Recently, a market intelligence platform believes that the trading behavior of the seized bitcoins by the US and German governments is the reason for the sharp fluctuations in Bitcoin prices.
According to market intelligence platform Arkham, the U.S. government has transferred nearly 4,000 BTC originally seized from drug dealer Banmeet Singh to Coinbase. Meanwhile, the German government has also made a large number of Bitcoin transactions and liquidated about 2,786 Bitcoins in the early hours of Wednesday morning.
Bitcoin price braces for potential impact
According to earlier reports from foreign media, Indian citizen Banmeet Singh pleaded guilty to charges of drug trafficking and money laundering in January. It was revealed that the "criminal group" to which Singh belonged had used dark web platforms such as Silk Road 1, Silk Road 2, Alpha Bay and Hansa to promote the sale and distribution of a large number of controlled substances.