US court approves the sale of 69,000 Silk Road bitcoins

[famososMuertos]

Let's clarify the jargon we are using, Donald Trump does not buy bitcoin, he does not, he surely never will because of his financial convictions, now the announced political economic strategy has not yet been made effective, since due to the narrow margin (which never really existed) of votes, this announcement ("his love for Bitcoin") was necessary.

I think what has made bitcoin great is the great knowledge of its community and the trust in its niche and not in this type of announcements, whether true or false they should only reach peaks on the graph and not be decisive in the long term.

[Kemarit]

US court approves the sale of 69,000 Silk Road bitcoins because this news bitcoin just dropped to retest the 92K  level, and I hate them because us just dropped like without noticing us.

It's obviously negative news, that's why the price suddenly goes down to $92,000 after this news has made public. It could be FUD, but the damage has been done for us. Nevertheless, a quick bounce to $95,000 already.

If trump said about bitcoin reserve than we will see bitcoin reach beyond 100K

He already promised that already, but it's different if that is going to be implement as even him being the President, he will need to go to Congress and have it approved if I'm not mistaken. It is only Gold so far that the US has been then national reserves for decades now.

So very hard for Trump, but if he has the support then maybe Bitcoin will be a national reserve and then other nations might do it as well because of the influence.

[arabspaceship123]

It's negative news but it won't stay because ppl aren't stopping buying. It got a quick bounce but isn't close to $100k so it'll need time. If they'd kept the 69k bitcoins the price would've stayed over $100k. It'll recover soon.

It's obviously negative news, that's why the price suddenly goes down to $92,000 after this news has made public. It could be FUD, but the damage has been done for us. Nevertheless, a quick bounce to $95,000 already.

[hero_the_bossman]

It's negative news but it won't stay because ppl aren't stopping buying. It got a quick bounce but isn't close to $100k so it'll need time. If they'd kept the 69k bitcoins the price would've stayed over $100k. It'll recover soon.

It's obviously negative news, that's why the price suddenly goes down to $92,000 after this news has made public. It could be FUD, but the damage has been done for us. Nevertheless, a quick bounce to $95,000 already.

Yep. For most - it's a possibility to get more Bitcoin. And after all - Bitcoin will prevail. And get the biggest ATH yet.

[arabspaceship123]

We don't how the price's going to move tomorrow but it's below 91k now. I hope it isn't the beginning of ppl dumping.

Yep. For most - it's a possibility to get more Bitcoin. And after all - Bitcoin will prevail. And get the biggest ATH yet.

[Maslate]

Maybe it’s the rumors and fears causing the price drop. That’s a huge amount if dumped, but I doubt all 69k Bitcoins will be sold in one day. They’ll probably ensure it’s done gradually to avoid disrupting the market.

Maybe we’re just overreacting.

Don’t fall for the FUD. Stay calm.

We don't how the price's going to move tomorrow but it's below 91k now. I hope it isn't the beginning of ppl dumping.

Yep. For most - it's a possibility to get more Bitcoin. And after all - Bitcoin will prevail. And get the biggest ATH yet.

[Solosanz]

We don't how the price's going to move tomorrow but it's below 91k now. I hope it isn't the beginning of ppl dumping.

It's just a normal correction, as long as Bitcoin price not touch below $90K, it's still fine.

You need to zoom out the Bitcoin price, it was around $50K-$60K before, while now Bitcoin price almost stay double from the previous price and the most important thing, $108K isn't the peak in this super cycle.

Bitcoin will create new ATH, we are all only need to wait.

[siniminomorocomunisakito]

It's enough to panic the market and I think many users will sell their holdings first for a while. No wonder the market is red and continues to decline. It seems like the price will continue to be depressed and prepare to go to 85K again. Hopefully the turnaround will be quick.

[philipma1957]

I was able to get dip today at:

90.9k
90.5k
89.9k


more dip soon?

[Richbased]

Good news is the market is, such panic won’t last long in the market.

Bitcoin has gotten to a point whereby if any organization, institution or the government sells their bitcoins, it will only cause short term DIP and skyrocket again because there are investors that are even looking for negative news so that the price can fall for them to utilize the opportunity and acquire more bitcoins at a cheaper price. I don't see anything that will affect bitcoin now and the price begins to DIPs for a longer period of time. Though 69,000 bitcoins is huge but i wonder why the US government came up with this decision.

[EluguHcman]

Could it be that releasing the news now is just an attempt of market manipulation?

Formally I never believed the market could be manipulated but when I understood the influence of the whale accumulators towards their huge amount of purchased and selling of their Bitcoins, then I realized the market volatile system can be thwarted with from Bear to Bull or from the bull to Bear.

But what I understood about the system is that the manipulating process is in accordance to market correction so the market can either ignite holders to keep holding and the other is creating paths to attract more buyers.

As much the US has been a lead government holding highest amount of Bitcoin, their actions on the market can as well prompt to market manipulations.

[justdimin]

Well that's Donald Trump administration that said they will establish bitcoin strategic reserves, and not this present administration. The Joe Biden administration hasn't ended so they are definitely going to do things their way. They are going to run the government in their own terms till the last minutes they have in office. Nothing concerns Joe Biden administration with building bitcoin national reserves. There is no way Joe Biden administration will consider anything that will aid the incoming administration with their proposed establishment of bitcoin strategic reserves.

