CandleFocus Bitcoin market braces for volatility as US prepares $4.38B Silk Road asset sale
2024-10-08
Author: Content Editor
The US government is set to sell $4.38 billion worth of Bitcoin that was seized from the dark web marketplace Silk Road, following a Supreme Court decision. The court declined to hear a case involving the ownership of 69,370 Bitcoin, ruling against Battle Born Investments, who claimed rights to the seized assets. The government has already transferred large amounts of the cryptocurrency to new wallets in preparation for the sale, and it is speculated that Coinbase Prime may be managing the assets until the sale. Concerns about market volatility have been raised, but some believe the market will absorb the sale. The US government's approach to Bitcoin storage and acquisition has also been signaled by the introduction of the Bitcoin Strategic Reserve bill, which mandates the creation of a secure cold storage for government-owned Bitcoin.
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