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Auction on the seized 2,170 Bitcoins worth $25 Million – who wants some?

Santhosh M

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Auction on 2,170 Bitcoins - US Marshals to sell seized amount worth 25 million USD
Source: The Blue Diamond Gallery

The U.S. Marshals Service has planned to auction 2,170 Bitcoins that were seized from the cases that involved in federal, criminal and civic activities. The Bitcoins have been collected by US Law enforcement agencies in various cases.

The worth of Bitcoin is estimated around 25 million USD. The auction has been planned to happen on March 19th, 2018. The procedure and eligibility of public who can take part in the auction is described in the official memo published by the officials. Eligible candidates need to submit the relevant documents and would be evaluated by March 14th, 2018.

To participate in the bidding, the would-be-bidders need to submit a deposit of 200,000 USD and fill out the other documents including the bidder registration form. They also need to furnish a lot of personal information about the business that they currently are a part of and their bank accounts details.

The US Marshal has made an official statement:

“The USMS will not transfer Bitcoin to an obscene public address, a public address apparently in a country restricted by the Office of Foreign Assets Control (OFAC), a public address apparently associated with terrorism, other criminal activities, or otherwise hostile to the United States.”

This month’s auction on 19th March has 14 separate blocks for sale. Of the 14 blocks, 2 blocks are of 500 BTC each, 11 blocks are of 100 BTC each and 1 block at 70 BTC.

March 19th sale marks the second sale by the US agency in the period of one month. This also indicates the importance of the increased value of Bitcoin. The last auction during the month of January saw 3,600 Bitcoins being distributed to 5 successful bidders.

The US agency gained around 30 million USD in the last auction. The coin in their docket was only a worth of 1.6 million USD during the year 2016 where 2700 coins were auctioned.

Although, few investors are not happy with this decision by US Marshal.

Twitter username cryptoaimee090 says:

“if bitcoin is a scam, why would USMarshallsauction them off? #bitcoin #cryptocurrency”

Sasgora, another cryptocurrency enthusiast says:



“They probably have no clue about forks, and certainly don’t know how to claim them. If the auction includes the original private keys they might contain forked coins.”

The origination of the Bitcoin tokens that are to be auctioned has been listed online, which includes many high profile criminal and federal cases like the ones which involve Shaun Bridges, the ex-secret service agent, and his alleged involvement in the Silk Road Investigation.

The plans of the agency to conduct an auction at regular intervals has affirmed the fact that the agency is not interested to keep the highly-valued Bitcoins in their docket simply. The funds raised by the agency through these auctions are planned to be utilized for developmental process and purpose.





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Santhosh is a full-time reporter at AMBCrypto. He is an engineer with a major in Mathematics and Computer Science. He developed a key interest in the blockchain space and has been studying and researching about it ever since. He is currently authoring a book on Blockchain and its use cases in the Education domain. He currently does not hold any value in any cryptocurrency or its projects.

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XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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