tl;dr
The US government has transferred 237 BTC, worth approximately $14 million, from a seized wallet linked to Estonian crypto fraud. Analysts speculate the move may trigger a larger selloff in the crypto market. This follows a smaller test transaction and a previous transfer coinciding with a drop in B...
The U.S. government has transferred 237 BTC, worth approximately $14 million, from a seized wallet linked to Estonian crypto fraud. Analysts speculate the move may trigger a larger selloff in the crypto market. This follows a smaller test transaction and a previous transfer coinciding with a drop in Bitcoin's price. Additionally, the German government sold 1,300 Bitcoin, valued at nearly $76 million, preceding a market price decrease. The crypto market is showing bearish signs, with Bitcoin trading at $57,473.84 and a 24-hour trading volume of $34.3 billion. The global cryptocurrency market capitalization has dropped by 20% to $2.15 trillion, with Bitcoin's price potentially risking a further drop to $52,000. Market sentiment has shifted towards fear, influenced by impending events such as Mt. Gox's $10 billion repayment in BTC and BCH, prompting warnings from major financial players about potential market disruptions. The US government has recently transferred a substantial amount of Bitcoin amid the dip in the cryptocurrency’s value. This development has sparked speculation about a potential new selloff in the crypto market. The transaction, involving 237 BTC worth approximately $14 million, was executed from a government wallet containing funds seized from Estonian crypto entrepreneurs involved in a major fraud scheme. According to Arkham Intelligence, a U.S. government wallet transferred 237 BTC (worth approximately $13.67 million) to another address. These funds were originally seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin, who were implicated in a large-scale crypto fraud scheme. The pair had allegedly deceived investors with promises of high returns from crypto mining operations and related ventures. This transfer follows a smaller movement of 11.84 BTC (valued at about $726,000) to a new address, which some analysts view as a test transaction preceding a larger transfer. It’s worth noting that the U.S. government had previously moved 4,000 Bitcoin to Coinbase Prime, coinciding with a noticeable drop in Bitcoin’s price. In a parallel development, the German government liquidated 1,300 Bitcoin (worth nearly $76 million) on major crypto exchanges on the same day. This sale preceded a drop in Bitcoin’s price below $58,000, further stoking concerns about market stability. The crypto market appears to be swinging back towards bearish territory. Bitcoin is currently trading at $57,473.84, with a 24-hour trading volume of $34.3 billion. The coin has declined by 4.56% in the past day and is trading in a range between $60,449.99 and $57,196.68. Bitcoin’s live market cap stands at $1.1 trillion. This governmental activity is occurring against a backdrop of market volatility. The global cryptocurrency market capitalization has dropped by 20% to $2.15 trillion, with a 4.20% decline in the last 24 hours alone. Bitcoin’s price hit a 24-hour low of $57,800, testing a key support level and potentially risking a further drop to $52,000. Market sentiment has shifted towards fear, partly due to panic selling by investors ahead of Mt. Gox’s impending $10 billion repayment in BTC and BCH, set to begin this week. Major financial players like JPMorgan and CoinShares have issued warnings about potential market disruptions, particularly concerning a possible selloff by Mt. Gox creditors.
More about Banco De Chile
Banco De Chile, Banco de Chile, provides banking and financial products and services to clients in Chile. The company is headquartered in Santiago, Chile.
Industry: FINANCE, COMMERCIAL BANKS
Sector: NEC
Market Cap: 11457347000
PE Ratio: 7.69
EPS: 8.08
Dividend Yield: 2.95
Average Volume: 5711.6
Price to Book: 0.487
Revenue: 2884828922000
Gross Margin: 24.07
Net Profit Margin: 0.12
Operating Margin: 0.118