On the evening of July 29, 2024, 29,800 BTC worth $1.99 billion at the current exchange rate were withdrawn from a crypto wallet linked to the US government, Arkham experts said.
BREAKING:
The US. Government just moved $2B of Bitcoin to a new address:
bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd pic.twitter.com/JQvjKIuRNn
— Arkham (@ArkhamIntel) July 29, 2024
According to the Arkham Intelligence platform, the funds were initially withdrawn to the address “bc1q”. From there, the assets were moved to two other wallets.
The first one received 10,000 BTC, the second one – 19,800 BTC. The purpose for which the authorities transferred these crypto assets is unknown at the time of writing.
Bringing a significant volume of bitcoins to the market may negatively affect the asset’s pricing. For example, after the German authorities sold out the entire volume of the first cryptocurrency, its rate fell.
At the same time, the United States ranks first among countries in the world in terms of the volume of bitcoins under control.
The Bitcoin exchange rate has partially recovered from the slump that followed the price surge on July 29, 2024. Recall that the asset’s value almost exceeded the $70,000 level, but then rolled back.
At the time of writing, the first cryptocurrency is trading at $66,924.
In one of the comments under the Arkham post, the Autism Capital project team noted that the movement of crypto assets followed after US presidential candidate Donald Trump promised to end the practice of selling bitcoins.
US Government: “If we sell our 200,000 Bitcoin before Trump gets into office then he has no Bitcoin to hold in a strategic reserve.” pic.twitter.com/G13bgLORP2
— Autism Capital 🧩 (@AutismCapital) July 29, 2024
He spoke about this during his speech at the Bitcoin 2024 conference, which took place from July 25 to 27.
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Source: Cryptocurrency
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