$4M in Bitcoin Seized from Dark Web To Be Sold by US Govt, Will It Impact Price?
The post $4M in Bitcoin Seized from Dark Web To Be Sold by US Govt, Will It Impact Price? appeared on BitcoinEthereumNews.com.
The United States government has transferred $4 million worth of Bitcoin (BTC) to Coinbase. Arkham Intelligence detected this transfer, which consisted of 58.742 BTC from the address associated with Ryan Farace. The transaction depleted Farace’s account, indicating a continued process of liquidation. US Moves $4M Bitcoin Seized from Dealer Ryan Farace was charged and convicted in 2018 for selling Xanax on the dark web. He went by the alias Xanaxman and was convicted in January this year. The government confiscated 2,933 BTC from Farace and his father, Joseph Farace, who was laundering the proceeds. Arkham Intelligence tracked the recent transfer from the address identified as “US Government: Ryan Farace. This aligns with the Department of Justice’s move to sell the seized assets. These funds’ purpose is unclear and may indicate that they will be transferred in the future. US Government Holds $14 Billion in Bitcoin The transfer of 58.742 BTC did not impact Bitcoin’s spot price. This amount equals less than 1% of Bitcoin’s daily trading volume, over $43 billion. This stability starkly contrasts Germany’s recent large BTC sale, which shook the market. The liquidation of the United States through Coinbase is not likely to put pressure on the price of Bitcoin. Market experts say such transactions have minimal impact since Bitcoin is highly liquid. Nevertheless, the cost of Bitcoin did not experience much fluctuation and was still at $66,533. The state is still acquiring Bitcoin through legal processes. The seizures from the darknet markets and other illicit activities have also contributed to the government’s Bitcoin assets. At the moment, the US government has over 213,000 BTC, which is worth $14 billion. High BTC Volume Reduces Market Disruption This may suggest that the government intends to dispose of Bitcoin in the future. Experts try to predict the effects of the…
Filed under: News - @ July 23, 2024 10:08 pm