The US govt to liquidate 69,000 BTC

[franky1]

Yes, I checked and no single BTC had been withdrawn from that wallet. Indeed, it's not good news. If we already dipped to this point when the said BTC hadn't even been touched, we can imagine what we happen when the market is flooded with it.

not good news?
so when has discount before bull season been bad news? its great opportunity for many people

[Hamza2424]

I still agree to this, I think it will depend on what Trump may decide on once he takes charge this January but either ways, they selling everything may likely be a bad idea but since we are still much having a bullish sentiments, it won't be felt much once Trump is on sit.

Firstly I'm curious about the news source, secondly yup we are still bullish on the market developments for the rest we need to acknowledge that maybe a consolidation for the second peak is cooking here like my first peak target was 111.11k but we are in a zone where there is no chance that we are gonna drive up to this target and the reason is some negative developments and global economic conditions.

Still, in the crypto market, the arrival of Trump into power can change things so I'm still optimistic that the first peak still has a chance to touch that level or above that level till the last week of Jan if we don't hi that level in jan we are gonna get trapped into a consolidation zone from the range of 87.5k to the peak level.

[fuguebtc]

I think the US Government is selling their Bitcoin during the Biden administration with the aim of preventing Trump from profiting from the Bitcoins confiscated by the US. This is a normal thing in politics. They got Bitcoin during their time so it makes sense that they would want to sell it. But I still doubt whether the sale will actually happen. But it seems that the effect of the issue has kept Bitcoin at $92k-$95k. If the liquidation really happens I think there is a possibility that Bitcoin will crash and return to the $60k level. And the idea of ​​making Bitcoin a strategic reserve I don't think it will happen anytime soon because if Trump makes Bitcoin a strategic reserve it seems that it will affect the US economy to become unstable because the price of Bitcoin is also quite volatile. -CMIIW

Your hypothesis would be correct if the Biden administration used the proceeds from selling bitcoin to do something that benefits them. If they just sell Bitcoin for USD but do nothing with the money then it cannot be said that they intentionally obstructed the Trump administration because the money is still there.


According to some data, they have not sold any bitcoins yet and we need to wait and see what they do next. But if they sell, bitcoin price will definitely drop but I don't think it will be dumped below $60k.

I don't even believe there will be any proposals for national reserve bitcoin, let alone that we'll see it happen in this cycle. The Federal Reserve has made a statement but many people still do not accept this fact.

[Zlantann]

From other news outlets too all it says is that the court has now cleared USA's DOJ to sell their bitcoins. Words like greenlights and allows were also used. It does not mean DOJ must sell it nor they will sell it immediately. Being cleared to do this simply just means that the year long dispute is now taken care of and the DOJ can proceed to think about what to do with the seized bitcoins.

I am not too worried about this. We do not know if DOJ will actually sell it but if they do, it is just an opportunity for us to acquire more before Trump takes his seat and eventually adds bitcoin to their national reserve.

The government just got a court judgment that gives them permission to sell. Some anti-Bitcoin forces have been encouraging Joe Biden to give Donald Trump Bitcoin reserve a setback by selling off those Bitcoins. However, the government has not indicated interest in selling them..

The process of selling this could be complex and time consuming since it has to go through stages of administrative approvals. Except the process is hastened it might linger until after January 20th. Secondly, the court judgment can still be appealed which can halt the immediate disposal of the Bitcoins.

[seoincorporation]

69k btc is a serious amount, maybe that explain the drop we saw in the past hours, it looks like the crash is on the way, for a moment BTC lose close to 10% of it's value, if we see the price of the past 7 days we can see how it went from 102k to 91k, that's something serious for a big market.

Let's see how the market flows now, maybe it start going back to $100k again.

[Z-tight]

69k btc is a serious amount, maybe that explain the drop we saw in the past hours,

I don't know if this news is directly connected to the fall in price, they have actually not sold any coins, but it could be that people are simply reacting to the news. However, people who do not fall for fud will take advantage of the drop and accumulate more BTC's, it is the weak hands that react to every fud and speculation and sell off immediately.

