Silk Road Bitcoins worth $1 billion move to Coinbase, another sell-off on the horizon?

• US Government law enforcement transferred 49,000 Bitcoin seized from the Silk Road crime proceeds to Coinbase. 
• Blockchain security firm PeckShield identified that the Bitcoin was seized by the US government in November 2021 and March 2022. 
• Bitcoin price nosedived from $22,469 to $22,000 since the Coinbase transfer of seized BTC. 

The US Government’s law enforcement moved $1 billion worth of BTC seized from the Silk Road to Coinbase, one of the largest cryptocurrency exchanges. A blockchain security firm identified the transfer of the BTC that was seized in November 2021 and March 2022.

Silk Road Bitcoin moves to Coinbase, here’s what to expect

The US Government law enforcement moved 49,000 Bitcoin worth $1 billion, from its two wallet addresses to Coinbase. This BTC was seized by the regulator in November 2021 and March 2022.

PeckShield, a blockchain security firm, tracked the move on-chain and identified it as proceeds from the Silk Road crimes. 

Source: https://www.fxstreet.com/cryptocurrencies/news/silk-road-bitcoins-worth-1-billion-move-to-coinbase-another-sell-off-on-the-horizon-202303080614