Bitcoin Forum

Another news  that would impact the price of bitcoin.. will this result to Bitcoin dropping below $60k, or even more?

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Read in full --- https://cryptobriefing.com/supreme-court-silk-road-bitcoin/

Short term, price will be affected and fall down but in long term, it will recover well because Bitcoin trading volume now is 420,000 BTC in the last 24 hours according to Coinmarketcap. (https://coinmarketcap.com/currencies/bitcoin/)

I would be unrealistic if I say price will not be affected when US. government sell those bitcoins, but I am optimistic that Bitcoin will strong enough to recover from it. A warning to leverage enthusiasts is, with such news, now and in future with actual sale waves, price will be very volatile and if they use leverages with open positions in such time, they will be liquidated and lose money.

I don't know when they will start their sales but if it is after the President Election in USA., something can be changed if Trump get elected. This man wants to pay US. national debt in long term by investing in bitcoin and stop selling bitcoins they have now.

Trump floats paying off $35T national debt using Bitcoin (https://cointelegraph.com/news/trump-floats-paying-off-35-trillion-national-debt-bitcoin)

This sale of $4.4B of Bitcoin may temporarily shake the price action of Bitcoin but is highly unlikely to wreak havoc for the long term. Looking back when governments have sold large quantities of Bitcoins, for example by the US, the market somehow always manages to absorb the additional supply after a period of time. Demand would remain strong in Bitcoin because the institutional interest and adoption by large players is still prevalent. Of course, there might be some downward pressure at this point in time, but overall, demand would remain strong.

https://bitcoinmagazine.com/markets/us-government-preparing-to-sell-30000-silk-road-bitcoin-on-chain-data-shows

Besides that, Bitcoin's current price level is holding up above $62,000 amidst the uncertainty. I think currently key support levels seem intact, and unless something drastically shakes market confidence, a slide below $60,000 isn't assured. While some short-term volatility is possible, I believe these sales as a positive, that even after government auctions, Bitcoin continues to retain value.

People panic with everything that has to do with the US in relation to BTC, I have no doubt that this event will also have its short-term consequences. Even if the price drops by 10% or more, it will only be a good opportunity for all those who want to buy cheaper, so I don't see this as anything but a possible good opportunity.

However, perhaps the effects will depend on how BTC will be sold - at an auction directly to the best bidders, through the OTC or they will dump them directly on their favorite CEX.

They haven’t announced it yet, but historically, it’s done in a staggered manner, so it probably won’t impact the market much. If we see a temporary market dump, it’s likely due to some people speculating that selling will trigger a drop.


Crypto check? Does that even exist? Trump’s statements just show he hasn’t fully grasped Bitcoin yet. It’s way safer if they just send payments directly to a specific address, no need for this “crypto check” nonsense.

It's going to be via a Auction as they have done before
I think the minimum amount allowed for the auction is $200K
Maybe BlackRock and others would take it as an opportunity to buy cheaper
But am sure the market would react but I'm not sure by how much.

This would temporary affect the price not to mention the election around the corner and Iran and Israel War
By things should be settled before December.

The Supreme Court gave a judgement that the seized Bitcoin should be forfeited to the state. There has been a legal battle concerning the ownership of the coin, so the court just made the US government the owner of the Bitcoin. There is no news that the US is about to auction the coins after all, they have more than that in their coffers. It is possible they might not want to sell it since Bitcoin is now a major factor in the current election. The Bitcoin market is used for this dump by the government. It will affect it slightly, but the market will always recover and readjust.

I wouldn't be surprised if they dumped it only after releasing their own CBDC along with putting down Tether scam.

We cannot talk about BTC price dropping just yet, we do not know when they will auction off the BTC's or if they will sell it over the counter. I'll not worry so much about this news, it was obvious that Battle Born was never going to win the case, so no surprise that the supreme court declined to hear about it. However, even if they dump it and it affects the price, it will only be temporary, this isn't the first time the U.S. or other governments will dump confiscated BTC, the price will surely pump after a short time.

I wouldn't be sure about anything concerning cryptocurrency prices  ;)

Do you remember Hashocean? It was a very popular scam Bitcoin cloud mining website that lasted for a very long time, people even sold houses, bought Bitcoins and invested in Hashocean and then when they collected the most investments, they disappeared. I remember that they collected so many Bitcoins that their sell-off affected Bitcoin's price in 2016.

