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

[Stuart]

Looking at this on both ways, the price of Bitcoin is still on the high side and definitely, them selling is still on a profitable side for them. This might have its own part in the current market situation. The wildfire that's going on Los Angeles is also having its effect on the market price as well. Some talks in news about Trump, as regards the hush-money case.
All these put together and some others that we might not even be talking about could all be the reason for this current drop in the price of Bitcoin.

All these will be until the inauguration day and after that, we start seeing a new phase of the crypto market.

[ZAINmalik75]

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.

Never mind its an old thing now current market has shocked me more. It dumped so hard and only in one day it go pumped and still pumping it can be manipulation too by whales first they sell and duumped he market then bought the dip and now they sell in the pump.

That news of Silk road was bad for the market but the news could have done more damage to the market therefore we must always looks out for such news to make better trading ideas.

[NotATether]

The justice department does not engage in market manipulation because they are not interested in that sort of topic. The primary job of the DoJ is to try criminals and put them to justice, not to be some sort of SEC saying "you can't do this without regulation" or make tweets about crypto that affect whether traders buy or sell it.

[dave_strider]

The justice department does not engage in market manipulation because they are not interested in that sort of topic. The primary job of the DoJ is to try criminals and put them to justice, not to be some sort of SEC saying "you can't do this without regulation" or make tweets about crypto that affect whether traders buy or sell it.

I agree with that too.
They are the enforcers of said "justice", not going after the funds in question for the profit of it.

[dekafee79]

The justice department does not engage in market manipulation because they are not interested in that sort of topic. The primary job of the DoJ is to try criminals and put them to justice, not to be some sort of SEC saying "you can't do this without regulation" or make tweets about crypto that affect whether traders buy or sell it.

The department should do its job properly to prosecute criminals instead of manipulating the crypto market by making statements, and it will look funny.
the factors that determine the market price are demand and supply, maybe by making statements that can affect the market price as if they can play or manipulate the market price, but it is only temporary.
because the market will play its role again after that.

[Bobcrypto]

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.

Yeah, if the Bitcoin has not been sold yet, that is good, i just hope that all these news about the sales should be delayed until the end of this regime, president Joe Biden's tenure.

Donald Trump planned for a Bitcoin strategic reserve which may be the beginning point for the US strategic reserve plans in 2035. If the Bitcoin has not been sold, then it is better for the current bull market. I think we are getting closer to kick start another crypto development come January 2025.

[dave_strider]

The department should do its job properly to prosecute criminals instead of manipulating the crypto market by making statements, and it will look funny.
the factors that determine the market price are demand and supply, maybe by making statements that can affect the market price as if they can play or manipulate the market price, but it is only temporary.
because the market will play its role again after that.

From their side, I do think they do the thing that they are supposed to.
It's just that people's minds on the market are vulnerable to such news  Sentiment is shapen by them.

[Faisal2202]

Never mind its an old thing now current market has shocked me more. It dumped so hard and only in one day it go pumped and still pumping it can be manipulation too by whales first they sell and duumped he market then bought the dip and now they sell in the pump.

That news of Silk road was bad for the market but the news could have done more damage to the market therefore we must always looks out for such news to make better trading ideas.

I always keep an eye on the news because I know news (fundamental analysis) is more important and if we add technical analysis with it just a simple touch we can do better by knowing when to buy and when to sell because on the basis of news only we can't really know if the public has started buying it or not.

If they had not reacted to the news accordingly means the volume is not coming in if the news is good or going out if the news is bad, then we must wait for some confirmation like many used to say if this X token closes its daily candle below this point X then we are in bearish sentiments. I hope you got my point here. Therefore we must keep an eye on the news and TA and take profit whenver we will have the chance.

[pawel7777]

^ That was my opinion too not that long ago, but I'm not so convinced now. I won't say that news are irrelevant and have no impact on the price, but I think far too many people overestimate it's weight.
If you zoom out, you can clearly see patterns tied to the time and halvings rather that any major news. The latter tend to have short term effects and only cause a small deviations to the long term trends.

[philipma1957]

So I read the posts and it is now the 28th.

Did the musky trumpeter stop this sale.

does the USA still hodl these coins? 🪙

A link to current status would be very cool.

[bitterguy28]

So I read the posts and it is now the 28th.

Did the musky trumpeter stop this sale.

does the USA still hodl these coins? 🪙

A link to current status would be very cool.

they are not going to give any updates unless there is a change if they have not said anything then it only means that they have not sold it but it is impossible to know whether they plan on it maybe they do not know either because they might not want to sell now but may be inclined to sell in the future, who knows?

[philipma1957]

So I read the posts and it is now the 28th.

Did the musky trumpeter stop this sale.

does the USA still hodl these coins? 🪙

A link to current status would be very cool.

they are not going to give any updates unless there is a change if they have not said anything then it only means that they have not sold it but it is impossible to know whether they plan on it maybe they do not know either because they might not want to sell now but may be inclined to sell in the future, who knows?

sounds like smoke and mirrors. time will tell if they lock them down or dump them.

So far they are hodling them.

Maybe they put a stop order on them. Sell at say 77,777.77