U.S. Department of Justice receives Bitcoin liquidation ruling from Silk Road



According to a ruling from a U.S. court on December 30, 2024, the U.S. Department of Justice (DOJ) has been authorized to liquidate 69,370 BTC (worth 6.5 billion USD), this Bitcoin was seized from the Silk Road black market. This case continues to create downward pressure on Bitcoin prices, as the market reacts negatively to this information.



Case details


• The number of Bitcoins seized by the DOJ from 'Person X', who surrendered this massive amount during the investigation of illegal activities on Silk Road.


• Battle Born Investments, which claimed ownership of the above BTC, failed in the dispute lawsuit.


• #DOJ explained that the volatility of Bitcoin prices is the main reason for their proposal to liquidate.



Conflicting with President Trump's policy?



Although the ruling has been approved, it remains unclear whether U.S. President Donald Trump will approve the decision to sell this Bitcoin.


• Trump's policy: During the election campaign, Trump stated he would strongly support the cryptocurrency industry in the U.S., even proposing the establishment of a strategic Bitcoin reserve fund for the nation.


• Mr. #TRUMP confidently declared that the price of Bitcoin would exceed 100,000 USD during his first term, with ambitions to push the currency to 150,000 USD.



Previous Bitcoin sales by the U.S.



The U.S. government has repeatedly liquidated seized Bitcoin:


• March 2023: Sold 216 million USD worth of Bitcoin.


• April, July, and December 2024: Transferred a total of over 89,755 BTC to Coinbase in preparation for liquidation.


• Currently, the U.S. still holds more than 198,100 BTC (equivalent to 18.59 billion USD), along with many other crypto assets such as ETH, USDT, WBTC.



Market Reaction


• The price of Bitcoin has slightly decreased in the past 48 hours, right after this information was revealed.


• Many opinions suggest that news about the liquidation was leaked before the official announcement, putting psychological pressure on investors.



Conclusion



This liquidation of 6.5 billion USD worth of Bitcoin not only raises questions about the crypto policy direction of the U.S. under the new administration but also raises concerns about the negative impact on the market in the short term.



If the sales plan is implemented, this will be one of the largest Bitcoin liquidations to date, potentially causing significant fluctuations in the global crypto community. #anhbacong