Market Fears of Potential Selling Pressure From Possible Silk Road Sale is Overblown: Van Straten

2025-1-10 15:29

For the outside world, bitcoin (BTC) dropping $10,000 to $92,000, in a matter of days could signal the end of the bull run. A caveat to this could be that bitcoin continues to consolidate below a key psychological $100,000 threshold.

Unconfirmed reports from DB News suggest that the Department of Justice (DOJ) has been given the authority to liquidate 69,370 BTC ($6.5 billion) seized from the Silk Road marketplace.

The report comes just 11 days from President-elect Donald Trump's inauguration. Trump has vowed not to sell any of the 187,236 BTC that is still in possession by the U.S. government, according to Glassnode data. The majority of the tokens in the government's possession comes from the seizures on Bitfinex and Silk Road.

There are a few reasons that the fears of a sell-off may be overblown: The reports of 69,370 BTC being liquidated seem like a lot, and if sold, they will most likely be sold in an orderly fashion as they are requested to get the best possible price. At the same time, the market already knew that this was a possibility, so this could have already been baked in to market expectations.

Secondly, the market has absorbed over 1 million bitcoin since September. This can be shown by the decrease in holdings by long-term holders, who are defined by Glassnode as investors who have held bitcoin for longer than 155 days. As a cohort they now hold 13.1 million BTC. However, since September, the price has gone from approximately $60,000 to over $100,000.

The last reason is that we have previous data on another government selling a similar amount of bitcoin. The German government sold approximately 50,000 BTC from mid-June to mid-July of 2023. The total value of the coins was around $3.5 billion back then, around half the value now.

However, the market effectively front-ran the selling and the price bottomed out around July 7 at around $55,000 while the German government still had possession of at least 25,000 BTC. Which shows this amount of bitcoin does not dictate the market.

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market million absorbed bitcoins gone 100 around

market million → Результатов: 126


Фото:

Titanium and Deuterium, Shaken, not Stirred: Deneum Reveals its Power Station to Revolutionize Global Energy Market, Gears Up For $89 Million ICO

Deneum Breakthrough in Particle Physics Allows its Power Stations to Generate 95 percent Cheaper Electricity, Autonomously, at Any Conditions. Moscow, July 19, 2018: Deneum, an IT company to shift the paradigm of the energy industry with its Deneum Power Station, announced it had successfully concluded a $770 000 private sale.

2018-7-19 18:30


Coinrail Bounces Back After Shutdown, Will Reimburse Stolen Cryptocurrencies

South Korean crypto exchange Coinrail has reopened just over a month after suffering an attack which resulted in the theft of $40 million in cryptocurrencies. The exchange only serves domestic investors but gained worldwide notoriety when it was partially (and perhaps inaccurately) blamed for the mid-June crypto market crash. Coinrail is now offering compensation to […]

2018-7-18 03:51


Coinrail Bounces Back After Shutdown, Will Reimburse Stolen Cryptocurrencies

South Korean crypto exchange Coinrail has reopened just over a month after suffering an attack which resulted in the theft of $40 million in cryptocurrencies. The exchange only serves domestic investors but gained worldwide notoriety when it was partially (and perhaps inaccurately) blamed for the mid-June crypto market crash.

2018-7-17 02:26


Cryptocurrencies are the ‘future of money’: The United States Congress

On 14th July, The United States House of Representatives has gone so far as to say that digital currencies are the ‘future of money’. This latest development comes in the wake of countries such as South Korea, Malta, and Switzerland adopting and implementing clear regulation for the $250 million cryptocurrency market. The United States will begin […]

2018-7-15 12:15


Фото:

Dirt Protocol Raises $3 Million to Create A Decentralized Information Verification Platform

According to TechCrunch, Dirt Protocol, a platform that uses blockchain technology to verify information, raised $3 million in seed funding from some venture firms and angel investors. Dirt Protocol Provides the Tools For Developers to Build their Databases Venture Beat reported that Dirt Protocol is creating a “Wikipedia for structured data.

2018-7-14 18:00


Australian Punter Makes $884 Million Bitcoin Bet Against Buffet

The cryptocurrency market is no stranger to big, bullish calls, but a new bet by an Australian punter puts Bitcoin price predictions such as Fundstrat’s Tom Lee’s $25,000 BTC to shame with a multi-million dollar bet that: the value of one Bitcoin will exceed the value of the unit-share price of Warren Buffet’s Berkshire Hathaway […] The post Australian Punter Makes $884 Million Bitcoin Bet Against Buffet appeared first on CryptoSlate.

2018-7-12 19:00


Blockchain will contribute almost $1 billion to the telecoms sector alone within the next five years, MarketWatch reports Wednesday

Blockchain will contribute almost $1 billion to the telecoms sector alone within the next five years, MarketWatch reports Wednesday, July 11. a new research forecasts this week. According to a global market research store Research and Markets, blockchain technology in telecoms will explode from a $46.6 million industry in 2018 to one worth $993.8 million

2018-7-12 21:43


Фото:

Benson Oak is providing $100M to set up a dedicated investment fund for blockchain ventures

Benson Oak, a Prague-based investment bank, has announced it is raising $100 million to launch an investment fund dedicated to the Israeli market with a focus on blockchain startups. According to a report from Israeli media outlet Calcalistech on Sunday, the new investment arm, called Benson Oak Ventures, has already secured $25 million and aims

2018-7-10 11:51


Фото:

Japan’s Module Platform Offers Users the Chance to Earn Cryptocurrency with Their Gadgets

The company has already collected more than $2 million through a private sale of its coins. This is not surprising, as this platform has the potential to turn the cryptocurrency market on its head in several different ways: secure mining, storage of a large amount of data using gadgets around the world, and financing of blockchain through the creation and development of decentralized applications (DApps).

2018-7-5 20:00


Papusha ICO

Papusha is the latest technology to destroy oil refineries residues around the world. Instead of destroying flora and fauna, refineries get gasoline and diesel fuel for selling. PRT ICO produces small-capacity oil refining units to process black oil fuel and produce liquid fuel by using the transonic combustion technology.

2018-7-4 15:01