If Hashocean affected Bitcoin's price, this 4.4 billion sell-off will have a significant negative effect on price. 900 Bitcoins are mined per day, the US is selling number of coins that will be mined in 77 days with current block reward. The short-term negative effect is definitely here but if they decide sell, it's a very good signal for holders to sell Bitcoin immediately and wait for the dip because there should be a good deep and recovery will definitely be fantastic because the post halving effect will be in action in a few months.

Btw I bet that their CEX of choice will be Coinbase.

Yeah, everything will change if Trump gets elected because he is so Bitcoin friendly and he knows so much about Bitcoin that he thinks he signs checks with Bitcoins on it! The guy is a total moron and everyone believing in his plan about Bitcoin should go and check that wall at the border that he build and made Mexico pay for it 8 years ago!


The decision is giving the ok to the USMC to proceed with the sale, they had that since 2022 with a ruling by a US District Court, it's just that. Battle Born though they have a case because of a bankruptcy case on the Silk Road funds, with that denied the USMC will have to sell their coins as they were instructed two years ago!

Events like this always make me ask, why are they selling? Back in the day when they had coins, they'd put them on auction and people would simply send them a million OTC and get the coins to their wallets.

Nowadays suddenly everybody is selling on centralized exchanges, the way Germany recently did. Why impact the spot price by selling a large % of supply and get less money when you can make people bid for it? Makes no sense.

I don't think it's going to be a big deal because we've been dealing with these seizure sales for years, but the market is over leveraged now, much more than it used to be 2 or 3 years ago. You can see leveraged degenerates getting liquidated as we speak.

That's your decision, though it is one that i share about most cryptocurrencies, except BTC. BTC is not just any cryptocurrency, yeah altcoins dump and they never pump again, it happens a lot of times; but BTC has its real world use cases: utility, so that is why i am sure that if it dumps, it will pump again and it has happened so many times for me to believe that it will happen again.

Yes this is really ridiculous, I was also surprised when I read this phrase: "crypto check" !!! This man does not know anything about Bitcoin and cryptocurrencies.

This is not the first time he has shown his ignorance about Bitcoin and cryptocurrencies, recently when Trump tried to show off to voters and buy a burger using Bitcoin and appeared in front of the cameras like an idiot as his assistants did everything and he did nothing but smile in front of the camera, he does not even know how to scan QR on the mobile as it appears from the video
https://www.youtube.com/watch?v=kvK2r313_XY

Sounds familiar to me, although in the past 8 years there have been so many scams related to cryptocurrencies that someone could write a very extensive book about them. However, given that the price of 1 BTC in mid-2016 was around $400 (if my memory serves me well), and that by the end of the year it had more than doubled, I would not say that the scam had any significant impact on the price of BTC.


You miscalculated a bit, it's not 900 BTC (approximately) per day, but only 450 BTC considering that the mining reward was reduced by 50% at the last halving from 6.25 per block to 3.125 per block. In addition, I think that about $4 billion worth of BTC will not have any significant effects on the price, because not so long ago we had $3 billion worth of BTC sold by the Germans and no disaster happened.


Very likely, it is no secret that CEX has very good relations with the US authorities.

Don’t trust too easily, you know how elections are coming up, and they’re just trying to win over crypto users. Although he might not be super familiar with using Bitcoin for transactions, if he sticks to his word about being crypto-friendly, that could still work out in our favor. We just need to understand that he’s not so tech-savvy, you know.

Maybe he is not tech savvy and doesn't know how to use bitcoin well but don't forget he is 78 years old and not young like us. What we should pay more attention to is that the people around him all know about bitcoin and they seem to be bitcoin supporters, which is evident when his manager replaced him to pay in bitcoin.

Even if he knows nothing about bitcoin, as long as his administration has politicians who like bitcoin, it makes us optimistic and believe that under his tenure, we will be better. That would certainly be much better than a leader who not only knows nothing about bitcoin but is hostile to it.

No offense but I don't see any reason for anyone to trust the people around a politician when you can't trust the politician himself. I don't say that Trump is doing all this only for the elections, even though I do have a feeling about it, but all I'm saying is that it is possible, and if he is doing it only for the elections and to gain support from Bitcoin and cryptocurrency supporters, he will surely advise people around him to show that they are crypto-friendly and that they like Bitcoin and cryptocurrencies only to win people over.

