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David Smith

David is on track to retire in two years from investing in bitcoins. David wants to help you understand the once in a lifetime opportunity this digital currency revolution provides. The digital...

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$16.7 Million Government Auction Did Not Cause Panic Selling


Surprising some in the bitcoin community, U.S. Marshals bitcoin auction did not trigger the predicted price slide. The auction was for 29,656 bitcoins roughly worth about $16.7 million dollars.

Bitcoin Relatively Stable

Bitcoin traded in a relatively stable range of $570 to $590 on Bitfinex before breaking over $600 after the auction’s 6:00 PM close.

Investors Wondering Who Won?

Investors are scrambling trying to find out the price the $17 million worth of coins settled at and who got them. A high sales price could catalyze a price runup while a below market price could dampen buyer sentiment.

Related Story: 3 Strategies To Avoid For Bitcoin Investment Success

Most expect SecondMarket, a hedge fund, or venture capital firm to win the sealed bid. The U.S. Marshals will notify the winning bidder Monday and it is widely expected the winner will announce their winning bid.

Disclosure: At the time of this writing David Smith has a long bitcoin position.

Tags: auction Bitcoin SecondMarket Silk Road

Posted in: Tech General