US Government's $300M Bitcoin Move Related To Silk Road Scam Causes Market Stir

In a series of transactions on Wednesday morning, two crypto wallets identified as being under the control of the U.S. government and associated with the Silk Road confiscation, transferred Bitcoin BTC/USD valued at more than $300 million, according to on-chain data.

Following these transactions, the value of Bitcoin experienced a slight dip of 0.8%, dropping to $30,480, but has since rebounded to $30,660 at the time of reporting.

Data from Bitcoin's block explorer revealed these government-managed wallets moved a total of 9,825 Bitcoin, equivalent to $301 million.

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It's worth noting this isn't the first significant transaction from this wallet.

In March, it shifted more than $1 billion in Bitcoin, an action that triggered a downturn in all major cryptocurrencies.

The U.S. government has previously sold 9,861 Bitcoin for $216 million in March.

This sale followed the government's confiscation of 50,000 Bitcoin connected to the Silk Road marketplace in November.

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