That being said, just like Bitcoin's price, we can only speculate about this until he manages to get elected and show us what's real and what's fake. Until then, we can only make assumptions and think about what we feel about the situation and their thoughts within. Politicians tend to be good actors, but just like others, I hope he isn't acting.

No, no politician is trustworthy and we do not need to trust and put our full faith in them. Our supporting and voting for them is just exchanging benefits with them, that's all. If you think Harris's policies will make your life better and vote for her, that means you and she are exchanging benefits. She needs your support to get elected, in return for voting for her, you have the opportunity to receive benefits from her administration's policies, we all have our own goals behind what we do. To me, elections and voting are like an exchange of needs and benefits.


You don't need to guess or have a hunch, what Trump does is just want to get more votes from voters. Many will call it deception and lies, which is true but that is the nature of politics and how politicians get votes and Harris is no different than Trump. That is not new and there is no need to speculate.
Voting in elections is like gambling and betting, we bet on where we think we will win.

Definitely, the market would react to such sales be it through auctioning or through exchange but however, the process should be open and transparent because politicians seems to be very funny at all times. I would not be surprised seeing them doing it quick before the [Presidential election so they could get it fast than for a new government to take over it without them getting anything from it.

This would be a good benefit for the exchange they would end up choosing if they think of using an exchange for the sales and also there would likely be other benefits attached to buyers who would buy directly from them if auctioning is their resolve.

It did react to the sales, as we have seen the price goes below $60k in the last 24 hours. But now we have forgotten about this so called negative news, as the price is already at $60,800. So that's how quick the market react to bad news and how quick smart investors taking advantage of it and buying at the right time.

And maybe they are selling because they don't what Trump to have this huge amount of Bitcoin when he wins the US election,  :P

Although it might be good for America to hold and be a Bitcoin holder or at least they have some reserves, but I guess it's not on their plate and wanted to just disposed of the seized Bitcoin.

Yeah, only time will tell, however, the reserves will be created eventually, in my opinion ;D
People and the market, in general, do forget things quickly, however, that doesn't mean that there won't be a nail struck with such an event on the price of BTC.

Approved for selling, but no news yet if it’s actually been sold, and people are already reacting to the market.

There’s a lot of news about selling lately, like this one and the FTX refund to its users, but I don’t think the government will dump everything all at once since that might cause panic. Although it’s not new to us, considering the US has regulated exchanges, they probably won’t do something that will hurt people too much by causing a massive drop. The price reaction right now is mostly driven by speculation, but when the actual selling happens, we might not even feel it due to Bitcoin’s large daily volume.

Your thoughts are right, maybe they already see the possibility of Trump winning the election if not why did they not sell it since they were in in office its now that the elections are close they are quick to sell it because of the fear of loosing out.

Looking at the volume and amount equivalent, that could be a good investment to hold onto for years by the government but I believe greed made them do that so quickly. Well, we never can tell but that is just a good reserve that could turn out in hundreds of billions in the future. As a government that is what I expected them to have thought about for the future of the country they claim to love and are serving rather than being in a haste to sell such asset when they know how valuable it is.

Yeah, I also thought about it - BTC is too big to shake it up that much, and even then, events like that are opportunities for everybody to get better positions, and on BTC, it would be seen as a piece of freshly baked bread ;D
We will see how it goes eventually.

This wouldn’t happen under a Trump administration. I’m not sure why Democrats would see this as any sort of priority when they have an election to try & win in under a month. This just seems like they are trying to annoy Republicans as it serves no real urgent need. Those coins have been hodled for 10 years, why on earth is there a need to sell them now. $4,000,000,000 is one day of US Gov spending, this is politics of revenge by the Democrats. 

Maybe, or maybe not - we will never know, however, we do see this as a gesture from democrats.
I do believe that this situation will be eventually resolved and slowly, not affecting the market too much, the funds will be sold.

No, it didn't have a significant impact on the price. If I amn't wrong, people didn't know Hashocean's addresses, so no one could monitor when they were selling their coins but I remember that there were many speculation about how hashocean would quickly sell off coins and because of that speculation, there was a drop of Bitcoin's price but it didn't last long.

That's why I think that price will dump, the second similar sale in a row and the price doesn't look well right now. It needs a push, if they sell it now, it will be a negative push and we will probably have 50K USD per coin.

