• The DOJ plans to sell 69,370 Bitcoin valued at $6.5 billion seized from Silk Road.
• The Supreme Court declines to hear the case, clearing the way for sale.

The U.S. Department of Justice (DOJ) has finally accepted the sale of Bitcoins seized from the infamous darknet marketplace, Silk Road, which was shut down in 2013. The acceptance gives the U.S. government the liberty to liquidate a huge $6.5 billion worth of Bitcoin. This action has sparked interest among both the cryptocurrency community and broader market discussion.

Indeed, the Silk Road case has been making headlines for nearly a decade. On 30 December, a federal judge granted the DOA the ability to liquidate the proceeds of the frozen money. The judge made the same decision in today’s case. Such permission comes nearly three months after the US Supreme Court chose not to review an appeal that sought to institute an injunction against the sale-the action that paved the way to the sale for today.

The sale has come at a time when Bitcoin is experiencing price volatility, with recent market trends indicating a significant dip. The community, which had anticipated a 2025 bull run, is grappling with the negative price movement. The altcoin sector has also struggled to maintain stable prices amidst market fluctuations.

Seized Bitcoin Already in DOJ Custody

This order is several months after movement in the Bitcoins held under seizure. On December 3, 2024, nearly $2 billion worth of Silk Road Bitcoin was transferred to Coinbase, a U.S.-based cryptocurrency exchange. The transfer occurred under the custody of the U.S. Marshals Service (USMS).

Speculation is rife that a Trump administration set to be inaugurated on 20 January will be soft on Ulbricht, at least in the short term; this could swing the market upward in the short term. In addition, speculations about his policies and people like Ripple leadership increasingly being part of the crypto market discussion add elements of uncertainty mixed with optimism over the market going forward.

And all speculations going about bitcoin can drop or hike and at the time of writing BTC trading at $93,470 and increasing to 1.77%. The market cap is at $1.85T with $62.73B 24 hours market value.

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