Time to Sell Bitcoin (BTC)?

Bittime - After reaching impressive price peaks, Bitcoin (BTC) is now facing a major challenge with a significant decline. Is now the time to sell Bitcoin (BTC)? Check out the review in this article.

In the last 24 hours, BTC experienced a price decline which saw it fall again below the $94,000 level (around IDR 1.5 billion), after quickly touching the $100,000 (around IDR 1.6 billion) mark. 

This situation is further exacerbated by the news that the United States Department of Justice (DOJ) has obtained permission to sell 69,370 BTC seized from the Silk Road case, which is currently worth more than $6.58 billion (around IDR 106 trillion). 

The question that now arises is: Is this the right time to sell Bitcoin? Check out the answer in this article.

Permission to Liquidate BTC Silk Road

The Bitcoins in the spotlight were seized by the DOJ as part of an operation against Silk Road, a notorious black market. These BTC have been confiscated since 2013 and now their collective value has increased rapidly. 

With a recent decision from U.S. District Judge Richard Seeborg, the DOJ now has the green light to liquidate the assets, marking the end of a year-long ownership dispute with Battle Born Investments Company.

Read also: Bitcoin (BTC) Rally in Q1 2025 Will Be Triggered by Money Printing by the US Fed

Although government officials have not provided clarity regarding the timing of the sale, it is possible that this sale could have a major impact on the price of Bitcoin. 

If the DOJ decides to sell in large quantities, the market could experience greater selling pressure, especially considering that BTC is already struggling to maintain prices above $100,000. 

For example, the sale of 40,000 BTC by the German state, Saxony, in mid-2024, caused the price of Bitcoin to fall from more than $70,000 (around IDR 1.1 billion) to $56,000 (around IDR 901 million).

Impact of Selling on Bitcoin Price

The impact of the DOJ's sale of BTC depends largely on how the liquidation is carried out. It's possible the DOJ will speed up the sale, especially with a new administration taking office at the end of January. 

Although the new administration promises to be positive towards cryptocurrencies, uncertainty remains regarding how this will influence the DOJ's decision.

Currently, the price of Bitcoin is trading around $94,300 (around IDR 1.51 billion), and in the last few days, the overall crypto market has experienced a decline. 

Read also: A number of countries want to have Bitcoin, these are the 6 countries that own the most Bitcoin in the world

On Thursday, Bitcoin touched an intraday low of $91,215 (around IDR 1.46 billion), reflecting a decline of more than 3% against the US dollar. In the past month, the crypto market has lost $420 billion in value, and Bitcoin is approaching the $90,000 threshold (around IDR 1.4 billion).

Rising Sales Trend

In this context, Bitcoin selling has become more intensive. In the last 24 hours, Bitcoin recorded a trading volume of $61.42 billion, much of which was dominated by selling pressure. 

On the other hand, Tether (USDT) recorded an astonishing trading volume of $122 billion, indicating that many market players are shifting from Bitcoin and various altcoins to dollar-pegged stablecoins.

In the South Korean market, Bitcoin traded at a premium, reaching $95,301 (around IDR 1,533 billion) on Upbit, while the global average was around $91,877 (around IDR 1,477 billion). This shows that despite the price drop, interest in Bitcoin is still there, especially in certain markets.

Read also: National Bank of the Czech Republic Interested in Forming a Bitcoin Reserve

FAQs About Bitcoin

1. What is Bitcoin?

Bitcoin is a decentralized digital asset that allows transactions without intermediaries, such as banks or financial institutions. 

2. How to buy Bitcoin?

You can buy Bitcoin directly through Bittime.

3. What are the main risks in investing in Bitcoin?

The main risks include high price volatility, the possibility of fraud or hacking on the exchange platform, as well as the impact of regulatory changes. 

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference 

of Bitcoin, Bitcoin Price Crash Imminent? US DOJ Receives Greenlight To Sell 69,370 BTC Worth $6.58 Billion, accessed January 10, 2025.

News.Bitcoin, Crypto Economy Tumbles: Bitcoin Nears $90K as Sell-Off Intensifies, accessed January 10, 2025.

Author: Y