{"id":34341,"date":"2025-01-09T07:15:55","date_gmt":"2025-01-09T07:15:55","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=34341"},"modified":"2025-01-09T07:15:55","modified_gmt":"2025-01-09T07:15:55","slug":"us-govt-cleared-to-liquidate-6-5b-in-btc-from-silk-road-but-dont-panic","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=34341","title":{"rendered":"US Govt Cleared to Liquidate $6.5B in BTC from Silk Road, But Don\u2019t Panic"},"content":{"rendered":"

On Jan. 9, crypto news feed DB News reported that \u201can official confirmed\u201d the US government has been given the green light to liquidate 69,000 BTC worth around $6.5 billion from Silk Road seizures<\/a>.<\/p>\n

An unsourced screenshot read, \u201cA federal judge ruled on Dec. 30 that the DoJ (Department of Justice) can sell 69,370 Bitcoin seized from the Silk Road darknet marketplace, officials confirmed.\u201d<\/p>\n

The US Govt has been given the greenlight to liquidate 69,000 BTC ($6.5B) from Silk Road, an official confirmed to DB News today<\/p>\n

Interesting situation less than 2 weeks away from the new admin who vowed to not sell https:\/\/t.co\/HqD1KnhJK3<\/a> pic.twitter.com\/xn8ATSEL7H<\/a><\/p>\n

\u2014 db (@tier10k) January 9, 2025<\/a><\/p>\n\n

No Need to Panic<\/h2>\n

According to Arkham Intelligence, there was a sharp drop in BTC holdings at that address (bc1qa), which fell to zero on Jan. 8.<\/p>\n

It also showed<\/a> the latest transaction from that address on Jan. 9 of just $0.51 worth of BTC and still reports the balance being valued at $6.5 billion.<\/p>\n

<\/a>Source: Arkham Intelligence<\/p>\n

However, Blockchain.com\u2019s explorer<\/a> showed that the balance is unchanged and remains at 69,370 BTC.<\/p>\n

Crypto influencer \u2018@trading_axe\u2019 told<\/a> his 80,000 followers on X that \u201cthe seized BTC that was meant to be used for a \u2018strategic reserve\u2019 under the Trump administration was sold off already, with a credit line sanctioned by Coinbase.\u201d<\/p>\n

\u201cThey spent months distributing and couldn\u2019t mention it because Kamala was running against Trump. The liberals needed to maintain a \u2018positive image\u2019 and desperately needed crypto voters. THERE IS NO BITCOIN LEFT TO SELL.\u201d<\/p>\n

Crypto commentator \u2018MartyParty\u2019 also\u00a0said,<\/a> \u201cIt\u2019s already happened.\u00a0No need to FUD.\u201d<\/p>\n

Meanwhile, BitMEX co-founder Arthur Hayes quipped<\/a>, \u201cMy diamond hands are ready to buy the f**king dip. Send it to goblin town slow Joe!!!\u201d and Max Keiser ran a poll.<\/p>\n

<\/a><\/p>\n

CryptoQuant CEO Ki Young Ju observed that last year, $379 billion entered the market based on a realized cap, which is roughly $1 billion per day.<\/p>\n

\u201cThe U.S. govt selling $6.5 billion could be absorbed in just a week. Do not panic.\u201d<\/p>\n

Last year, $379B entered the market based on realized cap\u2014roughly $1B per day.<\/p>\n

The U.S. govt selling $6.5B could be absorbed in just a week.<\/p>\n

Do not panic. https:\/\/t.co\/MTCTKmM5uZ<\/a><\/p>\n

\u2014 Ki Young Ju (@ki_young_ju) January 9, 2025<\/a><\/p>\n\n

Bitcoin Price Reaction<\/h2>\n

Bitcoin prices have been falling back<\/a> for the past couple of days after it reclaimed the six-figure level briefly on Jan. 7.<\/p>\n

There was no immediate reaction to this \u2018news,\u2019 and the asset was down 2% on the day at $94,050 at the time of writing after falling to an intraday low of $92,500 on Wednesday.<\/p>\n

BTC has returned to its rangebound channel, where it has been consolidating since mid-November. Panic selling may commence if it falls below<\/a> the bottom band of that channel at $90,000.<\/p>\n

The post US Govt Cleared to Liquidate $6.5B in BTC from Silk Road, But Don\u2019t Panic<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

On Jan. 9, crypto news feed DB News reported that \u201can official confirmed\u201d the US government has been given the green light to liquidate 69,000 BTC worth around $6.5 billion from Silk Road seizures. An unsourced screenshot read, \u201cA federal judge ruled on Dec. 30 that the DoJ (Department of Justice) can sell 69,370 Bitcoin […]<\/p>\n","protected":false},"author":0,"featured_media":34342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-34341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/34341"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34341"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/34341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/34342"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}