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US government sells $6.7 billion worth of Bitcoin
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In the last three days, Bitcoin (BTC) has already accumulated more than 7% losses after failing to stay above $100,000. And part of this movement occurred because of the United States government, which dumped 69,370 BTC into the market.
Based on the current cryptocurrency price, the US obtained US$6.7 billion from the operation. This sale had been speculated since October last year, but only now has the Department of Justice (DOJ) authorized the government to sell the BTC, which were seized from the famous Silk Road website.
The sell-off has led investors to question whether the price of BTC can continue to fall and reach below $90,000. The price reached US$93,500 this Thursday morning (09), a drop of 2.6% in the last 24 hours.
As previously reported by the X DB News profile, the DOJ approved the sale of 69,370 Bitcoins seized from Silk Road. Hours after the reports, the balance in the US government wallet, which had exactly the authorized amount, dropped to zero.
Bitcoin Settlement
According to data from Arkham Intelligence, the sale took place on Wednesday (08).
Interestingly, settlement only occurs 10 days before Donald Trump takes office in the White House on January 20th. And one of the promises of the new government was precisely create a strategic reserve with up to 1 million BTC.
However, the Biden administration made the decision to liquidate the BTC that the US already held. With this sale, the US may lose leadership to China in the list of countries with the largest amount of BTC treasured. Today, the difference between the two countries is less than 15,000: the US has 207 thousand BTC, while China has around 194 thousand.
The DOJ’s decision, made on December 30, comes after the resolution of a protracted ownership dispute with Battle Born Investments. This company claimed that the BTC sold were its own and not Silk Road’s and opened a dispute with the US government over ownership of the cryptocurrencies.
After the DOJ authorized the sale, Battle Born’s legal team strongly criticized the decisionwith his lawyer characterizing it as “another egregious example of the DOJ’s abuse of the asset forfeiture process in civilian hands.” They argue that the government employed “procedural tricks to ensure the facts are never heard.”
After rejection at the $100K level, Bitcoin price is suffering strong selling pressure and eliminated all weekly earnings. At the time of finalizing this text, the price of BTC is trading down 2.47%, at US$93,915, and its market value is US$1.86 trillion.
US government sells $6.7 billion worth of Bitcoin
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US government sells $6.7 billion worth of Bitcoin
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US government sells $6.7 billion worth of Bitcoin
