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US Govt Liquidates Silk Road Bitcoin on US DoJ Authorization
The US government has made a massive 69,370 Bitcoins, worth $6.7 billion, seized from the popular darknet marketplace Silk Road. This decision was made after the US Department of Justice (DoJ) approved the sale of the assets, citing Bitcoin price volatility as the reason. The funds were previously frozen in a US government wallet, but after the latest ruling, the balance in the wallet has dropped to zero.
BTC Price Correction Under $90,000 Soon?
The Bitcoin price has taken a hit, dropping 2.47% to $93,915.9, with a market capitalization of $1.86 trillion. The price is showing no strength in the derivatives market, with Bitcoin funding rates dropping significantly. According to CryptoQuant analyst ShayanBTC, "In the recent Bitcoin rally, Funding Rates showed a sharp increase midway through the upward trend, suggesting a delayed influx of demand. However, after Bitcoin faced rejection at the $108K resistance, Funding Rates declined significantly."
Short-Term Holders Sell at a Loss
Short-term holders have moved 23,200 Bitcoins to exchanges at a loss, indicating a panic sell-off. This could be a sign of a price correction under $90,000.
Top Leaders Remain Optimistic
Despite the recent dip, top leaders in the crypto space remain optimistic about the future of Bitcoin. Bhushan Akolkar, a FinTech enthusiast, believes that the price correction is a normal part of the market cycle and that Bitcoin will continue to rise in the long term.
Conclusion
In conclusion, the US government’s decision to liquidate the Silk Road Bitcoin has sent shockwaves through the market. The price correction under $90,000 is a normal part of the market cycle, and top leaders remain optimistic about the future of Bitcoin. As the market continues to evolve, investors would do well to stay informed and adapt to the changing landscape.
FAQs
Q: What is the US government’s reason for liquidating the Silk Road Bitcoin?
A: The US Department of Justice (DoJ) approved the sale of the assets, citing Bitcoin price volatility as the reason.
Q: What is the current price of Bitcoin?
A: The current price of Bitcoin is $93,915.9, with a market capitalization of $1.86 trillion.
Q: What is the short-term outlook for Bitcoin?
A: The short-term outlook for Bitcoin is uncertain, with a possible correction under $90,000.
Q: What is the long-term outlook for Bitcoin?
A: Top leaders in the crypto space remain optimistic about the future of Bitcoin, believing it will continue to rise in the long term.
