A report revealed that one of the major Bitcoin (BTC) investors had transferred 15,598 BTC worth $ 500 million, when Satoshi Nakamoto's currency price exceeded $ 40,000 last week.
The transfer was made in three different transactions on January 7. The first transaction involved 4,892 BTC, followed by 4,360 BTC and 3,400 BTC. All three transactions were transferred from an unidentified wallet.
Unexpectedly, the price of Bitcoin (BTC) has dropped below $ 40,000 after the transfer.
The move comes to the attention of Washington law enforcement who are working to combat cryptocurrency tax evasion.
Last month, the U.S. Treasury Department announced a proposal to impose data collection on users who transact more than $ 3,000 into exchanges and crypto businesses.
The idea has invited criticism among the crypto community for allegedly violating the fourth amendment involving absurd searches and seizures.
BTC recorded a decline of $ 34,500 after jumping to $ 42,000 last week. At the time of writing, Bitcoin is back at $ 35,709.
Analysts described the decline as driven by declining purchasing pressures by the day of the week.
