The Latest Sudden Bitcoin Price Drop and What the US Goverment has to do With it

13 Jun
2014

bitcoin-sudden-price-drop

If you were wondering what caused the latest drop in price of Bitcoin, well it was the US Marshall Service that made an announcement for their intention to be auctioning 29,656.51306529 Bitcoins at the end of the month. These are the BTCs that were seized from Silk Road, though the auction will not include the substantially larger amount of Bitcoins belonging to Ross William Ulbricht, the operator of Silk Road. This news has caused the quick drop in price, but it seems that already things are starting to calm down and the price is slowly starting to get back up.

For more about the Bitcoin auction organized by the US Marshall Service…



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2 Responses to The Latest Sudden Bitcoin Price Drop and What the US Goverment has to do With it

Charlie

June 13th, 2014 at 16:41

This is totally an attempt to undercut Bitcoin. If the government wanted to make money off these coins, they would slowly sell them anonymously on a market. Instead, this damages the value of all BTC and will likely result in lower sale price for the government.

Blam0

June 13th, 2014 at 23:30

Announcing a sale of seized assets is common practice. They dump it, usually at auction.

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