Bitcoin’s journey through the digital landscape has been nothing short of dramatic. Imagine breaking through the coveted $100K milestone, experiencing a euphoric peak at $108K, only to find the price slipping to $98K as interest wanes. It’s like watching a soap opera with unexpected plot twists! Recently, a bombshell from the U.S. Department of Justice knocked Bitcoin down to $93K—yikes! They’ve been given the green light to sell a hefty stash of 69,370 $BTC, previously seized from a notorious darknet marketplace. Concerns about volatility have fueled this swift sell-off, which could have significant market repercussions. As we unravel this rollercoaster story, let’s dive into the potential impact on Bitcoin and explore whether it’s time to shift focus to altcoins! LEARN MORE.Bitcoin has been on a rollercoaster ride lately. It finally broke through the $100K mark in early December and peaked at $108K on December 17. But it’s been slightly downhill for the $BTC price since then, starting this week off at around $98K.
And now, a recent announcement by the US Department of Justice (DOJ) has seen Bitcoin take a rough tumble, down to $93K.
The DOJ has been given the green light to sell 69,370 $BTC (around $6.5M) that had been seized from a darknet marketplace.
Reportedly, concerns regarding Bitcoin’s volatility have been cited by the DOJ as the main reason for pushing for a quick sale, which was approved by a federal judge on December 30.
The Bitcoin was seized from Silk Road, a marketplace for illegal goods and services, including drug trafficking, computer hacking, and money laundering. Its founder, Ross William Ulbricht, was arrested in 2013 and is currently serving a life sentence.
