Bitcoin collapsed below $58,000 amid capital movements in US authorities' accounts
-- Arkham experts said on August 14 that US authorities transferred nearly $600 million worth of bitcoins.
-- The assets went to the depository address of the Coinbase Prime platform.
-- Bitcoin reacted to the news with a drawdown.
In the evening of August 14, 2024 Arkham experts said that the US authorities transferred 10,000 BTC to the Coinbase Prime platform. Against this background, the rate of the asset collapsed.
According to analysts, these are crypto assets in the case of a darknet marketplace called Silk Road. The court approved the order of their confiscation in December 2023.
As early as January 2024, US authorities said they plan to sell these crypto-assets. In April, 2,000 BTC from the frozen funds were transferred to Coinbase Prime.
Experts pointed out that the authorities sent the bitcoins to the wallet from which the assets were eventually withdrawn two weeks ago. The transfer was made from an address directly linked to the U.S. Department of Justice, according to Arkham Intelligence.
Transferring assets to an exchange's deposit address often indicates an intent to sell them. However, it should also be considered that the U.S. Marshals Service entered into an agreement with Coinbase Prime in July 2024 to, among other things, securely store the assets. Whether these bitcoins have been sold is unknown at the time of writing.
The asset reacted to the news with a drawdown. The price fell to $58,000. On the morning of August 15, 2024, the negative trend continued. At the moment, the price reached $57,957:
It is likely that the drawdown is directly related to the news about the possible sale of confiscated assets. Earlier on August 14, the bitcoin rate jumped on the background of inflation data in the United States.
It is noteworthy, US presidential candidate Donald Trump earlier publicly announced his intention to pardon the founder of Silk Road Ross Ulbricht.
The politician also spoke against the sale of bitcoins by the US authorities. In his opinion, they can serve as the main for the creation of the state reserve.