US court approves the sale of 69,000 Silk Road bitcoins

[pawel7777]

As for the topic, the US court approved the sale of over 69,000 bitcoins. Some say this is the main reason for the recent dump, although it would be a bit strange as I hear the approval took place on 30th Dec, and we've seen the price going up to above $100k since then before dipping again.
Could it be that releasing the news now is just an attempt of market manipulation?

https://www.fxstreet.com/cryptocurrencies/news/us-court-approves-sale-of-65b-silk-road-bitcoin-202501091317
https://bravenewcoin.com/insights/us-govt-cleared-to-sell-69k-btc-worth-6-5b-from-silk-road-report

[UNIVERSE]

Yeah, it seems a bit strange. They have a chance to sell the Bitcoin above $100k. Why they sell now? I'm not sure if they have the intention to manipulate the crypto market. But it really brings impact to the crypto prices. However, it makes sense if all crypto coins are declining because they are following the downtrend of Bitcoin price.

Now, what they plan? If they are manipulating the market, they may plan to pump it by taking the advantage of Trump's inauguration in January 20. I don't know if it is true or not, but in my side it will bring advantage for us, too. Just prepare for the next pump, they won't expect for the correction forever.

[pawel7777]

Yeah, it seems a bit strange. They have a chance to sell the Bitcoin above $100k. Why they sell now?

Well, it's the government's money, so unless a person responsible for the timing of selling is held accountable for their decision, they might simply not care how much is the price (similar to German government infamously selling at the bottom, just before the rally).
But to be fair, they haven't sold any of those coins yet, they just got permission to do it.

[TomPluz]

I am not seeing a possible manipulation here this is just normal when we are dealing with the government when news can be released anytime without regard to its timing. Well, let's see what will be the effect to the price once these 69K BTC will be absorbed by the market but I am sure this will not be creating earth-shaking consequences as there can be an upsurge demand for Bitcoin days before January 20. I am hoping that they will opt for a negotiated sale and not OTC style so the impact can be minimized and would just be forgotten days after.

[Crypto Library]

I am not seeing a possible manipulation here this is just normal when we are dealing with the government when news can be released anytime without regard to its timing. Well, let's see what will be the effect to the price once these 69K BTC will be absorbed by the market but I am sure this will not be creating earth-shaking consequences as there can be an upsurge demand for Bitcoin days before January 20. I am hoping that they will opt for a negotiated sale and not OTC style so the impact can be minimized and would just be forgotten days after.

In ny personal opinion I think it is also not true that the market can not be totally manipulated. Because if we saw in general yes even it is for short period the whale transaction could make some manipulation on the market for short time. But it does impact specially for those who were panic seller and those also face the most losses in this short period.
So even the sell 69k bitcoin and also the losses on loss angles I believe that bitcoin will obviously recover and will cross the 120k in the next turn.

[SmartGold01]

As for the topic, the US court approved the sale of over 69,000 bitcoins. Some say this is the main reason for the recent dump, although it would be a bit strange as I hear the approval took place on 30th Dec, and we've seen the price going up to above $100k since then before dipping again.
Could it be that releasing the news now is just an attempt of market manipulation?

https://www.fxstreet.com/cryptocurrencies/news/us-court-approves-sale-of-65b-silk-road-bitcoin-202501091317
https://bravenewcoin.com/insights/us-govt-cleared-to-sell-69k-btc-worth-6-5b-from-silk-road-report

I don't think this is the major reason why the market is on dip this way, like you said the sold off took place on the 30th December 2024 and even as that the price has been moving above 92k-100k plus, so releasing the news now can't be the major effects that is driving the making this way, but there may be other factors that could be controlling that market, such Los Angeles wildfire, also Trump Hush-money case states

"Donald Trump has become the first former United States president ever sentenced for a crime.

But the US president-elect avoided penalties for his conviction for falsifying business documents in relation to hush-money payments made to an adult film actress."

I think this also attributes to the recent dip in bitcoin price. You know market are being driven by news, and whatever news we got around the internet surely affects the bitcoin price to dip unexpectedly.

[Stompix]

I don't think this is the major reason why the market is on dip this way, like you said the sold off took place on the 30th December 2024 and even as that the price has been moving above 92k-100k plus, so releasing the news now can't be the major effects that is driving the making this way, but there may be other factors that could be controlling that market, such Los Angeles wildfire, also Trump Hush-money case states

Neither are important for crypto nor for other markets.
The wildfires although worse this year happen every time and there were in history way bigger than this and no stock market reacted like in 2020, as for Trump he was basically cleared so that would have had a positive effect if the fear of conviction had been the cause of the dip.

The unemployment data and the FED decision not to cut rates are the culprits, as well as the losing steam from the good news back in early winter.

[0t3p0t]

News can impact the prices just like when thta Powell guy appears on the screen something will happen on the market in stocks maybe same with Bitcoin but quite strange since it was made last year but news just blew up few days ago right? For me this is quite normal for Bitcoin even if it will fall down to $70k level which is for me very possible.

