US government unsettles crypto markets: What impact does the shift of millions into Bitcoin and Ethereum have?
US Government Cryptocurrency Transfer
The United States government has transferred millions of dollars in Bitcoin and Ethereum assets from its reserves, sparking interest among market participants. These transfers were documented on the Arkham platform on Thursday and sparked speculation among market users.
Details of the Transfers
Arkham data shows that the on-chain wallet labeled as US government transferred 97.3 BTC, valued at $8.46 million, to two new wallets. These funds originated from government-controlled addresses labeled “Sae Heng Confiscated Funds.” These funds had previously been seized from Wanpadet Sae Heng after he allegedly defrauded residents using a so-called “pig butchering” scheme. US authorities conducted the seizure in cooperation with Binance and seized a total of 97.3 BTC, 884.3 ETH, 2.56 million DOGE, and 85 million ADA.
Further transactions also took place: At 17:43 UTC on the same day, 88.43 ETH, valued at $1.77 million, was transferred to the address “0xBf7fb.”
US Government Bitcoin Reserve Remains Stable
Despite the recent transfer, the US government continues to hold a significant amount of Bitcoin. It still holds a total of 198,012 BTC, equivalent to an impressive $17.04 billion. This reserve remains an essential part of its financial strategy, which planned to proceed through “budget-neutral” means.
Additionally, a proposal under discussion as part of the Bitcoin Act would allow the U.S. government to acquire a total of 1 million BTC over a five-year period. Although Senator Bernie Moreno has urged the U.S. Congress to pass the proposal before August, the feasibility of this plan remains a significant concern.
The United States remains the largest sovereign holder of BTC, followed by China, while Bhutan and El Salvador rank third and fourth with 8,971 BTC and 6,129 BTC, respectively.
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
For the latest cryptocurrency news, join our Telegram!
