[Market Update] Silk Road-Related Sell-Off Fears... Bitcoin Falls Below $92,000

YM Lee

Summary

It was reported that the United States Department of Justice received approval to sell Bitcoin seized from Silk Road, creating fear in the market.
Market experts predict that the seized Bitcoin amount will not significantly impact the market.
Bitcoin is facing triple challenges due to the Federal Reserve System's cautious stance on interest rate cuts and inflation concerns.

News that the United States Department of Justice has received approval to sell Bitcoin (BTC) seized from Silk Road has sparked fears of selling pressure in the market.

On the 9th (local time), it was reported that the United States Department of Justice was granted the authority to liquidate 69,370 BTC (approximately $6.5 billion) seized from the Silk Road market, creating a sense of fear in the market. However, market experts predict that this amount will not significantly impact the market. In fact, when the German government sold 50,000 BTC in June 2023, it did not have a major impact on the market.

Recently, Bitcoin has been facing triple challenges: cautiousness over interest rate cuts by the Federal Reserve System, heightened inflation concerns, and now the selling pressure from Silk Road's holdings.

Currently, on the global cryptocurrency exchange Binance's Tether (USDT) market, Bitcoin (BTC) is trading at $91,950, down 3.67% from the previous day.

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