachXBT brought it to the notice of the crypto community.
• It started with a test transfer of 0.001 BTC to the indicated Coinbase address.

On April 2, the U.S government sent 30,175 BTC—almost $2 billion in value—to a wallet connected to Coinbase. At the time of the transfer, the price of Bitcoin dropped significantly, reaching a weekly low of $64,500.

But shortly after that, the price of the cryptocurrency sustained over $65,000. One of the first to mention this move on social media was on-chain investigator ZachXBT, who brought it to the notice of the crypto community.

Beginning with a test transfer of 0.001 BTC to the indicated Coinbase address, the large-scale transaction symbolizes the pompousness of the government. A public disclosure of the transaction hash and the Coinbase deposit address attests to the transparency of the transactions.

Bitcoin’s Price Stabilizes

Uncertainty over the government’s intentions regarding the digital assets it owns has resulted from the decision’s attention and widespread speculation among the crypto community.

While Bitcoin’s value did fall following the news, it was just a little decline; the cryptocurrency quickly recovered and retested the $65,000 mark. The price of the cryptocurrency has dropped 4.96% in the last 24 hours, to $66,029 as per data from CoinMarketCap.

This change reflects the broad bear market. When the FBI shut down the notorious Silk Road market in 2013, the Bitcoins in issue were among those seized in late 2022. Arkham Intelligence, a blockchain research group, identified the receiver wallet as being associated with Coinbase, suggesting that the government may be supporting an effort to sell or swap the seized bitcoins.

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