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US Didn't Keep Its Word on Bitcoin: Button Pressed for $6.5 Billion Sale! - Coin Bulletin
The US has obtained official approval to convert the 69,000 Bitcoins seized in the Silk Road operation into cash.
The US government has received approval for the sale of 69,000 Bitcoins (worth approximately 6.5 billion dollars) seized in the Silk Road operation. An official speaking to DB News confirmed that this process has officially commenced.
Remarkably, this development occurred just two weeks after the start of the Trump administration. The move by the new administration, which had promised not to sell Bitcoins before taking office, has sparked various debates among cryptocurrency investors.
The Silk Road platform was shut down due to illegal trading activities, and a large amount of Bitcoin was seized as a result of the operations. The government's conversion of these assets into cash is closely monitored due to the potential short-term fluctuations in the Bitcoin price it may cause.
Experts emphasize that such sales can cause an increase in liquidity in the market, but at the same time, it can create downward pressure on the price. Crypto investors are advised to carefully monitor this development in the coming period.