I would die laughing if they sell coins on Binance  ;D

In this respect I agree with you, a president who knows nothing about Bitcoin but is loyal to it is much better than a president who knows about Bitcoin but is hostile to it, also the issue of age must be considered as you pointed out.

In the end, I believe that Trump, being a successful economist, will support Bitcoin and will gather around him an administration loyal to Bitcoin and cryptocurrencies because he has come to realize their importance in supporting the American economy.

Most of the time these big amounts are not sold like you and I sell these coins. We may deposit our coins to binance or some other exchange, turn it into cash and then withdraw to our bank accounts, this is what a retail investor does. However, when you have 4.4 billion dollars to sell, you do not sell on the market price and crash the market, because that type of trading wouldn't help you neither.

What you do is over the counter trading, meaning you find buyer or buyers, and then you sell it from lower than the market price. Why lower? Because if you sell it on the market then you will drop the price anyway, hence you have to give discounted offer to make sure buyers are interested. So, you make 4 billion dollars instead of 4.4 billion dollars but the market doesn't crash. Although, the price already went down, not because of them selling on the market, but because people got afraid they would, which is a wrong way of thinking how whales get rid of their coins.

This is bad news for all of us $4.4 Billion worth of BTC will be sold by the government and where will all that money go. That won't be discussed publicly but this selling can cause a huge dump in the price and I doubt the price of BTC can fall even below $55k this time.

We can only assume how bad can happen because here $4.4 billion worth of BTC will be sold, and on the other hand, FTX is going to repay a total of $14 billion to $16 billion in fiat (I am not sure, but I think they will repay in fiat), which might not have a big impact on the market because if money is given in fiat, even half of it, is used to buy BTC, it will recover its price in no time.

That is a lot of Bitcoin that will be hitting the market. No way to spin that. This isn’t the first time though. Bitcoin will survive. Major players may even view it as an opportunity to buy a lot of Bitcoin without moving the market. At some point sales like this will cease to happen and Bitcoin won’t have these headwinds. Just a matter of time.

The coins has been a subject of litigation since 2022. Maybe the government would have auctioned it if not for the legal challenge by Battle Born Investments. You have to be in government to know if there is an urgent need to sell them. Selling it at this time also doesn't make much sense to me since it is believed that the price of Bitcoin will increase during this period.  Most crypto enthusiasts want Trump to win the election, believing that he would make better policies. Should we trust politicians?

When the US government decides to dump the seized BTC it'll naturally cause a panic because speculations will be very high about price dip. But I wouldn't worry because with my knowledge about Bitcoin, the effect of the massive sales will be on the short term. Price will recover and it'll be business as usual, it's not going to be the first time that we'll be experiencing such a scenerio. The bright side to this is that if the dip happens it'll create an opening for investors that has the funds to accumulate more Bitcoin. Hopefully after price recovery it'll skyrocket and we'll see the anticipated $100k price and beyond, I look forward to it.

It would be considered negative news if you bought bitcoin at a higher price and had no intention of buying more in the future. But this will be positive news if you have faith in bitcoin and are always ready to collect more bitcoins every time the price drops.

Bitcoin market cap is over $1 trillion and daily trading volume is up to $50 billion so even if the US government sold that $4.4 billion I don't see anything scary. The market will likely react negatively to that selling pressure but if it can absorb all that bitcoin then it shows that the market is very healthy. For me, I only panic when they sell bitcoins to the market but there is no liquidity, that's when I panic.


If they sell bitcoins to the market, it means the amount of bitcoins they hold will decrease significantly and that is good for us and the market. Look at the positive side of things instead of just looking at the negative side.

Usually it can cause panic since somehow the amount they are planning to sell is huge so provably that it can move the market. Although we don't know on when this event gonna happen or if they dump all or by batches. Maybe best for authorities to decide to sell it by batch so there's less damage will be created on this action they do.

Hopefully we won't see bitcoin to collapsed more since it will totally create huge panic to many people.

But waiting for this event to happen and make sure that I have funds to spend catching those dump since somehow this is perfect opportunity to accumulate since scenario like this is rare to happen. I believe bitcoin would recover after the fear of those dumps will fade out.

