US Marshals To Auction 660 Bitcoins

US Marshals To Auction 660 Bitcoins

The U.S. Marshals Service are planning to auction off about $4.3 million worth of seized Bitcoins

In an announcement made on Wednesday, the federal law-enforcement agency said that in it’s planning to auction off approximately 660 bitcoins that were forfeited in 31 federal criminal, civil, and administrative cases. Scheduled to November, the auction is to be held in two parts: 6 blocks with 100 bitcoins each and a block with the remaining 60. The entrance fee is $200,000.

The US Marshals are once again bringing seized bitcoins to the hammer, as the planned auction will take place only months after the agency sold off 2,100 and 3,600 bitcoins in January 2017 and March 2018, respectively, totaling to over $50 million.

A fill-in on auctioned bitcoins

The U.S. Marshals Service is the oldest American federal law-enforcement agency founded in 1789 during the Presidency of George Washington. Despite its age, the agency got the hang of offloading ill-gotten bitcoins pretty quickly. In 2013 the U.S. government seized about 144,000 bitcoins from Ross Ulbricht, the creator of Silk Road, and almost 30,000 bitcoins from the darknet market’s servers. The bitcoins were successfully auctioned off in the following years bringing the agency dozens of millions of dollars.

The practice of auctioning seized bitcoins disproves the existence of ‘dirty bitcoins’, an idea so ardently promoted by bitcoin opponents, and demonstrates the fungibility of bitcoin.

Daily reminder to our readers to backup your private keys and to use cold wallets for safe storage.

Bitcoin

BTC
Price
7,892 USD -1.59%
Volume, 24h
4,922,425,450 USD
1.60%
Marketcap
140,459,380,048 USD
57%
Emission
84%

Related news

Ripple XRP Stablecoin, Price Manipulation, Hard Fork Bill, FDIC Bitcoin & Crypto Not A Priority

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: https://www.ledger.com?r=8af3ed38d3b7 ----------------------------------------------------------------------------- Buy Bitcoin And Ethereum With Fiat On Binance! https://www.binance.je/?ref=35009618 ----------------------------------------------------------------------------- Open An Account With Binance! https://www.binance.com/?ref=22170588 ------------------------------------------------------------------------------ Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 -------------------------------------------------------------------------------- Follow Me On Facebook ! https://www.facebook.com/TheModernInvestor https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig Follow Me On Twitter: https://twitter.com/ModernInvest ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca K9 Ytrup Crypto Jedi Truls Lee 3000 O. Tom Chhuong Kaneko Tomonori Sir Thomas11_11 Mike McCarty Crypto And Beer Shipmate ZEN Lunacy ---------------------------------------------------------------------------------- Photo Credit To: https://ripplecoinnews.com/wp-content/uploads/2018/01/ripple-xrp-btc.jpg
The Modern Investor

JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off. A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency. Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards. Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop. Source: Bloomberg It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise. Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing. The analyst added: “Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.” With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past. Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated: “Great to see JPM finally admitting that Bitcoin has intrinsic value. Now wait till they understand that miners who run a surplus tend to begin hording.” Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee. This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations. The post JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise appeared first on AMBCrypto.
AMBCrypto

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.