US Department of Justice69 thousand 370 units worth 6.5 billion dollars seized from Silk Road BTCThe sale of is on the agenda. While rumors that the US government will sell all of its BTCs cause concern in the market, it is stated that this concern is exaggerated. Experts state that the impact of the sale on the market may be limited.
Is the Cryptocurrency Market Ready for the US Government’s Bitcoin Sale?
DB NewsAccording to the news of the US Department of Justice, Silk Road Bitcoin seized in operation $93,505.3He was authorized to sell the ‘s. Last year, Germany sold approximately 50 thousand BTC in a similar manner, demonstrating the resilience of the cryptocurrency market to large sales waves. During Germany’s sales process, the price was balanced around 55 thousand dollars. this situation cryptocurrency marketIt indicates that the company is ready for large-scale sales.
glassnodeAccording to data from , long-term Bitcoin investors have sold approximately 1 million Bitcoins since September. However, these sales did not cause a major collapse in the markets. In fact, while Bitcoin was around 60 thousand dollars in September, it is traded around 100 thousand dollars today. Experts state that the sales reveal the large volume and strong buyer base of the market.
The News Might Already Be Priced In
Analyst and researcher Van Stratenis of the opinion that the US government will carry out the sales carefully. It is known that the government usually makes such sales without shaking the market. Therefore, the sale of 69 thousand 370 BTC is not expected to cause a sudden decline in the cryptocurrency market.
Past examples also support this view. GermanyIn ‘s Bitcoin sale, the price recovered quickly and the market managed to remain balanced even in the middle of the sale process. It is also emphasized that the cryptocurrency market has already priced in the possibility of this large Bitcoin sale and may have already digested this possibility.
Market observers think that the US Bitcoin sales will not change the fundamental dynamics of the largest cryptocurrency and strong demand will continue to support the price. However, short-term fluctuations can pose risks for investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
