A significant crypto transaction has stirred the digital currency market as a wallet, identified as belonging to the U.S. government, relocated 30,175 bitcoins to a Coinbase wallet early Tuesday. With Bitcoin’s price hovering around $65,000, this move translates to a staggering $2 billion. This transfer is notable following the government’s previous action in March 2023, where it sold 9,861 bitcoins for $216 million, part of a larger seizure from the Silk Road website in late 2022 totaling 50,000 bitcoins.

The transaction’s impact was immediate, as Bitcoin’s value dipped below the $65,000 mark before slightly recovering to $65,200, marking a 4.7% decrease within the last day. This fluctuation mirrored the broader CoinDesk 20 Index, which also saw a 4.7% reduction. The destination of this vast amount of bitcoins, identified by Arkham Intelligence as Coinbase, adds to the intrigue, highlighting the government’s ongoing interaction with digital assets.

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