What news has been happening in the crypto market this week?
American government will sell more than 2,000 seized bitcoin
The US Marshals Service has told that that they intend to auction off about 2,170 bitcoins, which is equivalent of more than $24 million. The given crypto assets were taken in federal crimes in March. As a matter of fact most of the listed crimes have to do with DEA administrative forfeitures that involve drug-related offenses.
The bitcoins are going to be split into 14 blocks made up of 100, 500 or 70 units. In order to take part in the auction, anyone interested should shell out a $200,000 deposit and complete all the necessary registration forms by March 14.
The winning bidders will be notified by March 19, although the release underlines that the overall complexity of the review process might provoke delays.
Considering the lack of fungibility that the popular crypto asset is currently facing, the terms of sale state that the provided receiving address is going to be thoroughly screened just to ensure that there hasn’t been any malicious activity.
Another crucial fact is that the purchaser will be bound to pay transfer fees. Given that for the last weeks Bitcoin’s transaction fees have considerably dived, it shouldn’t be a serious obstacle.
By the way, it wouldn’t be the first time that the American authorities have auctioned off Bitcoin gained from federal cases. In the beginning of 2018 up to 3,813 Bitcoin got auctioned off and bought by five bidders.
Back in 2014 as well as 2015, the authorities auctioned off the popular digital currency grasped during the shutting of an infamous dark web marketplace, the Silk Road.
During that auction, Tim Draper, venture investor and Bitcoin supporter bought 29,655 bitcoins shelling out up to $19 million. Bitcoin is currently valued at more than $320 m, which is quite good for a two to three-year investment.
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