They are both right and wrong about this. I mean they are right because it's their rule right now and they are free to do whatever they want as long as they are allowed to, not like they are doing anything illegal, so they are not really doing anything crazy at all.

However, it's also obvious that they are not doing this in good faith neither, we are seeing this as clearly as it gets about how we are dealing with something marginal here, obvious that Biden and DOJ is doing this because they dislike Trump, it's clear that much. To be fair DOJ was filled with many Trump people, but turns out either Biden did the same, or maybe Trump didn't do enough. All in all this doesn't feel like a big deal, whatever ends up happening, I am sure it won't be a big issue for long term.

[STT]

If they were going to create a reserve, the confiscation of assets such as this would be the only path to do so imo.  I dont see they can generate the funds to buy BTC in quantity otherwise.

[philipma1957]

If they were going to create a reserve, the confiscation of assets such as this would be the only path to do so imo.  I dont see they can generate the funds to buy BTC in quantity otherwise.

They can print money and buy tons of coins.

But not just yet.

Maybe fall of 2025 or winter of 2026. But nothing now.

[cryptomaniac_xxx]

I was able to get dip today at:

90.9k
90.5k
89.9k


more dip soon?

Good for you if you were able to buy in the dip.

But it seems that the price goes on another run to reach $97k. Not sure what it is as from $93k->$97k in just short amount of time. Could be the FOMO on Trump assuming office. Looking at the numbers though, it seems that the US government is still holding that Silk Road Bitcoin and nothing has change.

[EarnOnVictor]

As for the topic, the US court approved the sale of over 69,000 bitcoins. Some say this is the main reason for the recent dump, although it would be a bit strange as I hear the approval took place on 30th Dec, and we've seen the price going up to above $100k since then before dipping again.
Could it be that releasing the news now is just an attempt of market manipulation?

Well, some market reactions are not immediate, it will be an aftermath effect. However, I have two nixed dispositions to things like this;

1. 69,000 BTC is a small portion of almost 22m BTC that has been mined and its value is $6.6B, which is negligible compared to $1.92T and it represents about 0.35% of the market cap. Verdict: This is so negligible to move the market in such a significant manner.

2. In another sense, the market may interprete it against the expected Bitcoin buying plan of Trump and this may coupled with other factors which could send a negative signal.

[Minor Miner]

1. 69,000 BTC is a small portion of almost 22m BTC that has been mined and its value is $6.6B, which is negligible compared to $1.92T and it represents about 0.35% of the market cap. Verdict: This is so negligible to move the market in such a significant manner.

But have you checked to see if any exchange has enough liquidity if all those bitcoins are sold at once? Because as far as I know, Binance is the exchange with the largest trading volume but only reaches 5 billion dollars and the liquidity of all exchanges combined is only about 50 billion dollars. It can be seen that Bitcoin's liquidity is quite modest compared to its capitalization of 1.92 trillion dollars, which is also why when someone sells billions of dollars and buys billions of dollars, it will easily affect and make it volatile.

2. In another sense, the market may interprete it against the expected Bitcoin buying plan of Trump and this may coupled with other factors which could send a negative signal.

I also see a lot of people thinking this way, they think the Biden administration is trying to make it difficult for Trump's bitcoin reserve plan.

[dezoel]

Well that's Donald Trump administration that said they will establish bitcoin strategic reserves, and not this present administration. The Joe Biden administration hasn't ended so they are definitely going to do things their way. They are going to run the government in their own terms till the last minutes they have in office.

I think he was referring to the previous scenario or about that Mt. Gox selling Bitcoin thing. For now, the position must be taken over to Donald Trump as he have won the election last time and now going to inaugurate. Anyway, even if let say the Biden administration hasn't ended yet and they will do the same thing, then that is also fine and there will be no change at all once Trump is now sitting in the throne. He will be glad in fact about it, about the boost that he will be getting.

It could also be that the officials of this present administration wants to buy their own bitcoin on individual basis.

Are you referring to Trump? If yes then that is for sure because he is planning to make Bitcoin as a reserve and then it can also be for personal use cases and others.

[arabspaceship123]

Let's say it falls below $90k it won't affect ETF & longer term investors because they're sure bitcoin won't lose value in their fund. What's going to happen to bitcoin after Trump's taken his seat as president ?

It's just a normal correction, as long as Bitcoin price not touch below $90K, it's still fine.

You need to zoom out the Bitcoin price, it was around $50K-$60K before, while now Bitcoin price almost stay double from the previous price and the most important thing, $108K isn't the peak in this super cycle.

Bitcoin will create new ATH, we are all only need to wait.

[SamReomo]

So far this news hasn't done any damage to value of Bitcoin. Surely it created fud in start and many weak hands or like a reputed members said 'idiots' have sold their bags and that caused a temporary dip in value of Bitcoin. The smart ones accumulated more coins during the dump because they know that whenever Bitcoin dumps then it will pump again because they still firmly believe that they will see another intensity in the present bull run and that might take Bitcoin's price to so high values that a few skeptics can't even imagine.