{"id":571807,"date":"2024-01-26T17:00:09","date_gmt":"2024-01-26T17:00:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=571807"},"modified":"2024-06-11T09:20:07","modified_gmt":"2024-06-11T09:20:07","slug":"us-government-130-million-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/us-government-130-million-bitcoin\/","title":{"rendered":"Prepare For Impact: US Government Will Dump $130 Million Worth Of Bitcoin"},"content":{"rendered":"

The US government<\/span><\/a> has revealed its plans to offload a significant portion of <\/span>its Bitcoin (BTC) holdings<\/span><\/a>. This move has raised concerns in the crypto community, considering how much selling pressure this could add to what the <\/span>crypto market is already facing<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

US Government To Sell $130 Million Worth Of Bitcoin<\/h2>\n

The Department of Justice (DOJ) gave notice of its intent to dispose of over $130 million worth of Bitcoin. These <\/span>crypto assets<\/span><\/a> form part of what had been forfeited to the government in <\/span>its case against Joseph Farace<\/span><\/a>. The DOJ specifically noted that it had seized almost 2875 BTC from Farace and Sean Bridges and an additional 58.7 BTC from Farace alone.\u00a0<\/span><\/p>\n

\"Ripple<\/div>\n

Farace, also known as the Xanaxman, had ties to the <\/span>Silk Road<\/span><\/a> as <\/span>he pled guilty<\/span><\/a> to manufacturing and distributing alprazolam on the <\/span>dark web marketplace<\/span><\/a>. The Bitcoin confiscated from him forms a portion of the over 69,369 BTC, which the <\/span>US government is believed<\/span><\/a> to have recovered as proceeds from Silk Road.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Whales Go On Buying Spree As Price Dips, Here\u2019s How Much They Bought<\/a><\/p>\n

A sale of such magnitude is concerning as it could have a notable impact on Bitcoin\u2019s price and the broader crypto market. Moreover, it comes at a time when the market is already under significant selling pressure from whales like <\/span>Grayscale, Celsius, and FTX<\/span><\/a>. However, it is worth noting that this proposed sale by the government might not happen anytime soon.\u00a0<\/span><\/p>\n

In the notice, the DOJ also announced that any other person aside from the defendant claiming an interest in the forfeited property had 60 days to come forward with its claims. As such, it is more than likely that the sale will not occur until the expiration of the 60-day period, which doesn\u2019t lapse until sometime in March.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price begins another recovery trend | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Selling Pressure Might Soon Cool Off<\/h2>\n
The daily outflows that Grayscale\u2019s GBTC has faced recently suggest that the Bitcoin selling pressure might soon cool off. The Spot Bitcoin ETF has seen lower outflows since <\/span>Bloomberg analyst James Seyffart<\/span><\/a> reported that <\/span>the fund saw $640 million<\/span><\/a> flow out on January 22, its largest yet.\u00a0<\/span><\/p>\n
Related Reading: Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion<\/a><\/div>\n
Since then, GBTC is <\/span>said<\/span><\/a> to have seen outflows of $515 million, $429 million, and $394 million on January 23, 24, and 25, respectively. If this turns out to be a trend, then the investment fund is expected to stop bleeding soon enough. That also spells good news for the crypto market as <\/span>Grayscale<\/span><\/a> will cool off on offloading large sums of Bitcoin daily.\u00a0<\/span><\/p>\n
At the time of writing, Bitcoin is trading just a little <\/span>above $40,000<\/span><\/a>, up in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n
Featured image from Coinmama, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The US government has revealed its plans to offload a significant portion of its Bitcoin (BTC) holdings. This move has raised concerns in the crypto community, considering how much selling pressure this could add to what the crypto market is already facing.\u00a0\u00a0 US Government To Sell $130 Million Worth Of Bitcoin The Department of Justice (DOJ) gave notice of its intent to dispose of over $130 million worth of Bitcoin. These crypto assets form part of what had been forfeited to the government in its case against Joseph Farace. The DOJ specifically noted that it had seized almost 2875 BTC from Farace and Sean Bridges and an additional 58.7 BTC from Farace alone.\u00a0 Farace, also known as the Xanaxman, had ties to the Silk Road as he pled guilty to manufacturing and distributing alprazolam on the dark web marketplace. The Bitcoin confiscated from him forms a portion of the over 69,369 BTC, which the US government is believed to have recovered as proceeds from Silk Road.\u00a0 Related Reading: Bitcoin Whales Go On Buying Spree As Price Dips, Here\u2019s How Much They Bought A sale of such magnitude is concerning as it could have a notable impact on Bitcoin\u2019s price and the broader crypto market. Moreover, it comes at a time when the market is already under significant selling pressure from whales like Grayscale, Celsius, and FTX. However, it is worth noting that this proposed sale by the government might not happen anytime soon.\u00a0 In the notice, the DOJ also announced that any other person aside from the defendant claiming an interest in the forfeited property had 60 days to come forward with its claims. As such, it is more than likely that the sale will not occur until the expiration of the 60-day period, which doesn\u2019t lapse until sometime in March.\u00a0 BTC price begins another recovery trend | Source: BTCUSD on Tradingview.com Selling Pressure Might Soon Cool Off The daily outflows that Grayscale\u2019s GBTC has faced recently suggest that the Bitcoin selling pressure might soon cool off. The Spot Bitcoin ETF has seen lower outflows since Bloomberg analyst James Seyffart reported that the fund saw $640 million flow out on January 22, its largest yet.\u00a0 Related Reading: Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion Since then, GBTC is said to have seen outflows of $515 million, $429 million, and $394 million on January 23, 24, and 25, respectively. If this turns out to be a trend, then the investment fund is expected to stop bleeding soon enough. That also spells good news for the crypto market as Grayscale will cool off on offloading large sums of Bitcoin daily.\u00a0 At the time of writing, Bitcoin is trading just a little above $40,000, up in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from Coinmama, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":571817,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,87375,1119,89185,1122,1144,78790,9449,91358],"class_list":["post-571807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-selling","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-us-government","tag-us-government-bitcoin"],"acf":[],"yoast_head":"\nPrepare For Impact: US Government Will Dump $130 Million Worth Of Bitcoin<\/title>\n<meta name=\"description\" content=\"The US government has revealed its plans to offload a significant portion of its Bitcoin (BTC) holdings worth $130 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Prepare For Impact: US Government Will Dump $130 Million Worth Of Bitcoin","url":"http:\/\/uniquehot.com\/news\/us-government-130-million-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/us-government-130-million-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-US-government.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-US-government.png?fit=980%2C400"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin selling","btc","btc news","btc price","btcusd","btcusdt","us government","us government bitcoin"],"dateCreated":"2024-01-26T17:00:09Z","datePublished":"2024-01-26T17:00:09Z","dateModified":"2024-06-11T09:20:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Prepare For Impact: US Government Will Dump $130 Million Worth Of Bitcoin\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/us-government-130-million-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/us-government-130-million-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-US-government.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-US-government.png?fit=980%2C400\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin selling\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"us government\",\"us government bitcoin\"],\"dateCreated\":\"2024-01-26T17:00:09Z\",\"datePublished\":\"2024-01-26T17:00:09Z\",\"dateModified\":\"2024-06-11T09:20:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-US-government.png?fit=980%2C400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/571807"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=571807"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/571807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/571817"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=571807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=571807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=571807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}