Bitcoin showed its amazing resilience in a tough month again as it retained its gains closing the week strong despite seizure of BTC by United States authorities for violation of court orders. Documents with the District Court for Southern District of New York pertaining the James Zhong's case revealed that the authority liquidated 9,861 of the 51,352 BTC, equaling to $215 million on March 14, 2023 and following that the government officially announced 4 planned sales of 41,490 BTC by the end of 2023. According to the current market price, each sale would be worth $1.2 billion for the government.

James Zhong had to agree to cooperate with the authorities which led to a plea deal when the Department of Justice confiscated over 50,000 BTC from him making it the second largest seizure everat that time. The severe penalization was in relation to his involvement in the darknet website Silk Road which was used to facilitate multiple organic drugs, unlawful goods and services trafficking.

The Mt Gox’s massive 142,000 BTC repayments are liable to be paid out this year. But sources confirmed that creditors have mostly opted to receive their bankruptcy returns in BTC, contrast to several speculations of a catastrophic BTC rate drop.

As a matter of fact, the news seemingly failed to spook traders. In fact, as Bitcoin (BTC) exceeded 29,000$ level in Thursday, it has been found trading carefully sideways. At the same time, the news of the potential BTC sale could lead to an increased selling pressure and price changes for the crypto market.

At present, Bitcoin is trading at 28,086$, with 1.50% decrease in the past 24 hours. Inspite of all these price uncertainties, Bitcoin's ability to pull itself up and survive under all kinds of circumstances is highly commendable. This strength and never ending potential of Bitcoin are clearly reflected in Trader's attitudes and market conditions.



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