Today, US markets are closed, and significant employment data will be released tomorrow. Consequently, strong volatility is expected over the next 24 hours. In the face of a fire that caused losses exceeding $50 billion, the Biden administration is preparing to sell Silkroad BTCs worth over $6 billion. So, has BTC ($111,112.00) hit the bottom? What price will FLOKI ($0.00) reach?
Has Bitcoin Hit the Bottom?
Silkroad BTCs have not been sold yet, and the Biden administration is looking for ways to avoid further damage to cryptocurrency during the remaining 11 days. Selling these substantial Silkroad BTCs valued at over $6 billion seems to be a viable option, and despite Trump’s claim that they wouldn’t be sold, the court has granted approval.
Although the sales are expected to be conducted over-the-counter using Coinbase Prime, concerns are rising about a potential return to spot markets due to weak demand in the ETF channel. StockmoneyL shared the following graph about the current situation:
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