[Nwada001]

Does other Governments across the world also hold BitCoins? I wonder Govt. Of India holds any reserves.
also Kingdom Of Bhutan also holds a lot of bitcoins.

You can check on this data “ Bitcoin Holdings of Countries & Governments “ to see other countries that hold bitcoin, both by seizure, mined, and those who bought and hold bitcoin. 

Yes, I checked and no single BTC had been withdrawn from that wallet. Indeed, it's not good news. If we already dipped to this point when the said BTC hadn't even been touched, we can imagine what we happen when the market is flooded with it.

not good news?
so when has discount before bull season been bad news? its great opportunity for many people

It's a great opportunity for many people and bad news for those who were already planning to sell. People who don't intend to hold bitcoin for long, such as those who hear news that causes panic in the market, are always affected negatively. 
 
On the other hand, some will also consider it not to be good news looking at what will happen to the market if they eventually sell. If the news of approval can cause this drop in the market, what more will selling do to the market? But whatever selling news will bring, it will still be an advantage for buying cheap for many.

[Zaguru12]

I don't know if this news is directly connected to the fall in price, they have actually not sold any coins, but it could be that people are simply reacting to the news. However, people who do not fall for fud will take advantage of the drop and accumulate more BTC's, it is the weak hands that react to every fud and speculation and sell off immediately.

It is simply the people’s reaction causing this dump, we have been saying long term ago that it is not sales by the government or institutions that causes huge dumps but rather it is the FUD the sales cause that actually affects the market. This is similar to the August crash of bitcoin from $70k to $48k due to the news of German liquidating the seized bitcoin in their possessions, for now I think bitcoin will be ranging until that liquidation has started by them selling then we can again see further dump, my prediction is that should the $90k fails to hold the we might be heading to $82k support which I believe for the month should definitely hold.
We are also expecting the hype day which is the Inauguration Day and what policy will be implemented which will definitely change the narrative this month

[tabas]

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

No one knows about it. Until it has passed as a law and there's an assurance then that Bitcoin national reserve is for real. As of now, let's take it as a word of mouth from Trump. He's not yet in the position to make sure that he'd definitely make it happen. What is happening now is the action still of the Biden administration and they've probably planned this long time ago and all of the proceeds might be allotted into something else. But hopefully, there will be some good news once Trump steps into the white house and clean all of this mess that the Biden's admin left.

[goldkingcoiner]

It does not matter much whether they sell or not, what matters is the FUD that will push the price down. The act of selling that amount of Bitcoin will not have a great effect on the price of Bitcoin, seeing as it is only about 0.3% of the total market cap. And obviously whales will be climbing over each other to gobble that coin up.

"its only about 0.3% of the total market cap" (facepalm)

My bad, meant current supply. Not market cap. 69K is a bit over 0.3% of total supply so far.

Either way, too small a number to make any significant dents into Bitcoin price in the long term.

[Wakate]

From other news outlets too all it says is that the court has now cleared USA's DOJ to sell their bitcoins. Words like greenlights and allows were also used. It does not mean DOJ must sell it nor they will sell it immediately. Being cleared to do this simply just means that the year long dispute is now taken care of and the DOJ can proceed to think about what to do with the seized bitcoins.

I am not too worried about this. We do not know if DOJ will actually sell it but if they do, it is just an opportunity for us to acquire more before Trump takes his seat and eventually adds bitcoin to their national reserve.

The government just got a court judgment that gives them permission to sell. Some anti-Bitcoin forces have been encouraging Joe Biden to give Donald Trump Bitcoin reserve a setback by selling off those Bitcoins. However, the government has not indicated interest in selling them..

The process of selling this could be complex and time consuming since it has to go through stages of administrative approvals. Except the process is hastened it might linger until after January 20th. Secondly, the court judgment can still be appealed which can halt the immediate disposal of the Bitcoins.

I think this might take a little longer and eventually, things might go through other side which could halt the selling of the Bitcoin. The crypto market is still ranging looking like the price of Bitcoin could go down a little more, giving us the opportunity to buy more Bitcoin; that's left for those that have the funds to do so. I think many Bitcoin influencers and whales are already getting prepared for the huge bull momentum that could take place after Donald Trump gets inaugurated.
We might see some sharp spike in the price of Bitcoin which could also influences altcoins to gain some ground in this anticipated bull movement that could surprise everyone.

