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Nearly $2 billion worth of Bitcoin (BTC) linked to the now-defunct dark web marketplace Silk Road were moved by the Feds to America’s largest crypto exchange Coinbase on Monday. This marks the latest high-profile transfer of the United States government’s Bitcoin holdings. Notably, even the indication that a gigantic Bitcoin whale such as a government is about to dump large amounts of the premier crypto is enough to send markets tumbling. Inside US Government’s Latest BTC Transfer According to data from on-chain intelligence firm Arkham Intelligence, a wallet tagged as “U.S. Government: Silk Road DOJ Confiscated Funds” sent some 19,800 BTC, worth around $1.92 billion, to a Coinbase Prime deposit address. U.S. authorities confiscated the BTC in a 2021 investigation of James Zhong, who last year pleaded guilty to wire fraud related to the Silk Road marketplace. Zhong manipulated the Silk Road transaction system in 2012 to steal 50,676 Bitcoins. The Department of Justice seized the stash in 2022 after BTC’s price had surged significantly, making it one of the biggest Bitcoin seizures in history. The Monday transfer likely signals that the government is preparing to sell the assets. Previous transfers by the Feds have triggered substantial sell-offs in Bitcoin. The BTC price is now up 0.4% over a 24-hour period, according to CoinGecko. Its price hovers at $95,389 at the publication time. The US government still held roughly $18 billion worth of Bitcoin at the time of writing this, meaning it is the largest geopolitical holder of the flagship cryptocurrency. U.S. Government Selling Its Bitcoin Holdings Is A “Huge Strategic Mistake” Crypto industry observers quickly reacted to the U.S. government’s decision to shift almost $2B in BTC to Coinbase. “This is a huge strategic mistake,” wrote Jason Lowery, the author of Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin. “There is no price where it makes sense for the US to sell any Bitcoin it has under its control. They have no idea what they own, and it shows.” Lowery added: “Remember this post when they inevitably try to justify a new version of EO 6102 to reclaim the Bitcoin they sold off due to their ignorance about the true significance of this technology.” For those unaware, EO 6102 authorized President Franklin D. Roosevelt to force American citizens to relinquish their gold coins, gold bullion, and gold certificates. The executive order was implemented so that the U.S. government could devalue the dollar more aggressively to stimulate the economy during the Great Depression. Coinbase CEO Brian Armstrong agreed with Lowery, noting that the government shouldn’t dump its BTC. Notably, US lawmakers like Senator Cynthia Lummis and the incoming president Donald Trump, have proposed passing legislation to create a strategic Bitcoin reserve in the United States. The Wyoming Republican officially introduced the Bitcoin Act in August for the government to purchase 1 million BTC — approximately 5% of the total circulating supply — for five years to match the country’s gold reserves.
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
United States of Bitcoin? These States Are Considering BTC Reserves
UPDATE: Oklahoma, Wyoming, and Massachusetts all join the list as Bitcoin reserve momentum grows ahead of Donald Trump`s inauguration. ZyCrypto
XRP Whale Recommends Keeping Eye On Viral $0.14 Altcoin That Can Dethrone SHIB This Year
Ripple whales are eyeing the DTX Exchange amid the XRP price rally. Ripple whales are shifting their gains to this hybrid platform as DTX Exchange has become a standout token in the crypto world in no time. This is all thanks to its innovative hybrid trading platform, record-breaking presale success, and more. Experts claim that DTX Exchange is set to outpace Shiba Inu (SHIB) in this bull run. Ripple Analysis: XRP Price To Hit $12 by Q2 2025? XRP price is gaining momentum as its legal victory against the SEC boosts confidence across the market. The positive regulatory progress has opened doors for broader institutional adoption of Ripple, with many financial organizations now viewing Ripple as a more credible and reliable player in the blockchain space. This has strengthened XRP’s price position in cross-border payments, a sector Ripple continues to dominate with its RLUSD integration. RLUSD is gaining traction as a preferred solution for global transactions, which could significantly enhance Ripple’s ecosystem growth and XRP’s utility. Whales are also taking notice of Ripple’s price developments. Recent data shows notable accumulation trends, with large wallets buying into Ripple’s potential and boosting XRP price. Whale activity often influences price momentum, which adds liquidity and confidence to the market. On the technical side, XRP’s charts reflect promising signs. Global market trends further align with Ripple’s goals. Rising crypto adoption and demand for efficient cross-border payment solutions give Ripple a competitive edge over alternative technologies. Combined with its growing partnerships and whale activity, XRP price seems well-positioned to reach the $12 target by Q2 of 2025, provided market conditions remain favorable. Shiba Inu (SHIB) Eyes Multi-Week High As Key Metrics Skyrocket While the price is a major point of ecosystem optimism, the Shiba Inu (SHIB) trading volume has also jumped remarkably. As of writing time, trading volume is up 39.28%, with a total of $729,378,145.65 shuffled by market traders. The trading volume of Shiba Inu (SHIB) on major exchanges like Binance and Upbit has also skyrocketed, showcasing the widespread appeal of the token. Shiba Inu (SHIB) Open Interest has also skyrocketed by 12.67% in the past 24 hours. Current market data from CoinGlass shows that SHIB’s open interest has seen 22.66 trillion tokens committed by traders on the futures market. As an ecosystem, Shiba Inu (SHIB) is on the frontline of rolling out new projects, products, and community-centered initiatives that are boosting the ecosystem hype. DTX Exchange (DTX) Emerges As The Top Investment Choice DTX Exchange is bringing innovation to the table with a range of features for traders and investors alike. Its hybrid approach, innovative tools, and lucrative benefits set it apart from competitors and could make it one of the best altcoins of this bull run. The platform combines the brilliant features of both centralized and decentralized exchanges. This unique structure provides high liquidity to the traders and fast execution of 200,000 TPS through the VulcanX Layer-1 blockchain. The features that make DTX Exchange stand out is that it supports over 120,000 assets, which means you can trade and buy whatever asset you want from this exchange. Additionally, investors can benefit from advanced tools like AI-powered analytics to make decisions based on insights and maximize their returns. Also, with a no-KYC model, even individuals who value privacy over everything can trade on this platform without hesitation. Users all over the world can use this platform safely, and it is suitable for both beginners and seasoned professionals. The DTX token has already given 500% returns to people who invested in the first stage of its presale at $0.02. It is all set to give 25x gains to early investors once it gets launched officially. For long-term investors, analysts are predicting a 65x surge in price which could make it the best altcoin to invest in for the next few years. Some experts are also predicting a 100x price surge in the token after its Tier-1 exchange listings, which could potentially surpass the performance of many major tokens like Shiba Inu (SHIB) and Ripple. Key Takeaways Since DTX Exchange quickly rose to prominence as a token in the cryptocurrency space, Ripple whales are moving their riches to this hybrid platform after the XRP Price surge. Its ground-breaking presale success, creative hybrid trading platform, and other factors are all responsible for this. Experts predict that during this bull run, DTX Exchange will surpass Shiba Inu (SHIB). Learn more: Buy Presale Visit DTX Website Join The DTX Community ZyCrypto
