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.
Topic: The US govt to liquidate 69,000 BTC - page 3. (Read 602 times)
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.
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 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.
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.
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
No, the US has no determination or effort to use bitcoin as a national reserve, it is all just a statement by Trump during the election campaign and an idea of Senator Lummis. Everything is just a rumor and we don't have any more information about it but many of us deliberately exaggerated this rumor causing many people to misunderstand.
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.Quote
According to ARKM, all of DOJ's bitcoins are still intact, they haven't sold them yet but the market is reacting negatively and I don't think it's a good thing they haven't sold.
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. 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.
"fud that will push the price down" = speculation that offers discounts before ATH full bull season, yum yum
"its only about 0.3% of the total market cap" (facepalm)... markets are not priced by the cap. you should check CEX market volume to judge how much coin is actually circulated through a market and then judge the impact coin could make if sold on public CEX as one lump or batched out over days/weeks
secondly, most DOJ sales are done via private auction not CEX market public sales, so yes its more speculation of gossip rather than direct impact on market
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 supply so far. And obviously whales will be climbing over each other to gobble that coin up.
The question of will it be sold or not: I think that under the Biden administration it will probably be sold. Under Trump, it probably will not be sold. But the whales are going to milk this FUD as much as they can, either way. So I expect lots of panic selling ahead and a cheap Bitcoin price which will eventually and probably quickly recover.
We already had a 10% dip from the first wave of FUD, followed by a quick recovery. I think we will see this pattern again. We might even see sub 80K.
A good buying opportunity in my book.
edit: supply so far, not market cap.
The question of will it be sold or not: I think that under the Biden administration it will probably be sold. Under Trump, it probably will not be sold. But the whales are going to milk this FUD as much as they can, either way. So I expect lots of panic selling ahead and a cheap Bitcoin price which will eventually and probably quickly recover.
We already had a 10% dip from the first wave of FUD, followed by a quick recovery. I think we will see this pattern again. We might even see sub 80K.
A good buying opportunity in my book.
edit: supply so far, not market cap.
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
Nah, do you think they would make so many reserves it would affect them in such a way?
Highly unlikely - it's done more for prestige and get the lead in the new brand thing.
So that's not the case, in my opinion.
Maybe they just try to shake up the sentiment to get the market rolling afterward. Or it's just done purely to get rid of the BTC that was confiscated.
Do you suggest, that the selling of six billion USD worth of Bitcoins would break the 4-year cycle of the BTC market?
I don't mind the USA selling seized Silk Road Bitcoins. This would push the BTC price down for a while, which presents an opportunity for the BTC investors to buy cheaper BTC before another bull run occurs. I'm still very skeptical about the idea of a US strategic Bitcoin reserve, but lets wait and see what will happen after Trump's administration starts working. Maybe the news about this BTC liquidation is one of the reasons for the current Bitcoin price to stay below the 95K USD level.
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 I don't mind the USA selling seized Silk Road Bitcoins. This would push the BTC price down for a while, which presents an opportunity for the BTC investors to buy cheaper BTC before another bull run occurs. I'm still very skeptical about the idea of a US strategic Bitcoin reserve, but lets wait and see what will happen after Trump's administration starts working. Maybe the news about this BTC liquidation is one of the reasons for the current Bitcoin price to stay below the 95K USD level.
I called them selling them all before Trump's inauguration. But i thought that's going to be via Biden's executive order.
And again, it's going to be good for bitcoin in the long run. Maybe not for the price, but trusting some reserves to pump the price isn't healthy growth at all. Using bitcoin reserves to inflate price, we are creating dependency of them staying instead of resilience.
And again, it's going to be good for bitcoin in the long run. Maybe not for the price, but trusting some reserves to pump the price isn't healthy growth at all. Using bitcoin reserves to inflate price, we are creating dependency of them staying instead of resilience.
What about getting rid of these Bitcoins and then getting some of them back with a better price?
Sounds like a deal for me
A lot of Bitcoin enthusiasts were bullish about this year's market being one of the best we have ever seen which is normal due to the Bitcoin market's 4-year cycle that always provides new ATH prices.
However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.
This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road. However, the U.S. entities were said to hold 65% more Bitcoin than non-U.S. entities after Trump's national Bitcoin reserve announcement, and I believe they purposely doing selling of the BTC before Donald Trump's inauguration.
Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?
-cut-
I called them selling them all before Trump's inauguration. But i thought that's going to be via Biden's executive order.However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.
This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road. However, the U.S. entities were said to hold 65% more Bitcoin than non-U.S. entities after Trump's national Bitcoin reserve announcement, and I believe they purposely doing selling of the BTC before Donald Trump's inauguration.
Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?
-cut-
And again, it's going to be good for bitcoin in the long run. Maybe not for the price, but trusting some reserves to pump the price isn't healthy growth at all. Using bitcoin reserves to inflate price, we are creating dependency of them staying instead of resilience.
All the muppets who said the USA would start a strategic bitcoin reserve, raise your hand.
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.
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.
A lot of Bitcoin enthusiasts were bullish about this year's market being one of the best we have ever seen which is normal due to the Bitcoin market's 4-year cycle that always provides new ATH prices.
