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

US DOJ Approved BTC Sale: Should the Market Be Concerned?

user avatar

by Giorgi Kostiuk

10 months ago

The US Department of Justice has received approval to liquidate 69,370 BTC seized in the Silk Road case, causing concern in the crypto market.

DOJ's Plans

The US Department of Justice plans to sell 69,370 bitcoins that were seized in connection to the Silk Road case. This news has stirred unease among market participants, but experts emphasize that the sale is likely to be conducted to minimize market impact.

James Van Straten's Analysis

Market analyst James Van Straten argues that fears of a dramatic impact on Bitcoin's price may be overblown. He noted that any sale is likely to be gradual to reduce market shocks.

If the Justice Department were to sell this Bitcoin, it would likely be done in a manner that minimizes market disruption.James Van Straten

Historical Parallels

Van Straten also highlighted the market's ability to absorb large amounts of Bitcoin. A similar situation occurred in 2023 when the German government sold around 50,000 BTC. Even after the sale, 25,000 BTC were retained.

Despite the DOJ's plans to sell BTC, analysts believe the market will adapt and react with minimal long-term effects.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

xAI's $15 Billion Funding Round May Impact AI Market

chest

The ongoing $15 billion Series E funding round for Elon Musk's xAI is expected to have significant implications for the AI market and related cryptocurrencies.

user avatarAisha Farooq

Hoskinson Advocates for Unity in the Cryptocurrency Space

chest

Charles Hoskinson emphasizes the importance of unity in the cryptocurrency ecosystem to build independently from macroeconomic influences.

user avatarBayarjavkhlan Ganbaatar

Elon Musk's xAI Set to Close $15 Billion Funding Round

chest

Elon Musk's xAI is preparing to close a $15 billion Series E funding round by mid-December, targeting a valuation of $230 billion.

user avatarTenzin Dorje

Dogecoin Faces Bearish Trends Amid Market Volatility

chest

Dogecoin's price has recently dropped below the critical support level of 0.14, with predictions of further declines if momentum does not shift soon.

user avatarJacob Williams

UK's Serious Fraud Office Investigates $28M Cryptocurrency Scheme

chest

The UK's Serious Fraud Office is investigating the Basis Markets cryptocurrency scheme, which raised $28 million, leading to the arrest of two individuals.

user avatarMohamed Farouk

Dave Portnoy Celebrates Successful XRP Dip Buying

chest

Famous crypto trader Dave Portnoy celebrates his profitable XRP purchases made during a market downturn.

user avatarElias Mukuru

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.