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The United States Department of Justice (DOJ) has reportedly given the green light for the sale of 69,000 Bitcoins (BTC), worth approximately $6.5 billion, seized from the now-defunct online black market Silk Road. The development has sent shockwaves through the cryptocurrency community, sparking intense speculation about the potential implications on the global Bitcoin market.
As per DB News, a US official confirmed that the DOJ has been authorized to liquidate the 69,000 BTC held in key wallets since its seizure back in 2013. This news comes amidst growing chatter surrounding the U.S. government’s plans for a national cryptocurrency strategic reserve.
The seized funds had previously been earmarked by former President Donald Trump’s administration for the creation of such a strategic reserve. However, with the upcoming inauguration of the new president-elect, there are concerns that this plan may no longer be in effect.
Industry experts have weighed in on the potential consequences of such an action. Some have suggested that the sale could happen through over-the-counter (OTC) markets rather than exchanges, which would potentially mitigate any market impact. CryptoQuant founder Ki Young Ju has even downplayed the potential impact, stating that a $6.5 billion sell-off could be absorbed by the market in as little as seven days.
Polymarket and Kalshi have both priced a 27% chance of a U.S. BTC strategic reserve being established within the first 100 days of the new administration. This marks a decline from an earlier forecasted 34% probability.
It remains to be seen how this situation will unfold, but one thing is certain: any movement regarding these seized funds has the potential to significantly influence global cryptocurrency market dynamics.
Stay tuned for further updates on this developing story and more cryptocurrency news.
Source: ambcrypto.com
