1 week ago
For the extracurricular world, bitcoin (BTC) dropping $10,000 to $92,000, successful a substance of days could awesome the extremity of the bull run. A caveat to this could beryllium that bitcoin continues to consolidate beneath a cardinal intelligence $100,000 threshold.
Unconfirmed reports from DB News suggest that the Department of Justice (DOJ) has been fixed the authorization to liquidate 69,370 BTC ($6.5 billion) seized from the Silk Road marketplace.
The study comes conscionable 11 days from President-elect Donald Trump's inauguration. Trump has vowed not to merchantability immoderate of the 187,236 BTC that is inactive successful possession by the U.S. government, according to Glassnode data. The bulk of the tokens successful the government's possession comes from the seizures connected Bitfinex and Silk Road.
There are a fewer reasons that the fears of a sell-off whitethorn beryllium overblown: The reports of 69,370 BTC being liquidated look similar a lot, and if sold, they volition astir apt beryllium sold successful an orderly manner arsenic they are requested to get the champion imaginable price. At the aforesaid time, the marketplace already knew that this was a possibility, truthful this could person already been baked successful to marketplace expectations.
Secondly, the marketplace has absorbed implicit 1 cardinal bitcoin since September. This tin beryllium shown by the alteration successful holdings by semipermanent holders, who are defined by Glassnode arsenic investors who person held bitcoin for longer than 155 days. As a cohort they present clasp 13.1 cardinal BTC. However, since September, the terms has gone from astir $60,000 to implicit $100,000.
The past crushed is that we person erstwhile information connected different authorities selling a akin magnitude of bitcoin. The German authorities sold astir 50,000 BTC from mid-June to mid-July of 2023. The full worth of the coins was astir $3.5 cardinal backmost then, astir fractional the worth now.
However, the marketplace efficaciously front-ran the selling and the terms bottomed retired astir July 7 astatine astir $55,000 portion the German authorities inactive had possession of astatine slightest 25,000 BTC. Which shows this magnitude of bitcoin does not dictate the market.
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