Bitcoin (BTC) has experienced a sudden decline in recent days, with the price dropping to levels of $93,000. It was evaluated that the US was behind this decline. According to the latest news, the US government received permission to sell 69,370 Bitcoins (worth $6.5 billion) seized from Silk Road. A US court has allowed the sale of 69,370 Bitcoins obtained from Silk Road by the US Department of Justice. A federal judge on Dec. 30 allowed the Justice Department to sell 69,370 Bitcoin seized from the Silk Road darknet marketplace, a spokesperson for the department confirmed in a statement. The spokesperson also stated that they wanted to act quickly in selling BTCs because the price of Bitcoin is very volatile. The decision to allow the sale came at a politically critical time, as Donald Trump, who is expected to take office, told Bitcoin owners at a cryptocurrency conference in Nashville last July, “Never sell your Bitcoins” and promised not to sell the BTCs held by the US and also to create a strategic “Bitcoin reserve”. However, it is noteworthy that this sales permission came less than two weeks before Trump, who promised not to sell the Bitcoins held by the US, took office and announced that they would sell them immediately. The Fall Has Come! After the sale permission from the US court, the Bitcoin price fell to $93,000 levels in reaction. This decline, and the US's preparations to sell Bitcoin, have investors questioning whether Bitcoin could face another collapse below $90,000. While altcoins also experienced a decline along with Bitcoin, altcoins experienced declines of up to 5 percent. Investors in leveraged positions were left in the lurch in this decline, with $509 million in liquidations in the last 24 hours. $364 million of this was from long positions and $143 million from short positions. While 177,837 investors liquidated in the last 24 hours, the largest liquidation occurred in the BTC/USDT transaction on OKX as $15 million. *This is not investment advice. Continue Reading: Is This Why Bitcoin Is Falling? "US Is Preparing to Sell!"
