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More than 4,000 Bitcoin to be Sold on February 18th

bitcoin auction

More than 4,000 Bitcoin, currently worth approximately $37 million will be sold in an auction by the U.S. law enforcement officials on 18th February.

The U.S. Marshals has announced on Monday, there will be an auction for 4,040.54069820 confiscated Bitcoin. To participate in the auction, interested bidders will have to put a deposit of $200,000 and complete the registeration with the officials by 12th February.

In 2014, the U.S. Marshals Service had held its first-ever Bitcoin auction. Tim Draper, an American venture capital investor, managed to accumulate more than 30,000BTC from the auction. Most of Bitcoin put on auction blocks were seized during the U.S. government investigation on the infamous dark web market Silk Road. The auction was held periodically since then, where the latest event was in 2018.

This upcoming event would separate Bitcoin into four blocks, 2,500 BTC, 1,000 BTC, 500 BTC and 40.54069820 BTC, respectively. 

Some speculated that this event might have an effect on Bitcoin’s price. For if the highest bidders can buy Bitcoin at a lower rate than the current market price, the would-be highest bidder can dump his fresh Bitcoin on the open market, causing the price to slump downward.

You may also want to read: Crypto Exchanges Hold 13% of Bitcoin Available In The World

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