The leading cryptocurrency Bitcoin has reached the limit of 28 thousand dollars with an increase of about 5 percent today. However, on-chain data shows activity in Silk Road Bitcoin wallets seized by the US. It is possible that the US government, which previously sold some of the BTCs it transferred to Coinbase, will make a similar move.
BTCs in the hands of the USA are in motion!
Silk Road was an online black market and the first modern darknet market. American founder Ross Ulbricht launched it in 2011 under the pseudonym “Dread Pirate Roberts”. The marketplace was one of the first places to accept Bitcoin payments. It also helped spread the use of crypto. U.S. law enforcement has confiscated numerous items from its founder, including stacks of BTC that have been put up for auction from time to time.
These wallets contained approximately 51,000 BTC seized from the Silk Road market by US institutions in November 2021. The government combined the seized BTCs in two wallet addresses. More than 50,000 Bitcoins worth $1 billion were transferred from multiple wallets linked to US Government law enforcement seizures to new addresses. The US government moved some of them to Coinbase on March 8 this year and partially sold them.
On-chain data shows that there is activity in these wallets again. In times of large BTC movements like this, it is feared that if Bitcoin goes to an exchange, the price of the asset could drop drastically. However, Bitcoin price started a strong bullish move at press time. It is also possible that the US government will see this rise as a selling opportunity. However, it is too early to say anything about the nature of the movements in question.
Bitcoin jumps to highest level since early May
As you follow on Kriptokoin.com, the leading crypto traded on Tuesday afternoon, the highest since the beginning of May, after the news last week that wealth management giant BlackRock (BLK) applied to create the first spot Bitcoin exchange-traded fund in the US. level rose. Despite the risk-averse movement in traditional markets, BTC reached the door of 28 thousand dollars with an increase of about 5%. Meanwhile, Ethereum was also trading in the green, up 3.6% to $1,778K.
Sui Chung, CEO of CF Benchmarks, made a statement last week. Chung said BlackRock’s bet on Bitcoin (BTC) “shows that Bitcoin continues to be an intriguing asset for some of the world’s largest financial institutions.” In this context, Chung made the following statement:
An estimated 20% of Americans have now owned Bitcoin at some point. BlackRock’s proposed ETF potentially offers an entirely more familiar and accessible option to the other 80%.
It should be noted that this is not BlackRock’s (BLK) first entry into the crypto space. Last August, the company introduced its first private trust offering direct BTC exposure to US-based institutional clients. Shortly before that, it collaborated with crypto exchange Coinbase Global (COIN) to provide institutional clients with access to direct BTC trading capabilities.
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