A group of Chinese victims of a billion fraud scheme have requested assistance from their country’s foreign ministry in recovering 61,000 bitcoins, seized from a fraudster and her associate. The fraud victims have strongly opposed attempts to transfer the ownership of these bitcoins to the U.K. government. Petition Garners More Than 2,500 Signatures A […]
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US, UK, Germany Among Countries With Largest Government Crypto Holdings, Arkham’s Data Shows
The United States, United Kingdom, and Germany rank among the top countries holding cryptocurrencies at the government level, according to data from Arkham Intelligence. The crypto analytic firm’s onchain analysis shows that the U.S. government holds 212,847 bitcoins while El Salvador has been purchasing one bitcoin daily as announced by its president. Top Government Holders […]
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IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals
The International Monetary Fund (IMF) has urged Ukraine to finalize its crypto legislation, the country’s Deputy Minister of Digital Transformation for IT industry development has revealed. “In the face of war, we have to exploit the full range of opportunities and develop new sectors of the economy,” he stressed, adding that “Legalization of the crypto […]
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Chinese Government Launches ‘Ultra-Large Scale Blockchain Infrastructure Platform’
The Chinese government is reportedly launching an “ultra-large-scale blockchain infrastructure platform for the Belt and Road Initiative.” The platform will support the implementation of cross-border cooperation projects along the Belt and Road Initiative and provide the base for developing applications that showcase collaboration across borders. ‘Ultra-Large Scale Blockchain Infrastructure Platform’ The Chinese government has reportedly […]
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Bitcoin Price Plummets As US Government Transfers $2B In Seized Silk Road BTC, Coincidence?
The crypto market is abuzz with speculation as the US government recently moved significantly regarding seized Bitcoin (BTC) linked to the infamous Silk Road dark web marketplace. This development comes at a critical time for the Bitcoin price, which has struggled to maintain its position above the ,000 threshold after hitting its current all-time high (ATH) of ,700 on March 14.
As the largest cryptocurrency experiences yet another round of price correction, the movement of these seized funds has triggered intense speculation about a potential sell-off by the US government.
Seized Silk Road BTC On The Move
According to on-chain data, a wallet linked to the US government recently transferred 30,175 Bitcoin, seized from the Silk Road dark web marketplace.
This transfer follows the earlier seizure of over 50,000 Bitcoin from James Zhong, who illegally obtained the cryptocurrency from the Silk Road in 2012. The US Department of Justice’s (DOJ) seizure of these funds marked the largest cryptocurrency seizure in its history.
This is not the first instance of the US government moving Bitcoin obtained from criminal cases. In March 2022, the government sold 9,800 Bitcoin, with plans to sell an additional 41,500 BTC. However, the recent transfer of the 30,175 BTC from Silk Road-related addresses has raised questions about the fate of these funds and their potential impact on the Bitcoin price correction.
Benjamin Skew, an on-chain data expert, took to social media to offer insights into the situation. Skew clarified that although there is chaos surrounding the Silk Road Bitcoin being sent to Coinbase for sale, a closer examination reveals that the main funds were transferred to a newly created wallet that remains inactive.
However, Skew stated that 2,000 BTC of the total amount was transferred to the alleged Coinbase wallet for undisclosed purposes, while the rest was sent to a newly created wallet.
200EMA Support Crucial For The Bitcoin Price
The Bitcoin price is currently witnessing a lack of bullish momentum as the cryptocurrency continues to face resistance in consolidating above the crucial ,000 threshold. However, there is still hope on the horizon.
Crypto analyst Ali Martinez highlights the importance of the 200-epimetric moving average (EMA) on the 4-hour chart of BTC. According to Martinez, this indicator has acted as formidable support since early February and continues to play a crucial role in preventing further downward movement.
The focus on the 200EMA stems from its potential to either catalyze a rebound or trigger more losses for Bitcoin. Martinez stated that if the 200EMA continues to hold as strong support, it signifies a significant probability of a price rebound. This scenario would provide renewed bullish momentum and potentially propel Bitcoin’s price above the ,000 mark.
However, if the 200EMA is broken, as it was in mid-January, as seen in the chart below, the analyst suggests that this could expose the Bitcoin price to further downward pressure and potentially lead to further losses.
Bitcoin (BTC) is trading at ,390, continuing its recent price correction. Over the past 24 hours, BTC has experienced a 5% decline; over the past seven days, it has seen a significant drop of over 6%.
The market closely monitors whether the current key support level can sustain further price drops or if a potential bounce will occur before reaching that point. The outcome of these scenarios remains uncertain.
Featured image from Shutterstock, chart from TradingView.com
US Government Transfers Nearly $2B in Bitcoin to Coinbase, Arkham Data Reveals
On April 2, 2024, the U.S. government executed a transaction involving nearly billion in bitcoin (BTC), channeling the assets to Coinbase Prime, as Arkham Intelligence’s data reveals. The transfer comprised 30,174.70 BTC, successfully processed at block height 837,413, incurring a fee of .57. In recent years, the U.S. has accumulated a noteworthy collection of […]
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Detained Binance Executive Escapes Custody in Nigeria, Government to Request Interpol Assistance
A senior executive at Binance, who was detained by Nigerian authorities in late February, has since escaped from custody. The executive Nadeem Anjarwalla is believed to have left the country using a Kenyan passport. The Nigerian government confirmed Anjarwalla’s escape and said it would ask Interpol to issue an international arrest warrant. Binance Executive Departs […]
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Congolese Fintech Startups, Government Form Association to Accelerate Financial Inclusion
Democratic Republic of Congo (DRC)-based fintech startups have partnered with the government to launch an association. The goal of the collaboration is to accelerate financial inclusion in the African country. By partnering with the government, the association will play a crucial role in shaping “policies that encourage investment, competition, and access to financial services.” Bolstering […]
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Robert F Kennedy Jr Sees Cryptocurrency as the ‘Best’ Inflation Hedge — Says Crypto ‘Takes Control Away From the Government’
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) says cryptocurrency is the “best hedge against inflation.” He stressed that crypto “takes control away from the government and from the monopolistic banking system which uses money printing to shift wealth upward to the oligarchy of billionaires while impoverishing regular Americans.” RFK Jr. Says ‘Crypto Equals […]
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Tether Assists US Government in Seizing $1.4 Million From Unhosted Wallet
Tether, the company behind the issuance of USDT, the largest stablecoin in the cryptocurrency market, announced that it helped the U.S. government to seize .4 million linked to an alleged fraud scheme. According to the Northern District of Illinois U.S. Attorney’s Office, the seizure marks one of the first times that the U.S. has recovered […]
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