Many crypto consultants and on-chain buyers turned excited at this time, when it was revealed that U.S. authorities transferred 10,000 BTC, equal to jaw-dropping $593 million, to the Coinbase Prime platform. In opposition to this backdrop, the primary cryptocurrency’s trade price dropped to $58,000 at one level, and even decrease.
Because of on-chain historical past, it turned out that these have been crypto belongings from the case of the notorious darknet market, referred to as Silk Highway. The courtroom accepted an order to grab them in December 2023.
Transferring belongings to an trade’s escrow handle usually signifies an intent to promote them. That is what has the crypto public fearful, particularly in gentle of the current story with Germany and its $3 billion Bitcoin holdings.
No, the USG didn’t simply promote 10,000 cash. It *moved* cash to Coinbase (similar to they did a number of weeks in the past) for custody. https://t.co/sgfEjCGY7G
— Samson Mow (@Excellion) August 14, 2024
Samson Mow, a distinguished crypto determine and proponent of the $1 million per Bitcoin (BTC) principle, volunteered to dispel worry, doubt and uncertainty. No, the U.S. authorities didn’t simply promote 10,000 BTC, says Mow. Quite the opposite, crypto funds have been moved there for safekeeping a number of weeks in the past, claims the professional.
Actually, on July 1, Coinbase Institutional introduced that the U.S. Marshals Service chosen Coinbase Prime to offer custody and superior buying and selling providers for its large-cap digital belongings portfolio. Nonetheless, to this point, little is understood about what precisely occurs to tokens as soon as they hit a centralized platform.