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Silk Road Bitcoins to Cause Insignificant Selling Pressure, CryptoQuant Says
The recent news about the seized Bitcoins from the infamous Silk Road darknet marketplace might not have a significant impact on the current market trends, according to analysis provided by crypto analytics platform CryptoQuant.
The Silk Road, once a popular platform for illegal activities, was shut down in 2013. The authorities had allegedly taken control of some of the funds stored there. In recent years, rumors have been circulating about the possible sale or release of these coins, but their actual impact on the market is still uncertain.
CryptoQuant’s analysis suggests that even if a large portion of these Bitcoins were to enter the market, it would likely not cause significant selling pressure.
According to CryptoQuant’s data, the total amount of seized Silk Road Bitcoins, estimated at around 69,000 BTC, is roughly equivalent to about 1% of Bitcoin’s current supply. The platform notes that this relatively small percentage does not indicate a substantial increase in available coins.
Additionally, the data suggests that even if these coins were sold simultaneously, they would likely be absorbed by the market without causing a significant drop in price.
CryptoQuant emphasizes that their analysis is based on historical data and should not be taken as investment advice. However, it appears that any potential impact of Silk Road Bitcoin sales on the current market situation will be limited.
As always, stay tuned for further updates on this story and all things cryptocurrency-related at U.Today.
Source: u.today
