{"id":1483641,"date":"2024-08-14T18:45:00","date_gmt":"2024-08-14T22:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1483641"},"modified":"2024-08-14T18:45:00","modified_gmt":"2024-08-14T22:45:00","slug":"crypto-tumbles-as-harris-biden-admin-moves-another-10000-silk-road-bitcoin-to-coinbase","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/crypto-tumbles-as-harris-biden-admin-moves-another-10000-silk-road-bitcoin-to-coinbase\/1483641\/","title":{"rendered":"Crypto Tumbles As ‘Harris\/Biden’ Admin Moves Another 10,000 ‘Silk Road’ Bitcoin To Coinbase"},"content":{"rendered":"

Crypto Tumbles As ‘Harris\/Biden’ Admin Moves Another 10,000 ‘Silk Road’ Bitcoin To Coinbase<\/span><\/p>\n

\n

Bitcoin prices fell this morning in reaction to the lackluster CPI (as rate-cut expectations dipped). That selloff broke through $60,000 and accelerated further as headlines broke that the US government\u00a0moved 10,000 seized Bitcoin from the Silk Road dark web marketplace to a Coinbase wallet Wednesday.<\/strong><\/p>\n

<\/a><\/p>\n

According to the onchain analytics firm, Arkham Intelligence,<\/a> the funds were seized during the Silk Road raid and are currently valued at $593.91 million.<\/strong><\/p>\n

<\/a><\/p>\n

It’s not immediately clear whether the United States plans to sell or custody the assets.<\/p>\n

The transaction follows a previous move of\u00a0approximately $2 billion<\/a>\u00a0worth of Silk Road Bitcoin in late July.<\/strong><\/p>\n

<\/a><\/p>\n

As a reminder, the price action (dowwward) in various cryptocurrencies is front-running expectations of the creditors getting their hands back on these assets and selling them…<\/p>\n

…the only problem with that argument is, as we detailed here<\/a>, the creditors are not selling, they’re HODLing…<\/strong><\/p>\n

\u201cNow, seeing the continued growth and acceptance of their industry, many Mt. Gox creditors may have become even stronger believers in Bitcoin and its future potential, choosing to hodl further.\u201d<\/em><\/p>\n

So, its really only the algos, reacting to the headlines, that is driving any dips.<\/p>\n

\u201cThis resilience suggests that while short-term volatility is possible, the long-term impact on Bitcoin\u2019s market dynamics will likely be minimal.\u201d<\/strong><\/em><\/p>\n

The US government currently holds roughly 203,000 BTC valued at approximately $12 billion at the time of this writing.<\/p>\n

<\/a><\/p>\n

The decision by the Biden\/Harris administration in the last few weeks to seemingly accelerate the dumping of their ‘seized’ Bitcoin comes right as former President Trump outlined his Bitcoin strategy (including creating a Strategic Bitcoin Reserve).<\/strong><\/p>\n

The Harris campaign continues to desperately try and placate the crypto community<\/strong> – despite almost four years of nothing but hate for the sovereign currency and its heretical holders. Let’s see how Crypto-Kamala’s aides explain the ongoing dumping of assets.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 08\/14\/2024 – 14:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/crypto\/crypto-tumbles-harrisbiden-admin-moves-another-10000-silk-road-bitcoin-coinbase<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto Tumbles As ‘Harris\/Biden’ Admin Moves Another 10,000 ‘Silk Road’ Bitcoin To Coinbase Bitcoin prices fell this morning in reaction to the lackluster CPI (as…<\/p>\n","protected":false},"author":0,"featured_media":1483642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1483641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1483641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1483641"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1483641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1483642"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1483641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1483641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1483641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}