However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.
This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road. However, the U.S. entities were said to hold 65% more Bitcoin than non-U.S. entities after Trump's national Bitcoin reserve announcement, and I believe they purposely doing selling of the BTC before Donald Trump's inauguration.
Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?
-cut-
I called them selling them all before Trump's inauguration. But i thought that's going to be via Biden's executive order.However, the current 4years cycle market is different from the previous one we have experienced and we should be ready for any surprises because the major investors and holders in this current market are institutional banking, private investment organizations, and the government.
This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road. However, the U.S. entities were said to hold 65% more Bitcoin than non-U.S. entities after Trump's national Bitcoin reserve announcement, and I believe they purposely doing selling of the BTC before Donald Trump's inauguration.
Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?
-cut-
And again, it's going to be good for bitcoin in the long run. Maybe not for the price, but trusting some reserves to pump the price isn't healthy growth at all. Using bitcoin reserves to inflate price, we are creating dependency of them staying instead of resilience.
I think the latter will be the case here since the US has the resolve to make Bitcoin her national reserve. There's no way all will be sold. However, even the small quantity sold, it has thrown the market into a great dump. Hopefully, we go up back to $100k before the swearing in of Mr Trump as I expect price to dump soon after his assumption of office.
By the way, according to the news, the court has allowed DOJ to sell bitcoin but so far they have not sold any bitcoin. The market is just panicking on its own because of this news.
According to ARKM, all of DOJ's bitcoins are still intact, they haven't sold them yet but the market is reacting negatively and I don't think it's a good thing they haven't sold.
https://intel.arkm.com/explorer/address/bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6
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.
it might also just be a legal process, for instance. if the pardon of the silk road owner does go through, then the us gov having his BTC means that they need to give them back. so disposing of them before the pardon means there is nothing to return as it legally was spent whilst the crimes were still valid
it might be bidens teams last attempt to not let trump have his cake and eat it. if trump is to pardon silkroads (currently incarcerated) owner, biden might not want trump to also have his btc to do a deal with the guy or hand them back to the guy
Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?
I think the latter will be the case here since the US has the resolve to make Bitcoin her national reserve. There's no way all will be sold. However, even the small quantity sold, it has thrown the market into a great dump. Hopefully, we go up back to $100k before the swearing in of Mr Trump as I expect price to dump soon after his assumption of office...Do they have a legal way to turn these coins into reserves?
If not - there is no point in thinking about it, simply because they won't do what the law doesn't dictate or allow.
This is what I pointed out some days ago not knowing that the US government would be the first to make a move by giving the DOJ the order to sell $6.5 billion in Bitcoin seized from Silk Road.
I didn't see that news on time. Otherwise, I wouldn't have bought at $96k that I did two days or so ago. I would've waited a while for more drop because such was a huge fundamental. Anyway, buyers are eating up that fall and pushing price up back. It's currently sitting at $94k Quote
Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?
I think the latter will be the case here since the US has the resolve to make Bitcoin her national reserve. There's no way all will be sold. However, even the small quantity sold, it has thrown the market into a great dump. Hopefully, we go up back to $100k before the swearing in of Mr Trump as I expect price to dump soon after his assumption of office. 
Are they going to sell more BTC or use the remaining as their national Bitcoin reserve?
I don't think since the US government has decided the adoption of bitcoin for it Fed reserve and being the highest nation holding bitcoin, they would likely keep the recovered bitcoins that is worth $6.5 billion from the Silk and add up to their initial holding.
The vision of the US government as Donald Trump emerges office is to accumulate infinite number of bitcoins which these seized recovered funds maybe channeled over to the Fed reserve account of their bitcoins.
Knowing the friendly differences between Biden and Trump over bitcoin, we all we'd know how strong hold and supportive Trump had been over it speculative adoption to provide more to its values, I'd doubt if the DOJ attorney general would forward to sell them off because he'd be questioned to account what the funds was used for knowing the attorney general was Bidden's appointee to lead the DOJ.
So I think he might end up in jail by Trump if sold the recovered Silk bitcoins instead would be added to the already national reserve.
Although the DOJ has not sold any bitcoin to date, they have been given court permission to sell if they want, Trump or anyone else would not have the right to impeach the DOJ just because they sold bitcoin. Don't go crazy over Trump and think this will ruin the bitcoin reserve plan and we make such silly speculations.
I also supported Trump in the election and I also hope he will bring a breath of fresh air to the market but we should be realistic that he does not love and care about Bitcoin that much. He talked a lot about bitcoin, crypto during the election but mostly to win votes, he is not a big fan of bitcoin. Bitcoin Reserve? It's too early to talk about bitcoin reserves and if you want to, ask the Fed instead of Trump or any senator because they have no authority over national reserves.
DOJ already got a permission to sell BTC. Although, they have not yet sold it, they can do that anytime. What's the difference?
I'm only thinking this big sell is gonna give a huge impact to the trend that is happening now. It seems Biden wants to offload Bitcoin before he leaves his office soon. He's against Trump's plan.
6.9 billion is more than 10% of the total volume, it's a lot to be dumped to the market. I think the whales are already front running it to dump their bitcoin before DOJ does it.
Jump to: