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Latest Bitcoin auction timed to avoid market disruption – CoinDesk

FXStreet (Barcelona) - The CoinDesk Analysis Team notes that the US Marshals Service intends to auction all of the seized 144,000 BTC in the coming months by breaking up the sales in order to avoid disruption the bitcoin market.

Key Quotes

“The USMS announced on 17th November that it will auction off just 50,000 BTC previously owned by Ulbricht, who stands accused of operating the now-defunct Silk Road online black marketplace."

"The bidding registration for this auction, which is currently underway, will be open to interested parties until 1st December.”

“The agency confirmed that the auction process will be the same as the one held in July, when nearly 30,000 BTC was ultimately sold to Draper Fisher Jurvetson founding partner and noted bitcoin investor Tim Draper."

"The price of bitcoin has declined from roughly $650 at the time of the initial auction in July to a press time figure of $384.”

“Binary took part in the last auction and, at the time, Yeh noted that such events present a unique opportunity for financial firms to acquire large quantities of bitcoin without the added costs that can come from buying over an exchange or off market.”

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