Altcoins must be seen in the middle of the US announcement to sell $130M in BTC from the Silk Road
The US government has announced the sale of more than $130 million worth of BTC linked to the Silk Road. Court documents show that this includes 2,874 BTC seized from drug dealer Ryan Fares and 58 BTC from law enforcement agent Sean Bridges. BTC price remains around $40k, but the market is looking at Ethereum, Solana.
Crypto news today is dominated by the United States government's announcement to sell more than $3,200 worth of Bitcoin (BTC) for more than $130 million. Documents show these bitcoins are part of scandals linked to the infamous darknet marketplace Silk Road.
While the news has had no impact on BTC price as of writing, the market is buzzing with what the outlook for the top crypto by market cap could mean for altcoins. Elsewhere, a potential rebound in meme coins has traders eyeing the next gem. Could Memeinator (MMTR) be one of the symptoms?
US government to sell BTC for $130 million.
On Thursday, January 25, the United States government issued a notice seeking to sell more than $130 million worth of Bitcoin (BTC) seized from two individuals linked to the Silk Road dark web.
According to court documents filed in the US District Court in Maryland, the government in 2010
At the time of the government's announcement, the estimated value of the first batch was $129 million, while the market value of the second was $3.3 million.
The BTC convictions followed Fares' convictions against drug traffickers. Bridges, a former Secret Service agent, was accused of stealing the bitcoins during the Silk Road investigation. If anyone other than the defendants has an interest in the infringed BTC, the public has 60 days to file a complaint (starting from the original filing date of the notice, January 10, 2024).
In March of last year, the US government announced that it had sold 9,861 BTC for $215 million and would spend another 41,500 BTC in four batches later in the year.
Documents filed in court at the time show that the bitcoins came from the 51,351 BTC authorities seized from James Zhong in November 2022. Zhong was accused of wire fraud in connection with the Silk Road Marketplace.
Altcoins visible in BTC price view: Ethereum, Solana, Memeinator
The latest BTC sell-off from the US government comes as the crypto struggles under pressure, with GBTC flows slowing in recent weeks on retail sentiment.
Although Bitcoin remains at the level of $ 40k, and as JPMorgan analysts said on Thursday, Grayscale's selling pressure may end. What does this mean for the broader market?
Experts state that a possible rebound from current levels will allow BTC to retest its recent peak at $49k. The long-term, bullish outlook is aided by the upcoming halving of block rewards, with speculation that Bitcoin's price could break above $100k by the end of the year or early 2024.
This altcoin market has a long-term upside, with top altcoins including Ethereum and Solana likely to see fresh traction. While BTC may drop to new 2024 lows following this week's deluge of $38,600, ETH and SOL may look for support levels below $2k and $80 respectively.
These levels or below may provide good buying opportunities.
See Memeinator (MMTR).
Solana's As SOL struggled, BONK's value dropped significantly.
This means the market may be on the hunt for a new meme coin gem.
As new momentum builds amid broad market interest in the presale, MemeInator (MMTR) could be one of the breakout brands in the coming months. Developing a true utility, embedded in the play-to-find ecosystem, Memeinator is designed to bring meme culture back into the industry.
As a meme coin on a mission to eliminate the threat of poor quality copycat meme tokens, this project could be poised to challenge the highly dog-themed coins Dogecoin and Shiba Inu.
The Memeinator presale has raised over $3.9 million and is currently at stage 13. MMTR's price of $0.0197 could be a great bargain at this level if the project continues to dominate the MEM market as planned.
Find out more about Memeinator from the white paper or visit the pre-sale page.
