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The US government sold $6.5 billion worth of Bitcoin that was seized from popular dark web marketplace Silk Road after the US Department of Justice (DoJ) approved the sale. The  DoJ gave the government the green light to sell the 69,370 seized BTC on Dec. 30, citing price volatility as a reason for the approval.  Silk Road Bitcoin Sell Off Comes Days Before Donald Trump Takes The White House Hours after receiving the approval from the DoJ, the balance of the wallet that held the seized assets dropped from $6.5 billion on Jan. 8 to zero, according to data from on-chain analytics platform Arkham Intelligence. The sell off comes just days before incoming US President Donald Trump is set to enter the White House for a second term. Pro-crypto Trump’s inauguration will take place on Jan. 20. Last year, the President-elect said that he would form a strategic Bitcoin reserve with the BTC seized from Silk Road.  Maybe we’ll all get the chance to buy Bitcoin at ...

Amid talks of establishing a reserve for the crypto, the US government has moved $1.92 billion worth of Bitcoin. Indeed, Arkham Intelligence data reports that the digital asset had been moved to a new address. Specifically, the funds have been split into two wallets, containing $969 million and $949 million in BTC, respectively. The data shows that the government still holds more than $18 billion worth of Bitcoin. Moreover, the movement was reported as President-elect Donald Trump is expected to make headway on a Bitcoin reserve bill early on in his second term as the country’s commander-in-chief. JUST IN: US Government moves $1.92 billion worth of #Bitcoin to a new address. — Watcher.Guru (@WatcherGuru) December 2, 2024 Also Read: Michael Saylor’s MicroStrategy Buys Another $1.5B in Bitcoin US Government Moves $1.92B in Bitcoin to a New Address November 2024 has proven to be a game changing month for Bitcoin. The leading cryptocurrency had performed well throughout t...

Supreme Court won’t stop sale of 69,370 Silk Road bitcoins The nine-month US Supreme Court term began this month, and it’s already impacting the crypto industry. Today, in an announcement of the lawsuits that the justices have agreed to hear during this term, the highest US court declined to hear an appeal regarding 69,370 bitcoins associated with the Silk Road. With the justice’s denial to hear an appeal of Battle Born Investments, et al. v. United States , a 2022 ruling from the US District Court, Northern District of California will probably prevail. Because the lower court ordered the US government to “dispose of the forfeited defendant property according to law,” the US Marshals or another agency might soon have court instructions for liquidating a massive seizure of bitcoin once stolen from the Silk Road. In short, the Supreme Court’s denial of certiorari — a Supreme Court appeal — effectively removes a hold on the sale of $4.4 billion worth of bitcoin . ...

Before the U.S. government sold the BTC, the price of the digital currency shot up beyond $28,000. advertisement By the rumors, the U.S. government will still have a total of over 200,000 BTC. However, if the decision to sell this massive BTC in the long run is reached, it may cause the price of Bitcoin to plunge further down to less than $10,000. Such huge BTC sales usually causes mixed directions amongst crypto enthusiasts especially those who holds a significant percentage of the coin. This time around, several responses to the WhaleWire tweet indicates that the Bitcoin sales, if  true, will be a welcome development. In the mean time, BTC is still taking a bullish stance and has a medium level of volatility based on today’s price Analysis . U.S. Government Selling Confiscated BTC This happens to be the second time the government is selling this same quantity of BTC. As per a screenshot shared by WhaleWire on Twitter, three weeks ago, t...

Kevin O'Leary believes U.S. Senators are “fatigued” and “pissed” at the cryptocurrency industry for having to deal with one blowup after another. Shark Tank investor and venture capitalist Kevin O’Leary has urged crypto exchanges to “get on board with regulation” if they want to “stay out of the way” of Gary Gensler and the United States Securities Exchange Commission (SEC). In a Feb. 20 interview with TraderTV Live, O’Leary said that U.S. lawmakers are “fatigued” over crypto collapses and that they’re only going to get more ruthless if companies continue to not comply: “You got to get on board with regulation, you got to stay out of the way of Gensler at the SEC and other regulators. Those hombres [men] in Washington are not happy. FTX poked the bear, the bear is awake, and it is pissed.” “These senators are really fatigued, they’re really tired of gathering every six months when the next crypto company blows up and goes to zero,” he said, adding “because they’re totally unregu...