It will not have a significant impact on price, the only shocking thing here is that the news websites will promote articles with title "The USA sold 4.4 billion Bitcoin", then some people will panic and price will go down a little but it should recover well very soon because a similar accident happened recently when Germany sold 50,000 BTC.
For every wise person, any dump is a great opportunity right now because price is going up anyway. Bitcoin halving happened recently, ETF got approved recently, what's there to stop the upcoming bull run? Nothing! I think that the old bull run cycle will repeat and any dump before that is a good opportunity.

Sometimes news like this causes panic in the market more than what the selling of that total amount can do.
 
Looking at that amount placed and on auction, if they don't limit the amount per user or institution can buy, institutional investors might even be the ones that will end up emptying that wallet during the auction, if they will allow them to acquire it.
 
Even if it's dumped in the market, it's not the first time, like you said, and the market will show a sign of a heavy sell, after which there will definitely be a U-turn.

You are right we must look at both sides and the good side, according to you is that the funds that's been in holding for some years will be available in the market for people to buy and if there are enough buyers, then the market won't react. I hope I got it right well you are right because it is all the game of demand and supply, and once there would be no liquidity, then things get tough but still with time we all know the price will recover, and after reading your post I feel less scare mean I think things are not that bad.

As I did not see the daily trading volume is up to $50 billion which is insane, if that's true, then these $4.4 billion will easily be absorbed and we won't see market panic and it will recover fast.

Every time Bitcoin starts moving to the upside, news like this comes out to start creating some kind of fud that has a cascading effect when the dump finally comes. There are traders currently trying to short every bitcoin pump now in the hope that they will find the local top.

In the near future, I do hope that Bitcoin will be widely distributed such that big sales like this would no longer be possible. This year alone, we have had to experience huge sales from Grayscale, German government and now, US government about to join the bandwagon.

You forgot Mt.gox, a name that has caused panic and confusion in the market for the past 10 years whenever there is news about them.
They also just announced that they will resume paying bitcoin to creditors in October 2025 after the first payment this year. 

Indeed, I see it as a good thing that governments and large organizations sell most of their bitcoins but I don't understand why people are always so scared about it. There is no denying that this will cause negative reactions in the short term but clearly in the long run this will be good for us because no one will threaten us anymore. So I welcome them to sell their bitcoins as soon as possible, we will only be hurt once.

They have been printing money out of thin air and increasing their national debt in trillions.
They are a major reason of inflation and now they are opting to sell bitcoins which had been sized earlier.
Although this will cause a temporary dump in bitcoin price, it will still not decrease their debt significantly.
One benefit I see out of this situation is that more bitcoins will be added into circulating supply.
So more bitcoins for us to hodl  :)

Do you think the threat will ever end? It's more like a planned events because whenever Bitcoin is bullish there is always an incident that threatens for bearish season. However, those coins were stolen from silk road and a company battle born is claiming the rights of those Bitcoins, (https://cointelegraph.com/news/supreme-court-wont-hear-silk-road-bitcoin-ownership-case) instead of having more court cases between the company and the government it's the SC's best choice to sell off the bitcoins. Normally, this will affect the market price, but as you said it'll definitely bounce back, and gradually in the next bull season similar news will come up regarding stolen bitcoins, or exchanges getting hacked, such sad occurrences won't stop.

Do you think they are selling bitcoin to reduce the national debt? Seriously? The total capitalization of bitcoin is equal to just 1 year of US military spending, the annual GDP of the United States is up to 26 trillion dollars, the capitalization of the US stock market is up to 50 trillion dollars. I don't think $4.4 billion worth of bitcoin will do them much good and they don't need to rely on it to pay off the national debt.

But you are right, it is not necessarily a bad thing for them to sell bitcoins. This may cause the price of bitcoin to drop temporarily, but if we know how to take advantage of it, this will be a good opportunity for us to collect bitcoins at a high discount and it is an opportunity that cannot be better. Just like the German government sold bitcoins and Mt.gox paid bitcoins, those who took the opportunity to buy bitcoins at that time made a profit.

Silk Road money has been a problem for the market for a long time, we need to get rid of this anyhow and I really hope one day SEC just decides this should be 100% completely sold, not just part of the whole seizure but the whole thing would be sold so we can get rid of the whole thing.

I am honestly sick and tired of reading this news, I really do not know how much they have, or how much they have sold so far, but I feel as if we are seeing this type of news at least once a year and I am really done with the whole thing, doesn't feel like there is anything worthwhile out of this. I hope some day someone fixes this whole thing and I end up learning there isn't anything left, which would make market happy. Right now, they keep putting this on our heads at all times.

