US Government Gets Court Approval to Liquidate $6.5 Billion in Bitcoin
The US government has received court approval to liquidate 69,370 Bitcoins worth $6.5 billion that were seized from the Silk Road darknet store.
According to a report from DB News on January 9, the order was issued on December 30 by a federal judge.
Arkham Intelligence data indicates that the address associated with the seized Bitcoin saw its holdings drop to zero on January 8, but Blockchain.com showed that the balance remained unchanged.
Regarding the sale, some commenters, such as @trading_axe on X, reported that the seized Bitcoin had already been liquidated via Coinbase.
Other commenters, such as MartyParty, suggested that the sale had already happened, saying there was no need to panic at this time.
On the other hand, Ki Young-joo, CEO of CryptoQuant, reassured that the liquidation of $6.5 billion could easily be completed within a week without much impact.
Crypto market reaction:
The news did not lead to a major reaction in cryptocurrency prices, but Bitcoin fell 3% to $93,600 at the time of writing, after recording a daily low of $92,500.
If Bitcoin drops below the $90,000 level, it could lead to panic and fear feelings, which means panic selling.