[armanda90]

Well, it's the government's money, so unless a person responsible for the timing of selling is held accountable for their decision, they might simply not care how much is the price (similar to German government infamously selling at the bottom, just before the rally).
But to be fair, they haven't sold any of those coins yet, they just got permission to do it.

Previously German government have sold early the bitcoin confiscated and have huge impact for bitcoin price awhile drop drastically and believing if US government sell more than 69k bitcoin assets huge impact to make bitcoin dump. But make easily for the future bitcoin raise back to higher price if top country holding bitcoin sold their assets such as after Germany government sold their bitcoin assets and price increasing drastically.
But wish the US court although approved for selling 69k bitcoin assets not sell it right now waiting recovery and I want sell my altcoin assets firstly.

[electronicash]

surprise to see this is happening while Trump is trying  to seek Bitcoin Reserve. re they trying  to disrupts Trump's plan?
but it must be because the holder of these coins won't benefit from it, he may be threatened by Trump's administration which Trump my confiscate it from him.

if they are going to sell it, then there is no better time when to sell it but the time where bear market is bout to break. and this could be an indicator that its also time to get out and sell s well. o course this could be what  the message they want to say so if you are doing to do so, it might just be a trap for you.

[ZAINmalik75]

As for the topic, the US court approved the sale of over 69,000 bitcoins. Some say this is the main reason for the recent dump, although it would be a bit strange as I hear the approval took place on 30th Dec, and we've seen the price going up to above $100k since then before dipping again.
Could it be that releasing the news now is just an attempt of market manipulation?

https://www.fxstreet.com/cryptocurrencies/news/us-court-approves-sale-of-65b-silk-road-bitcoin-202501091317
https://bravenewcoin.com/insights/us-govt-cleared-to-sell-69k-btc-worth-6-5b-from-silk-road-report

Really if that's true then this is certainly a market manipulation and they succeeded in manipulating the news because when I read the news I was also very bearish that now BTC will dump more and it dumped too. I also thought it can go below $90k which can be very bearish.

Now if the dates are confirm then we must wait for the big rebound I think it must hit 108k again to set new ATH because there is huge demand in the market for BTC and whales are still accumulating.

[Faisal2202]

Really if that's true then this is certainly a market manipulation and they succeeded in manipulating the news because when I read the news I was also very bearish that now BTC will dump more and it dumped too. I also thought it can go below $90k which can be very bearish.

Now if the dates are confirm then we must wait for the big rebound I think it must hit 108k again to set new ATH because there is huge demand in the market for BTC and whales are still accumulating.

I am also shocked to see the news as I also was not aware of this news on 30th December although I consider myself as learning more and giving more time to the market and news. I spent most of my time on market nowadays reading news, exploring how things can make other things but seriously I did not read this news anywhere.

It is nothing but a manipulation from the news outlets out there. We must complain about it, or maybe I can be wrong as the word can be out at that time and I missed it as we can't know everything.

[UNIVERSE]

Well, it's the government's money, so unless a person responsible for the timing of selling is held accountable for their decision, they might simply not care how much is the price (similar to German government infamously selling at the bottom, just before the rally).
But to be fair, they haven't sold any of those coins yet, they just got permission to do it.

Although they don't really care with the price, they must expect to gain bigger money from the Bitcoin. I'm very sure there are people who understand it in the government side. So, they ideally will wait for the right time to sell the Bitcoin. You may assume that it will be the same as German government, but I don't think so. US government is much different with German government, they are more familiar with Bitcoin and crypto.

[bitterguy28]

Yeah, it seems a bit strange. They have a chance to sell the Bitcoin above $100k. Why they sell now?

to be fair, it is not like they said they would sell right now they were just approved of doing so should they want to do it but now this freedom of choice seems to put many investors on their toes it is strange and quite confusing if they do sell it a week before trump goes into office if doj sells it i wonder if usa will buy more bitcoins instead under the trump administration

I'm not sure if they have the intention to manipulate the crypto market. But it really brings impact to the crypto prices. However, it makes sense if all crypto coins are declining because they are following the downtrend of Bitcoin price.

it is possible for them to want to make bitcoin look as bad as possible before trump officially becomes the president and boost bitcoin i would not put it past the government to do that we do not know what they would be up to or the intentions behind their actions

[LogitechMouse]

Yeah, it seems a bit strange. They have a chance to sell the Bitcoin above $100k. Why they sell now? I'm not sure if they have the intention to manipulate the crypto market. But it really brings impact to the crypto prices. However, it makes sense if all crypto coins are declining because they are following the downtrend of Bitcoin price.

Because it went up in price? I mean if you're an average investor and have given the opportunity to sell at the top, would you grab it? It's the same with these people. They will sell because they believe it's at its peak already.

As for the market manipulation, I believe there's more on this one. I can't verify this for sure, but there's a theory of mine where I believe that the companies that has Spot Bitcoin ETFs have a bit of a reason why we've seen the market dumping and pumping in the last few weeks especially in the last weeks of December. With these institutions coming in, they can just manipulate the market as they want to because they're holding huge chunks of Bitcoin.
I wonder when they will sell this 69,000 Bitcoins. It wasn't stated in the article unfortunately.