U.S. government begins selling Silk Road BTC amid global banking crisis

U.S. government begins selling Silk Road BTC amid global banking crisis Bitcoin BTC SilkRoad

- The U.S. government is pulling out all the stops to distance itself from cryptocurrencies and take the market down a peg, as a recent court filing shows that the Department of Justice has begun selling the Bitcoin stash acquired from the takedown of Silk Road back in 2013.

The Silk Road marketplace functioned as a digital black market that allowed users to buy and sell illicit goods including weapons and stolen credit card information. The marketplace drew the ire of U.S. authorities, and they arrested Ulbricht in 2013 and shut the marketplace down. While many in the crypto ecosystem see this as another prong in the government's ongoing Operation Chokepoint 2.0, which seeks to rein in the U.S. crypto industry, the BTC sales have had the opposite effect, as data from TradingView shows that the price of Bitcoin surged on March 14, the day the first tranche was sold, and has climbed higher since.

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