US Government to Sell $130 Million Worth of Bitcoin
The US Department of Justice (DOJ) has announced its intention to sell over $130 million worth of Bitcoin. These crypto assets were seized in a case against Joseph Farace, who had ties to the Silk Road dark web marketplace. The DOJ revealed that it had confiscated nearly 2875 BTC from Farace and Sean Bridges, as well as an additional 58.7 BTC from Farace alone.
Selling Pressure Might Soon Cool Off
There are signs that the selling pressure on Bitcoin might soon ease. Grayscale’s GBTC has experienced lower outflows recently, indicating that the trend of large-scale sell-offs may be coming to an end. This is good news for the broader crypto market, as it suggests that the market will stabilize and prices will potentially rise. At present, Bitcoin is trading just above $40,000.
Hot Take: US Government’s Bitcoin Sale Raises Concerns in Crypto Community
The US government’s decision to sell a significant portion of its Bitcoin holdings has raised concerns within the crypto community. With the market already facing selling pressure from other sources, this move could potentially add further downward pressure on prices. However, it’s important to note that the sale may not happen immediately, as there is a 60-day period for other parties to come forward with claims on the forfeited property. This means that the sale might not occur until sometime in March.
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