Bitcoin dipped below $22,000 after the U.S. government moved some of a $1 billion transfer of the coin to Coinbase-controlled wallets. LizKNapolitano reports
) recovered from a dark web hack to new wallet addresses, including one owned by Coinbase, on Wednesday, stoking investor fears that intense sell pressures could drive down the token's price.
An open market sale would be a departure from authorities' past handlings of seized digital assets. The government usually sells seized assets at auction. In 2014 and 2015, the governmentAlthough concerns about the tokens' sale on the open market may be overblown, fears that bitcoin prices could take a hit are not entirely unjustified, says Conor Ryder, a researcher at crypto markets analysis firm Kaiko.
Whether the market will absorb those pressures will likely boil down to the market's composition, says Mark Connors, head of research at 3iq, a digital asset manager. In other words, who token holders are and how many tokens they hold will largely influence the extent to which the market reacts to a potential market-moving event.
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