Well, sort of. Bitcoin went down a bit against the dollar. If it does that then DRK goes down too.
The DRK / BTC exchange is another question.
As it happens, I don't actually think that US Marshall BTC hitting the market is bad. All they're doing is taking BTC that was in cold storage and getting it out into the community.
Whats the problem with that ?
What's more, it isn't going to be hitting existing markets - it's going to be traded off exchange by auction. So that will be new buyers.
All progress IMO.
Oh ok I should have read more, I thought it was going to get dumped on an exchange
Nope, not getting dumped on an exchange. Buyers need to show up with proper identification to claim their auction winnings. This isn't going to be small investors being that they are bidding on 3k coin blocks. The coins aren't new by any means, they are already mined and counted for in the existing market cap. If people thought they were going to remain out of circulation, they didn't realize that most seized assets get liquidated at auction. The likelihood of large investors buying these coins and then immediately trying to flip them on an exchange is a no chance IMHO--I'm sure whatever arbitrage they will try to get will easily get bid out as the investors watch how the exchanges are pricing. Finally, this is actually more good news for BTC as it shows it contains value from the government auctioning it off.
Use what existing price dip as a chance to get some more cheap BTC.
This.
Plus I bet my ass that they'll buy it for more than the actual price. They're not stupid, they know that trying to buy that many on an exchange would drive the price up a lot, so even at 650+ they would average down their investment by buying those coins.