[Ale88]

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

From what I read in that picture, it's that DOJ can sell those bitcoins, not that DOJ must sell them.
This being said, indeed, I would not be surprised if DOJ postpones the selling a little and then those bitcoins become the first batch in Trump's USA bitcoin reserve.

This is what would make more sense, I don't see why there should be some kind of urgency to sell these bitcoins, I don't think the US government desperately needs 6 billion of dollars, for them that is peanuts. But of course this is also a great occasion for people to spread FUD, it's the same thing that happened when Germany was about to sell the bitcoins they seized and at the end the market didn't even notice it.

[coolcoinz]

If the Biden DOJ proceeds with the sale, the Trump administration can simply buy back the bitcoin at a lower price then they were sold or around the same price.
Even at a bit higher price, it is worth it to buy back the bitcoin.

Given that Trump is about to take office in just a few days, it would be dumb for the DOJ to sell at this time knowing Trump can simply buy back the bitcoin almost immediately at around the same price, by executive order. It would made more sense for them to dump the bitcoin months ago when the price was much different but now it doesn't make any sense given the current timeframe. Also makes them look bad because it can be seen as a purely political move just to spite Trump.

I don't think the bitcoin haters in the government see it this way. To them it changes a lot.

First of all it forces Trump to spend money on this. Instead of moving coins from one agency to another he'll have to make a purchase. I'm not an expert in this, but spending budget needs more approval than allocation of an asset that's already in possession of the government. Think of it like the army giving away some of its unused vehicles to the police, versus the police asking for money to buy the same vehicles from private owners. It's not only going to be harder to do, but also count as government spending money. If that spending ends up being a loss next year, it's going to give democrats something to throw at Trump.

Also, it's a bit late, but if the current administration managed to allocate the money gained from selling bitcoin and spend it on some social projects, like schools, social services, or send it to Ukraine, Trump would not be able to use it to buy back BTC and Biden would say he used worthless bitcoin that was sitting there for years against president Zelensky... wait Putin! President Putin!

[Baofeng]

Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?

From what I read in that picture, it's that DOJ can sell those bitcoins, not that DOJ must sell them.
This being said, indeed, I would not be surprised if DOJ postpones the selling a little and then those bitcoins become the first batch in Trump's USA bitcoin reserve.

This is what would make more sense, I don't see why there should be some kind of urgency to sell these bitcoins, I don't think the US government desperately needs 6 billion of dollars, for them that is peanuts. But of course this is also a great occasion for people to spread FUD, it's the same thing that happened when Germany was about to sell the bitcoins they seized and at the end the market didn't even notice it.

It's not that they are desperate to sell or make billions on those Bitcoin. We are still officially on Biden administration, and so with that they can still do whatever in their power to sell it to make it harder for the incoming President Trump.

With regards to FUD though, if you have to look at it, the news is on December 30, if I'm not mistaken, and it just resurface a couple of days ago. So there could really be some entities behind who wanted to create fear to pull the price down or the Biden administration, has political motives behind for wanting to sell the US Bitcoin.

Hopefully though in their last remaining days, they won't do that and just like what others say, it could be the first batch of Trump's Bitcoin reserve plan.

[Z-tight]

But of course this is also a great occasion for people to spread FUD, it's the same thing that happened when Germany was about to sell the bitcoins they seized and at the end the market didn't even notice it.

Yeah, people have also been spreading fud that Joe Biden is probably going to push for the sale of all BTC's currently held by the United States before leaving office, but there is no indication that he is going to do that, there is even no reason why he should do that. The only thing i can think of is that it is fud, why sell all BTC's, when the incoming president can buy them back when he takes office and set up a strategic reserve if he wants to.

[Ever-young]

My bad, meant current supply. Not market cap. 69K is a bit over 0.3% of total supply so far.

Either way, too small a number to make any significant dents into Bitcoin price in the long term.

