Will The New Silk Road Bitcoin Auction Affect The BTC Price?

Another Bitcoin auction will be held by the US government on August 22, 2016. This auction is a lot smaller compared to previous ones, as “only” 2,700 bitcoins will be up for grabs. All of these coins were seized during investigations of Silk Road. Interested bidders must register by August 18 if they want to get their hands on US$1.6m worth of Bitcoin.

When the Silk Road platform was shut down by government officials a few years ago, significant amounts of Bitcoin were obtained in the process. Even though one of the investigators attempted to steal a large sum of cryptocurrency in the process, US Marshals continue to auction off remaining lots.

Another Silk Road-Related Bitcoin Auction

This latest lot will see roughly 2,700 Bitcoin change hands to the highest bidder. After the four previous auctions all brought in a lot of money, it will be interesting to see if the trend continues. The Bitcoin price has fallen slightly since the last auction, and there is still a lot of uncertainty regarding the block size debate.

The majority of the bitcoins for this auction came from a civil forfeiture related to a drug dealer operating on the

Read more ... source: NewsBTC USA