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Bitcoin price to increase by more than 10% within a week of DOJ Bitcoin sale?
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U.S. DOJ Cleared to Sell 69,370 Bitcoin from Silk Road, Valued at $6.5 Billion
Jan 9, 2025, 02:36 AM
The U.S. Department of Justice (DOJ) has been granted court approval to sell 69,370 Bitcoin, valued at approximately $6.5 billion, which were seized from the Silk Road darknet marketplace. The decision follows a ruling by Chief U.S. District Judge Richard Seeborg on December 30, 2024, denying a motion to block the forfeiture of these assets. This approval marks the end of a prolonged legal battle over the ownership of the Bitcoin, with Battle Born Investments failing to delay the sale despite their claims through a bankruptcy estate. The DOJ cited Bitcoin's price volatility as a reason for seeking a swift sale. The liquidation process is expected to be managed by the U.S. Marshals Service, potentially becoming one of the largest government crypto liquidations in history. The timing of the sale is notable, as it occurs less than two weeks before President-elect Donald Trump's inauguration, who has pledged not to sell government-seized Bitcoin and to build a strategic 'Bitcoin stockpile.'
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