As a seasoned researcher with a background in financial markets and cryptocurrencies, I find the recent US government Bitcoin transfer to two Coinbase addresses intriguing. The timing of this move, following the US Marshals Service’s announcement of partnering with Coinbase for custody and advanced trading services, raises several questions.
James Seyffart, a senior ETF analyst at Bloomberg, has fueled rumors that the US government’s recent transfer of $2 billion in Bitcoin from seized Silk Road funds could be linked to a potential Coinbase deal. This speculation follows Donald Trump’s statement about keeping the government’s Bitcoin holdings. As reported by Arkham Intelligence, this significant transaction was made to two different addresses.
Coinbase Deal In Focus
As a crypto investor, I came across an intriguing piece of news from Arkham Intelligence. The U.S. government seems to have dispersed approximately 2 billion dollars’ worth of Bitcoin into two separate wallets. One of these wallets contains around 10,000 BTC, valued at roughly $669.35 million, and the other holds a staggering 19,800 BTC, equivalent to $1.33 billion. This split transaction raises speculation that they might have deposited 10,000 BTC into an institutional custody service for safekeeping.
According to Bloomberg analyst James Seyffart’s perspective, the US Marshals Service selecting Coinbase to handle their digital assets is a strong possibility explained by his comment: “Could it be this, though?”
As a researcher examining the distribution of Bitcoin seized by the U.S. Marshals Service, I observed that one user concurred with my interpretation regarding the gradual five-year distribution timeline rather than an immediate release. This alignment strengthens the idea we are exploring. Upon acknowledging this, Seyffart affirmed, “Indeed, it makes sense.”
1. Additionally, MartyParty, a well-known figure in cryptocurrency, shared this viewpoint. He posited that the U.S. Marshals Service is transferring Bitcoin to Coinbase for safekeeping rather than selling it. As per a recent article, the U.S. Marshals Service opted for Coinbase Prime to offer custody and sophisticated trading services for their significant digital assets.
Through this collaboration, we’re working to simplify the process of handling widely used cryptocurrencies. The deal is worth approximately $32.5 million over a five-year period, with an additional six months as a potential extension.
US Govt’s Bitcoin Transfer Fuels Speculation
1. The latest actions by the U.S. government concerning Bitcoin have sparked worries about a possible Biden administration selloff. Cryptocurrency advocates have voiced their disapproval, calling the administration anti-cryptocurrency. Senator Cynthia Lummis stated that under the guidance of Secretary Yellen and Senator Warren, the “Harris-Biden” administration carries on in its usual manner, hoping the public remains oblivious.
Additionally, Anthony Scaramucci has voiced his disapproval towards the hard left for antagonizing a policy endorsed by Donald Trump, attributing their opposition solely to resentment. Scaramucci finds it surprising that a beneficial policy is being used as a rallying point by the opposition, which could potentially disenfranchise approximately 30 million potential Democratic voters in November.
1. This action underscores the increasing partisan divide in U.S. politics, with bipartisan initiatives frequently encountering obstacles due to personal animosities. Scaramucci’s remarks imply that such an approach could potentially damage the Democratic Party’s prospects in the upcoming elections, as it seems to prioritize opposition over addressing the concerns of cryptocurrency advocates.
The US Marshals Service carefully considered their options before deciding to collaborate with Coinbase. The exchange’s impressive history and capability to deliver top-tier, large-scale cryptocurrency services with a strong emphasis on security were major contributing factors to this choice.
In the course of composition, Bitcoin’s price dropped by approximately 1% to reach $67,300 at this moment. Notably, its trading volume experienced a significant surge of 57% within the past 24 hours, amounting to an impressive $39.36 billion. Earlier today, it peaked at $69,987.54 before dipping down to its current position.
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2024-07-30 00:02