• 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

a year 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

CryptoPunks Leads NFT Collections Amid Market Decline

chest

CryptoPunks has surged to the top spot in NFT sales, achieving 359 million on Ethereum, despite an overall market decline.

user avatarBayarjavkhlan Ganbaatar

NFT Sales Volume Plummets Significantly

chest

NFT sales volume has dropped sharply, with a decline of nearly 28% as both buyer and seller counts fell drastically.

user avatarMohamed Farouk

The Math Behind a 5 HBAR Price

chest

Analysts break down the potential for HBAR to reach a price of 5 based on market cap and utility.

user avatarElias Mukuru

Hedera's ETF and Its Impact on HBAR Supply and Demand

chest

The introduction of the HBAR ETF has created a new access point for institutional investors, absorbing over 1% of circulating HBAR supply within its first week of trading.

user avatarDiego Alvarez

Hedera's Unique Position in the Crypto Market

chest

Hedera's infrastructure and governance model attract institutional interest despite low retail hype.

user avatarKenji Takahashi

Iranian President Masoud Pezeshkian's Resignation Rumors Proven False

chest

Recent rumors about the resignation of Iranian President Masoud Pezeshkian have been confirmed as false by official sources.

user avatarMaria Fernandez

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.