• 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

Rodney Prescott Outlines ENTRY NETWORK's Future and Community Involvement

chest

Rodney Prescott, CEO of ENTRY NETWORK, discusses the company's roadmap and emphasizes community engagement, encouraging participation in community platforms and loyalty programs.

user avatarDavid Robinson

Uphold Introduces Exactly Protocol for XRP Holders

chest

Uphold announces a partnership with Exactly Protocol, allowing XRP holders to lend assets and earn yield without selling their tokens.

user avatarAndrew Smith

Digitap's Early-Stage Utility Drives Demand for TAP Tokens

chest

Digitap's presale has raised over $22 million, attracting significant investor interest in TAP tokens due to its early-stage utility and innovative financial services.

user avatarSon Min-ho

Digitap's Visa Integration Enhances Crypto Utility

chest

Digitap's integration with Visa allows users to spend digital assets seamlessly, enhancing the utility of crypto in real-world transactions.

user avatarZainab Kamara

Digitap's Omnibank Ecosystem Gains Traction Among Investors

chest

Digitap is developing an omnibank ecosystem that merges traditional finance with blockchain technology, attracting investors interested in TAP tokens.

user avatarAyman Ben Youssef

Bearish Outlook for Cardano if Support Levels Fail

chest

Bearish outlook for Cardano ADA if support levels below 0.35 fail, potentially leading to price declines towards 0.20 to 0.30.

user avatarJacob Williams

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.