According to the analysis by cryptocurrency firm CryptoQuant, any selling pressure caused by the U.S. government potentially selling Bitcoin linked to the Silk Road is likely to be minimal and not significantly affect the market over the long term.
The current total value of all active Bitcoin coins, known as the realized cap, is at approximately $381.7 billion. If coins linked to the Silk Road were to be sold, it would amount to around $6.5 billion. However, this potential sale wouldn’t have a major long-term effect on the market due to its size compared to the total value.
In the near future, the sale of these coins through an Over-The-Counter (OTC) platform is unlikely to significantly affect the market’s dynamics.
In other words, when trades happen on exchanges, they’ll be quite apparent in the overall market dynamics.
According to U.Today’s report, the U.S. government has obtained a court order enabling them to seize approximately 67,000 coins, which were taken by an unknown hacker from the defunct Silk Road marketplace over a decade ago. These coins can now be liquidated.
In November 2020, the U.S. authorities announced they had initiated a legal process to seize thousands of Bitcoins that were associated with an individual known as Individual X. This marked the biggest ever crypto seizure by the government.
Lately, a court decision denied certain individuals’ request for the government to reveal the identity of the person who hacked them.
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2025-01-10 11:12