Following a notable transfer of 33,105 Bitcoin (BTC), valued at $2.19 billion, from the Mt. Gox wallet, another significant movement has occurred. On August 14, 2024, Arkham, a security intelligence firm, reported on X that the wallet address “bc1ql,” which previously received 10,000 BTC worth $593.5 million from a US Government wallet, has now transferred this amount to Coinbase Prime.
Silk Road BTC Moves to Coinbase Prime
Arkham revealed that this substantial BTC haul was initially seized from the Silk Road dark web marketplace. The swift transfer of such a large amount of Bitcoin raises concerns about potential market impacts, as this could influence both investor sentiment and the broader cryptocurrency market.
Read more: Alert! 108 Million XRP Tokens Transferred to Bitstamp, Is a Sell-Off on the Horizon?
Impact on Bitcoin Price
The Bitcoin price has already shown signs of impact, trading around $59,000 and experiencing a decline of over 3.5% in the past 24 hours. Additionally, BTC’s trading volume has dropped by 4% during the same period, reflecting a decrease in market participation.
Bitcoin Price Forecast for August 2024
The recent price drop suggests a bearish trend for Bitcoin, particularly as it trades below the 200 Exponential Moving Average (EMA) on the daily chart. BTC has been fluctuating within a tight range of $58,300 to $61,460 over the last four trading days. If it falls below the $58,300 mark and closes a candle there, it could potentially drop to $54,000 or lower.
The bearish outlook is further supported by open interest data. CoinGlass reports a 1.5% decrease in BTC’s open interest in the past 24 hours, signaling waning interest from investors and traders.
Cre: coinpedia
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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