Wouldn't it be bad for the market if they sold it out in one go though?

https://static.cryptobriefing.com/wp-content/uploads/2024/07/30073633/brave_gYmLSex7W2.png
https://cryptobriefing.com/government-bitcoin-holdings-increase/

We would have to get used to the news of Bitcoin sales by different countries because it might never come to an end. Silk Road Bitcoin is not only the coins the US government, and there will still be more seizures in the future. I guess other nations might also consider auctioning their holding in the future, which means there might never be a time when the market will be 100% free from these threats of sell-offs.

The beauty of the Bitcoin market is that it will always recover and stabilize after the dumps. So we shouldn't be moved by these FUDs; bravery and patience to keep holding is what we need to profit from our investment.

Considering it's a much smaller market I would be more concerned with the mega yacht market when the US government starts selling off the ones they seized from people from sanctioned countries. Or the private jet market. Or the....

I know others have already said it in this thread but it has to keep being said. $4 billion $5 billion whatever it's less then 20% of the average days trading volume.
And it's not like they dump it on the open market, it's auctioned so people will bid it up.

Every time some government sells seized BTC.....nothing major happens. There have been a few small drops, but you can't correlate that to the sale. There have been 5% drops and bounces when absolutely nothing was happening.

-Dave 

People are scared because many of them are not here for the long term, they are short term speculators, many of which i call weak hands, they sell with every fud and they fomo buy when the price is rising again; rinse and repeat.

However, i am afraid that it cannot 'hurt the price only once', governments will always seize coins from people involved in illicit dealings, and right now many of them are still holding coins they have already seized because they do not sell or auction it all at once. This news is bound to always come up every now and then.

Yeah, but I guess everyone will react to news like this.


I think it doesn't matter if they dump it all at once or just a steady sell, it will still be out of the public and it again, depends on how we are going to react. But since we are in the sideways pattern or at least the market is not that bullish, perhaps it will have a negative impact as I have said before.

And after investors found out that this sell is not yet happening, the price did recover to $64k, as of this writing.

I do think that this may have a bit of an effect on the market, but as it was said, it's 20% of the trading volume, thus, being auctioned and regulated, it wouldn't be the end of the world. And it should be resolved eventually.

I didn't mean to say that the US will rely on bitcoin for paying the entire debt but just a little chunk of it.
Only if the US starts clearing off their debt little by little, they will be making any good on the economy.
Otherwise, they will just be making it worse every year.

They have a national debt of 35 trillion, with 4.4 billion, what problem do you think that will solve for them? Also, I don't think the US has any intention of eliminating the national debt and I believe their economy won't collapse because of it. Their national debt skyrockets for many reasons: they spend a lot of money on the military, support wars for their allies...and more importantly, they continue to print more money and pump it into the economy, the national debt will never stop growing.

In theory, that reflects worryingly on their economy, but don't forget that they hold the world's money printing machine in their hands, all world monetary and economic policies are decided by them. The US dollar has dominated the world for over 100 years and is still showing its strength, I don't think it will collapse just because of the published numbers.

Obviously, it will be very bad if they suddenly dump everything on the market, just imagine the amount of FUD that anti-Bitcoin will do here to really scare the market and to see the price plummet. However, we have seen a lot of dumps already that it might not scare as a bit. And do you think that the US government care about it? I don't think so, all they want is to sell that's it. Might have a bad effect as I have said, but it will be short term, on the contrary, institutions and whales are going to be very happy to see the price making a huge correction as they can buy more and stack and accumulate as they know the potential of Bitcoin in the future. So for me, the earlier the better that the US government will dispose of this huge amount. So that we can move on already and this is not another ghost that will haunt us, like Mt. Gox is.

The will be many cases in the future, where the governments will sell seized/confiscated Bitcoins. Do we really have to pay attention to each and every case? OK, this will impact the BTC price in the short term, but so what? The price will recover pretty fast. I don't think that the US government is going to sell the BTC in bulk. They should sell it in small parts, in order to get a better price. The BTC market can definitely handle several thousand Bitcoins. The sad truth is that there will be many more projects like the Silk Road and the governments will seize more cryptocurrencies in the future. Perhaps the criminals that are running darkweb marketplaces should focus on privacy coins and dump Bitcoin completely.