• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin Plummets: Court Approves Sale of Silk Road Assets

user avatar

by Giorgi Kostiuk

a year ago

Bitcoin experienced a sharp drop to $93,000 following a US court's approval for the sale of over 69,000 Bitcoin seized from Silk Road.

Court Decision on Sale

A US court allowed the Department of Justice to sell 69,370 Bitcoins seized from Silk Road. A department spokesperson confirmed the decision to act quickly due to Bitcoin's volatility.

Market Reaction

Following the sales permission, Bitcoin's price fell to $93,000, sparking questions about a potential further decline below $90,000. Altcoins also faced declines, falling up to 5%.

Market Consequences

This decline resulted in $509 million in liquidations over the last 24 hours, with $364 million from long positions and $143 million from short positions. The largest loss on OKX was $15 million in the BTC/USDT pair.

The sale of seized Bitcoin is causing significant market reactions, showcasing volatility and potential implications for the cryptocurrency's future value.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Backpack Exchange Token Launch Set to Transform Trading Landscape

chest

The Backpack exchange is set to launch its highly anticipated token, aiming to transform the trading landscape by combining a noncustodial wallet with a trading venue in the Solana ecosystem.

user avatarAisha Farooq

Ethereum Foundation Strengthens DeFi Security with SEAL Support

chest

The Ethereum Foundation has officially backed the Security Alliance SEAL to enhance security in decentralized finance.

user avatarTenzin Dorje

SUBBD Token Transforms Creator Economy through AI Integration.

chest

SUBBD Token has emerged as a significant player in the creator economy, addressing the challenges posed by centralized AI models.

user avatarBayarjavkhlan Ganbaatar

Bitcoin Bear Market Correction Signals Transition into Deeper Phase

chest

The current bear market for Bitcoin has entered a deeper corrective phase, indicating a transition from an early pullback into a more mature bearish stage.

user avatarMohamed Farouk

Global Investors Adjust Portfolios as Japan's Fiscal Policies Shift

chest

Global investors are rebalancing portfolios as Japanese government bonds regain appeal following Japan's snap election, impacting global markets.

user avatarElias Mukuru

Elon Musk Unveils Plans for a Lunar City

chest

Elon Musk has announced his ambitious vision to build a self-growing city on the Moon with SpaceX.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.