Bitcoin Tumbles Below $67K As US Government Moves $2B Silk Road Tokens Despite ”Never Sell” Donald Trump Pledge

The
Bitcoin
price
plunged
after
a
US
Government
transfer
of
$2
billion
in
seized
Silk
Road
BTC
in
a
move
that
followed


Donald
Trump‘s

vow
to
“never
sell”
US
government
holdings
of
BTC.

A
wallet
tagged
as
“U.S.
Government:
Silk
Road
DOJ”
moved
29,800
BTC
on
July
29
to
an
unlabeled
address
that
has
no
transaction
history,
according
to


Arkham
Intelligence.
Thereafter,
the
address
performed
transactions
of
19,800
BTC
and
10,000
BTC
to
two
different
addresses.

The
transfers
spooked
crypto
investors,
who
quickly
dumped
their
holdings
in
the
leading
crypto
due
to
fears
of
an
impending
selloff.
Bitcoin
slumped

4%
to
trade
at
$66,639.72
as
of
2:45
a.m.
EST.

US
Government’s
BTC
Might
Have
Been
Sent
To
Coinbase 

Analysts
at
Arkham
suspect
that
the
transfer
of
10,000
BTC,
worth
$670
million,
was
a
deposit
to
an
institutional
custody
or
service.

Commenting
on
the
recent
transfers
by
the
US
Government
wallet,
Bloomberg
ETF
analyst
James
Seyffart
speculated
that
the
transactions
might
be
the
result
of
US
Marshals
choosing
Coinbase
to
manage
its
digital
assets.

Has
to
be
this,
right?

https://t.co/NZqQPE6GoL

pic.twitter.com/7Ek6bLwpeq

—
James
Seyffart
(@JSeyff)

July
29,
2024

In
a
July
1


statement,
Coinbase
revealed
that
the
US
Marshals
Service
selected
Coinbase
Prime
“to
provide
custody
and
advanced
trading
services
for
the
agency’s
Class
1
(large
cap)
digital
assets.” 

You
guys
freak
out
any
time
large
coins
move.

Remember
that
US
Marshall’s
*just*
signed
with
Coinbase
Prime
to
start
custody
of
government
held
digital
assets?

https://t.co/wwxoFepggH

pic.twitter.com/WlroZvrblm

—
Adam
Cochran
(adamscochran.eth)
(@adamscochran)

July
29,
2024

Bitcoin
2024
Excitement
Comes
To
An
Abrupt
End

Before
the
$2
billion
worth
of
BTC
was
shifted,
the
crypto
community
was
riding
a
wave
of
euphoria
after
a
series
of
bullish


statements

by
Republican
presidential
nominee
Trump.

At
the
Bitcoin
2024
conference
in
Nashville
at
the
weekend,
Trump
said
the
US
government
will
launch
a
strategic
Bitcoin
reserve
if
he
wins
the
November
elections.
He
also
promised
his
administration
would
never
sell
any
of
its
seized
BTC.

Trump
supporters
slammed
the
development,
with
Gemini’s
Tyler
Winklevoss
sarcastically
calling
it
a
”great
look
and
great
way
to
reset
with
our
industry.”

On
Saturday,

@realDonaldTrump
pledged
to
never
sell
any
of
the
US
government’s
bitcoin.
Two
days
later,
the
Biden-Harris
Administration
moves
$2
billion
of
Silk
Road
bitcoin.
Great
look
and
great
way
to
reset
with
our
industry.
????

—
Tyler
Winklevoss
(@tyler)

July
29,
2024

Despite
some
investors
panic
selling
over
the
past
24
hours,
the
Crypto
Fear
and
Greed
Index
still
stands
at
67
to
signal
greed
in
the
market.
The
index
did,
however,
fall
seven
points
during
the
past
day
of
trading.

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