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Home BREAKING NEWS

U.S. Government to Auction $118 Million in Seized Bitcoin, Market Unfazed

BlockNews.com Team by BlockNews.com Team
January 26, 2024
in BREAKING NEWS, CRYPTO, POLITICS
Reading Time: 2 mins read
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  • The US government plans to auction off $118 million worth of seized Bitcoin on January 8th, representing just 0.01% of Bitcoin’s total supply.
  • This auction is small compared to recent Bitcoin outflows and previous government auctions, which had little market impact.
  • With the auction being a tiny fraction of daily trading volumes, analysts believe Bitcoin prices will remain steady despite the government sell-off.

The U.S. government plans to auction off $118 million worth of seized Bitcoin. This sale represents a tiny fraction of Bitcoin’s total market capitalization and is unlikely to significantly impact prices.

The Auction Details

The U.S. government will auction 2934 Bitcoin on January 8 following the sentencing of two criminals involved in money laundering.

The auctioned Bitcoin only represents 0.01% of Bitcoin’s total supply. It pales in comparison to recent outflows from the Grayscale Bitcoin Trust, which total over $4 billion worth of Bitcoin in the past week alone.

Previous Government Auctions Had Little Market Impact

The government has auctioned seized crypto before without major price impacts. For example, venture capitalist Tim Draper purchased 30,000 Bitcoin from a government auction in 2014. The upcoming auction is small compared to the government’s total Bitcoin holdings from seizures. In total, the government holds an estimated 194,188 BTC worth over $7.7 billion.

Bitcoin Prices Likely to Remain Steady

Given the relatively small number of Bitcoin being auctioned compared to daily trading volumes, most analysts believe the auction will have little impact on Bitcoin’s market price. The government’s sell-off represents just a tiny fraction of total supply.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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BlockNews.com Team

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