Silk Road’s 9,825 bitcoins stir the market: What is the US government doing?

Silk Road was a sulphurous platform which, among other things, made it possible to carry out operations relating to bitcoin (BTC). Although she no longer exists today, she obviously continues to be talked about.

Over $300M BTC Tied to Silk Road Moved for No Explicit Reason

Recent data reveals US government activities regarding seized Silk Road platform cryptos. The central power would have carried out three separate transactions in bitcoins, involving the old platform.

According to the information, it would be some 301 million dollars of bitcoins (BTC) that the American authorities moved. An operation, covering a total of 9,825 bitcoins, which slightly pushed the price of bitcoin down. The asset thus plunged 0.8%, falling to $30,480, before rising to $30,660.

According to the sources, this is not the first significant move made by these government crypto wallets. These would be involved in the transfer of more than a billion dollars in bitcoins last March.

The activity of these portfolios would also have affected the valuation of several cryptos. Not to mention that over the period, the US government sold 9,861 bitcoins for $216 million.

It must be said that the recent movement, by the American government, of this substantial quantity of bitcoins raises questions. Many experts question the plan and the intentions regarding the asset. The impact on the crypto market of the operation also raises questions.

As a result, the reaction of investors and crypto industry players will be closely monitored. Either way, analysts believe it is vital that a balance is struck as the crypto industry evolves.

Particularly between respecting the principles of decentralization and taking into account concerns related to illicit activities. This is all the more so as there is nothing to establish the legality, or not, of the operations carried out by the American government.