DeFI News by Thebittimes.Com

The Bitcoin price plunged 3% in the last 24 hours to trade at $94,204 as of 02:20 a.m. EST on trading volume that plunged 6% to $64.6 billion. This comes as the US Department of Justice (DOJ) was cleared to authorize the sale of about 69,370 Bitcoin that were seized from the Silk Road darknet marketplace. This stash is currently worth around $6.5 billion. 🇺🇸 US government cleared to sell 69,370 bitcoin worth $6.5 billion seized from Silk Road 😬 pic.twitter.com/mrkD6VWGDw — Ajay Kashyap (@EverythingAjay) January 9, 2025 Bitcoin Price Still Showing Signs Of A Bullish Rally The BTC price daily chart reflects a period of significant consolidation after a strong upward rally earlier in the year. The Bitcoin price recently tested a key support zone around $92,000–$94,000, holding up multiple times during pullbacks.  However, resistance at $101,000 (marked in orange) has kept the price in check, creating a well-defined range-bound structure, as...

Fundstrat’s Tom Lee says that digital assets are likely approaching the time when smaller altcoins begin to outshine the larger-cap cryptocurrencies. In a new interview on the Wealthion podcast with SkyBridge Capital founder Anthony Scaramucci, Lee says his firm has already begun recommending Ethereum (ETH) and Solana (SOL) to clients as a way to move out of the risk curve from Bitcoin (BTC). Lee, head of research at Fundstrat, says that investors holding altcoins may have some “alpha” as the market cycle develops. “The answer is yes. We’ve recommended to our clients that if they didn’t want to be Bitcoin-only, that they could look at Bitcoin, Ethereum and Solana because we’ve put those largely in the same category as sort of core cryptos. We are also entering what I think is altseason. Next year is really when I think the crypto market could broaden and this is where those who are really experts on crypto… actually...

The US Government has moved nearly $600M in seized Bitcoin from Silk Road to a Coinbase wallet, according to Arkham Intelligence. The government holds millions of dollars worth of Bitcoin from various seizures over the years, including from the Silk Road dark web marketplace. The amount of Bitcoin moved was 10,000, all to a Coinbase Prime wallet. The US Government moved nearly $2 billion in Bitcoin from Silk Road to another wallet in July 2024. The reasons behind the transaction are unknown, and analysts wonder if the government plans to sell or custody the BTC. In July, The U.S. Marshals Service (USMS) awarded Coinbase Prime a contract to manage and dispose of its large-cap cryptocurrency assets. Therefore, the U.S. government may just be moving the seized assets to a new place of custody. What was Silk Road, and What is the US Government Doing With Its Bitcoin? Source: Shutterstock / In Green, modified by Blockworks Silk Road was permanently shut down in 2013 after an FBI investigati...