US Government Ditches Silk Road Bitcoin After Justice Department Approval

The US government sold $6.5 billion worth of bitcoin that was seized from the popular dark web marketplace Silk Road after the US Department of Justice (DoJ) approved the sale.

He The Department of Justice gave the government the green light to sell the 69,370 btc seized on December 30, citing price volatility as the reason for the approval.

<img decoding="async" class="alignnone" src="https://technicalterrence.com/wp-content/uploads/2025/01/US-Government-Ditches-Silk-Road-Bitcoin-After-Justice-Department-Approval.jpeg" alt="bitcoin” width=”1920″ height=”1080″/>

bitcoin sale on Silk Road comes days before Donald Trump takes the White House

Hours after receiving approval from the Justice Department, the balance of the wallet containing the seized assets fell from $6.5 billion on Jan. 8 to zero, according to data from on-chain analytics platform Arkham Intelligence.

The liquidation comes just days before the incoming US president. donald trump is ready to enter the White House for a second term. Pro-crypto Trump's inauguration will take place on January 20. Last year, the president-elect said he would form a strategic bitcoin reserve with btc seized from Silk Road.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”5.7313432835821″>

Maybe we all have the opportunity to buy bitcoin at a discount! https://t.co/d16TnQ9SAl

— Nayib Bukele (@nayibbukele) <a target="_blank" href="https://twitter.com/nayibbukele/status/1877188308301763013?ref_src=twsrc%5Etfw”>January 9, 2025

bitcoin Bull and El Salvador President Nayib Bukele commented on the government's sale of btc, saying: “Maybe we will all have the opportunity to buy bitcoin at a discount!”

btc shows weakness in derivatives market as traders withdraw money at losses

btc was recently rejected by the $100K mark and continued to fall in the last 24 hours. After a correction of more than 1% during the last trading day, bitcoin <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/”>negotiated at $94,036.06 at 1:57 a.m. EST. The cryptocurrency also erased its weekly gains.

CryptoQuantum <a target="_blank" href="https://cryptoquant.com/insights/quicktake/677e3f5fdf24d5265dd5601f-bitcoin-Funding-Rates-Highlight-Weak-Derivatives-Demand?utm_source=telegram&utm_medium=sns&utm_campaign=quicktake&utm_content=shayanbtc”>noted There will also be a substantial drop in funding rates, indicating weakness in the derivatives market. Some traders were also affected by the recent btc price correction. Short-term holders moved 23,200 btc to exchanges at a loss, CryptoQuant community analyst <a target="_blank" href="https://x.com/JA_Maartun/status/1876987164480709072″>saying in x.

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