BTC Dips to $58k as Nearly $600M in Seized Silk Road Bitcoins Were Sent to Coinbase Wallet

TL;DR

• Bitcoin is down more than 4% in the last 24 hours as traders fear more selloff.

• 10,000 bitcoins worth nearly $600 million were sent to a Coinbase Prime wallet.

BTC Losses 4% as Bears Regain Control

After a positive start to the week, bears regained control of the cryptocurrency market on Wednesday, with prices of most coins and tokens down by 3% or more over the last 24 hours.

Bitcoin, the leading cryptocurrency by market cap, is down by more than 4% during that period and is now trading at $58,048 per coin. If the bearish sentiment continues, BTC’s price could dip below the $58k mark for the first time this week.

The bearish performance comes after Arkham Intelligence reported that 10,000 bitcoins worth nearly $600 million were sent to a Coinbase Prime wallet. The bitcoins are part of approximately $2 billion worth of bitcoin the U.S. Department of Justice seized in the Silk Road case.

Traders are cautious that the U.S. DOJ could dump more bitcoins into the market, similar to what the German government did last month. With Bitcoin underperforming, altcoins are also in the red.

Ether is down 4% over the last 24 hours and has dropped to the $2,600 zone. BNB, SOL, and XRP have also lost more than 1% of their values so far today. With these poor performances, the total cryptocurrency market cap has dropped to $2.06 trillion.