• The US authorities seized 3,940 bitcoin (price $240 million) from Silk Street distributors after a January 2024 trial.
• Issues of an enormous sell-off are rising after a pockets tagged by the U.S. authorities moved all of its Bitcoin to a Coinbase account.

Roughly 3,940 bitcoin seized from Silk Street drug trafficker Bunmeet Singh in January was not too long ago transferred to a Coinbase Prime pockets handle, elevating considerations a couple of doable sale.

The final time the U.S. authorities transferred seized Bitcoin to an alternate handle was in 2022, when it offered $216 million price of seized Silk Street Bitcoin. On the time, that sale put a number of promoting stress on Bitcoin costs and the cryptocurrency market as a complete, and merchants are fearful it may occur once more.

The cryptocurrency market has been experiencing a current sell-off on account of developments comparable to Mt. Gox's plan to repay collectors and normal instability.

After the information broke, Bitcoin dipped beneath $61,000 however has since bounced again as much as $61,400.