The US government plans to sell 41,500 Bitcoin BTC/USD that it lastsaccording to court records.
What happened: The US government currently holds more than 205,000 BTC (as of March 27), making it the largest holder of the world’s largest digital currency due to its long history of seizures.
The government initially seized 69,369 BTC from a single X connected to the Silk Road marketplace. The US government seized 50,000 bitcoin in November following the arrest and subsequent guilty plea of James Zhong, who was accused of wire fraud for manipulating the transaction system on the Silk Road dark web market in 2012.
This seizure was considered the largest seizure of cryptocurrencies at the time.
The recently sold bitcoin is part of this confiscated lot.
Why it matters: It has already started liquidating 51,351.89 BTC that has expired in the Ulbricht case. The government sold 9,861 BTC on March 14, 2023 for a total of $215 million.
The remaining 41,490.72 BTC, which has a current value of $1.18 billion according to Bitcoin’s current price of $28,448, will be liquidated in four separate batches this calendar year.
Despite concerns about US government selling pressures, Bitcoin remains unaffected and continues to trade at highs of $28,400.
This level has been held by the cryptocurrency for the past two weeks.
Continue reading: US Treasury Department official sets records on bank failures and the role of crypto
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