đ¨ U.S. Government to Sell 69,370 Seized Bitcoins â Market Impact Looms
1ď¸âŁ $4.4 Billion Worth of Bitcoin
The U.S. government has been granted authorization to sell 69,370 bitcoins seized from the Silk Road, valued at $4.4 billion. This auction, managed by the U.S. Marshals Service, is expected to be one of the largest crypto sales in history.
2ď¸âŁ Market Impact Could Be Significant
When Germany sold 49,858 bitcoins in June-July, Bitcoinâs price tumbled from $69,000 to $53,000. This new U.S. auction could have a similar or greater impact on the market.
3ď¸âŁ Political Strategy in Play?
With Trump hinting at creating a strategic bitcoin reserve, many speculate he wouldnât have sold the bitcoins if in power. However, with Bidenâs administration leading the sale, some believe itâs motivated by a desire to prevent the assets from landing under Trumpâs control if he wins the next election.
4ď¸âŁ Massive Volatility Ahead
Traders and investors should prepare for potential price swings. With 69,370 bitcoins entering the market, the crypto world is bracing for another wave of volatility, possibly larger than what was seen with Germanyâs sale.
â ď¸ Keep an eye on the marketâthe sale of these bitcoins could shape Bitcoinâs next big move.
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