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U.S. Government to Auction $4.4B in Bitcoin from Silk Road

News | Blockchain | by Max Cosmo | October 8, 2024 |
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The U.S. Supreme Court has declined to hear a case involving 69,370 Bitcoins, valued at $4.4 billion, seized from a wallet linked to the Silk Road marketplace. With this legal obstacle removed, the U.S. Marshals Service is set to auction off the Bitcoin.

Recently, the U.S. government has been transferring significant amounts of Bitcoin, likely in preparation for the auction. The impending sale has raised concerns within the crypto community about potential market instability and its impact on Bitcoin’s price.

Additionally, political debates have emerged, with former U.S. President Donald Trump advocating for a “strategic Bitcoin stockpile” if re-elected, while the current focus remains on liquidation to bolster government funds.

Sentiment: Neutral

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