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- 1 The seized Bitcoins from Bitfinex were moved in four transactions on February 28, 2024.
- 2 Arkham Intelligence reported that the first test transaction initiated by the U.S. government was for 1 Bitcoin.
- 3 SEC’s approval of the Bitcoin spot ETF has spurred crypto adoption.
The soaring Bitcoin (BTC) price has lured lots of new non-crypto investors, as it broke the resistance of $60k. The United States government recently moved a significant amount of seized BTC from two different wallets.
These bitcoins were seized by the federal government from Bitfinex in 2016. The transfer was initiated soon after BTC broke the much-awaited resistance of $60,000 and reached $63,000.
It is primarily claimed that the boost in the trading price of Bitcoin is backed by the BTC spot ETF. The Bitcoin spot ETF (Exchange Traded Fund) was approved by the U.S. SEC in January 2024.
Bitcoin, the most prominent crypto in the market, grew more than 42% in the past 30 days. Despite its rapid growth, BTC is still the second most traded crypto in the market.
To test the transfer process, the U.S. government transferred one Bitcoin at 03.39 pm on February 28, 2024.
Arkham Intelligence data states that the U.S. government transferred 2817 Bitcoins in the second transaction following the test transaction. In the third transaction, the transferred amount of BTC was 0.01 Bitcoin, and 12,267 Bitcoins were transferred in the last transaction.
Bitfinex, a centralized cryptocurrency exchange, was hacked for 119,754 Bitcoins, valued at $7.5 Billion, as of writing. Following the hack of the exchange, the US government seized the funds.
Crypto Market Price Update
The evolving prices of cryptocurrencies have lured millions of new users to the crypto market. A report by Statista states that, till February 20, 2024, there are 420 Million crypto users globally.
SEC’s approval of the Bitcoin spot ETF has significantly lured newbies toward the market. Also, the Ether spot ETF is expected to get the SEC’s approval by May 2024.
Ethereum (ETH), the second most talked about crypto in the market continues to grow alongside BTC. When writing, it was trading at $3,464. In the past seven days, the price of ETH has surged 16.52%, and its market cap reached $416.98 Billion.
The crypto market capitalization has grown over 120% in the past six months. When writing, the market cap was $2.263 Trillion. A rise of 4.30% was seen in the intraday time frame.
The 24-hour gainers list is led by BONK (BONK), whose price surged more than 50%, Dogecoin (DOGE) at 30.56%, Arweave (AR) at 30.17%, and Shiba Inu (SHIB) at 27.61%. The meme coin community has continued its growth, and most of the time, the gainer’s list is ruled by the meme coins.
ORDI lost 8.91% of its trading price, which makes it the leader of the intraday loser list, followed by Flare (FLR) 6.44%. It is crucial to note that Solana (SOL) has reflected significant achievements, now 5th largest in terms of market capitalization.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
