The U.S. government has received approval to liquidate a significant portion of its Bitcoin BTC/USD holdings seized from the infamous darknet website Silk Road, according to a Wednesday report.
What Happened: The Justice Department was cleared to sell 69,370 Bitcoins, valued at approximately $6.5 billion, by a federal judge, DB News reported, citing officials.
The report mentioned the DOJ citing the price volatility as a reason for pushing for permission to sell the assets.
The DOJ did not immediately respond to Benzinga’s request for confirmation.
On-chain data tracked by Arkham showed the Silk Road Bitcoin balance decreasing to zero from roughly $6.5 billion, although it is not yet confirmed that the assets have been sold.
The U.S. government holds around 198,109 BTC, valued at $18.66 billion.
See Also: Ethereum Co-Founder Vitalik Buterin Offloads Nearly A Million In Memecoins To Benefit Charities — Dogecoin’s Sister Coin NEIRO Plunges 3% After Sale
This decision to liquidate contrasts the views expressed by President-elect Donald Trump, who has voiced his support for cryptocurrencies and opposed the idea of the government selling its Bitcoin holdings.
Price Action: At the time of writing, Bitcoin was trading at $94,337.75, down 2.35% in the last 24 hours, according to data from Benzinga Pro.
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