It won't be enough to make a heavy price drop in the market for the long run, but it will still affect the market. Sometimes it's not really how much bitcoin is to be sold in the market that causes this price drop; sometimes it's the people involved in making the sale or planning to sell off that cause panic in newbie traders minds, which leads them to panic selling. If truly the news was what dragged Bitcoin down from $101k, it recovered back down to $91k before starting to pull off back. Imagine what the future wallet recording selling could have done to the market in a short run.

[Amphenomenon]

Yes, I checked and no single BTC had been withdrawn from that wallet. Indeed, it's not good news. If we already dipped to this point when the said BTC hadn't even been touched, we can imagine what we happen when the market is flooded with it.

not good news?
so when has discount before bull season been bad news? its great opportunity for many people

A discount Indeed  , with the current news many might be low key hoping they sell in order to buy the dip and get more units of btc and to be honest, I might still want it since it will increased the unit I make from signature campaign 😉.

I still agree to this, I think it will depend on what Trump may decide on once he takes charge this January but either ways, they selling everything may likely be a bad idea but since we are still much having a bullish sentiments, it won't be felt much once Trump is on sit.

Firstly I'm curious about the news source, secondly yup we are still bullish on the market developments for the rest we need to acknowledge that maybe a consolidation for the second peak is cooking here like my first peak target was 111.11k but we are in a zone where there is no chance that we are gonna drive up to this target and the reason is some negative developments and global economic conditions.

The news has become quite popular now: https://cointelegraph.com/news/us-cleared-sell-6-5-b-bitcoin-crash-btc-price.
They can chose to sell if they feel like.

Still, in the crypto market, the arrival of Trump into power can change things so I'm still optimistic that the first peak still has a chance to touch that level or above that level till the last week of Jan if we don't hi that level in jan we are gonna get trapped into a consolidation zone from the range of 87.5k to the peak level.

We are still optimistic but I know many are still not disrupting a bearish market before Trump finally take charge and we begin to see the more bullish season .

[boyptc]

not good news?
so when has discount before bull season been bad news? its great opportunity for many people

The liquidation isn't good news.

But the effect of it is good news for those that want to buy when it's cheaper compared to the ATH. Now, the uncertainty is going to get in if ever the price will go back to $100k+.

Personally, I believe that it will be back there and we're going to have new ATHs for this year. While the skeptics to their decisions and Bitcoin, they will want to wait a little longer.

[Marvell1]

Well, I don't think it was a mere comment from Trump for the sake of electioneering. I believe he meant it and more likely to carry it out than not executing it. Trump will not like to fail on that and be seen as talks without actions. Already, people see him an loquacious and I don't think he would want to prove them right.

Well, assuming that is his serious intention, I wonder how he will go about it. Because according to the news I read, the US government and the Fed are two completely separate agencies and do not have to obey each other's orders. Meanwhile, as we all know, national reserves are held by central banks (Fed) and not by the government. I guess you didn't miss the Fed statement on bitcoin and that's why I'm not bullish on bitcoin reserves.

I also supported Trump in the election but I don't believe in his Bitcoin reserve strategy and I consider it a statement aimed at winning votes.

Yes, I checked and no single BTC had been withdrawn from that wallet. Indeed, it's not good news. If we already dipped to this point when the said BTC hadn't even been touched, we can imagine what we happen when the market is flooded with it.

That's what i mean, if those bitcoins were actually sold the market would react more negatively. Many people see this as good news, I hope they bought and will buy more if the price continues to fall like they say.
It is surprising that we are in the bull season and everyone wants Bitcoin to go up sharply to take profits but there are also people who expect Bitcoin to go down at this time.

[kentrolla]

This has just cleared their path that they can sell those Bitcoins and I don't think they would be selling it right now, Trump's era has been speculated to be Bitcoin friendly but let's wait and see what's in store for us but let me clearify this would be used like a bait to create fear of mass selling out without actually selling it to change the tide of market. I think some are waiting for bitcoin to start dumping in order for them to buy while others are optimistic that it wouldn't go below $90k and still hodling on to it. No matter whatever the news or decision the FED makes they can never be Bitcoin or crypto friendly and it would be better if they sell those Bitcoins sooner than later so they cannot use it to manipulate the market.