Benzinga – The U.S. government is planning to sell 41,500 Bitcoin (CRYPTO: BTC) that it holds, according to court documents.
What Happened: The U.S. government currently holds more than 205,000 BTC as of March 27, making it the largest holder of the world’s largest digital currency, owing to its long history of seizures.
The government initially seized 69,369 BTC from an individual X, who was connected to the Silk Road marketplace. The U.S. government seized 50,000 Bitcoin in November, following the arrest and subsequent guilty plea of James Zhong, who was accused of wire fraud for manipulating the transaction system on the dark net market Silk Road in 2012.
This seizure was considered to be the largest cryptocurrency seizure at the time.
The Bitcoin that was sold recently is a part of this seized amount.
Also Read: Widespread Liquidity Woes Threaten Bitcoin, Ethereum’s Future — Experts Sound The Alarm
Why It Matters: It already started liquidating 51,351.89 BTC forfeited in the Ulbricht case. The government sold 9,861 BTC for a total of $215 million on March 14, 2023.
The remaining 41,490.72 BTC, which has a current value of $1.18 billion according to Bitcoin’s current price of $28,448, will be liquidated in four different batches this calendar year.
Despite concerns of selling pressure from the U.S. government, Bitcoin remains unaffected and continues to trade at range highs of $28,400.
This level has been maintained by the cryptocurrency for the past two weeks.
Read Next: U.S. Treasury Official Sets Record Straight On Bank Failures And Crypto’s Role
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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