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Bitcoin drops to $27k range again, liquidating $200M

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Bitcoin (BTC) fell to about $27,235 almost immediately after hitting a price of $30,000, leading to more than $170 million in liquidations.

The largest cryptocurrency by market cap rallied toward $30,000 earlier in the day, which led to more than $70 million in liquidations for short traders in the last 24 hours.

Nearly $200 million liquidated

According to Coinglass, the crypto market saw $195 million liquidated in the past four hours, with more than 77,000 traders being liquidated.

Bitcoin saw $72.05 million in the past hour, while Ethereum saw $28.75 million. Other assets such as Dogecoin, Arbitrum, Chainlink, XRP, Litecoin, and Solana experienced less than $4 million in liquidations.

The largest liquidation occurred on BitMEX on XBT, valued at $5.05 million.

Bitcoin drops to $27k again

The price of Bitcoin is also down to $27k again after a rally over the last three days, based on CryptoSlate data, after it dropped from a high of almost $31k on April 14 down to as low as $26,960 on April 24.

BTCUSDT (Source: TradingView)

BTC was priced at $27,510 as of 8:30 p.m. UTC. The price of Bitcoin is down overall by almost 2.5% over the past 24 hours.

Other leading assets have also lost value. Ethereum (ETH) is down almost 2%, while Binance Coin (BNB) is down 2.3% and XRP is down 4.7%, while Dogecoin (DOGE) is down 3.6%.

Jump Trading deposits to exchanges

Arkham Intelligence tweeted that Jump Trading, a prominent market maker, deposited $26.6M worth of BTC to various exchange deposit addresses in the past hour.

Most of these funds were sent to Binance, with Jump Trading transferring $23.7M to their BTC deposit address.

The post Bitcoin drops to $27k range again, liquidating $200M appeared first on CryptoSlate.

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The DOJ Is Liquidating its Seized Silk Road Bitcoin Stash

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Key Takeaways

The U.S. government has begun liquidating the bitcoin it seized from Silk Road exploiter James Zhong.

The DOJ already sold 9,861 BTC on March 14, netting $215.5 million.

It plans on selling the remaining 41,490 BTC in four installments over the course of the year.

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On-chain analysts noticed at the beginning of the month that the U.S. government was moving funds it had seized from Silk Road exploiter James Zhong. It turns out that the DOJ was maneuvering to sell some of the stash.

Dumping Silk Road Bitcoin

The U.S. government is selling some of its bitcoin holdings.

A new filing from the United States Department of Justice indicates that some of the bitcoin seized by authorities from Silk Road exploiter James Zhong has already been sold.

According to the document, the government held at one point a total of 51,351 BTC (worth approximately $1.4 billion at today’s prices) in connection to Silk Road—the majority of which came from Zhong. Of these holdings, 9,861 BTC were sold on March 14, netting the DOJ over $215.5 million. The filing states that the government paid roughly $215,738 in fees for the transaction. It plans to sell the remaining 41,490 BTC ($1.1 billion) in four more installments over the course of the calendar year—though it will wait until Zhong’s sentencing to liquidate the second batch. 

Zhong is accused of defrauding darknet marketplace Silk Road by exploiting the platform’s withdrawal mechanism in September 2012. U.S. authorities managed to seize Zhong’s stash of 50,676 BTC in November 2021. Zhong pleaded guilty to one count of wire fraud in November 2022. Though he faces up to 20 years in jail, he recently asked the court to spare him prison time, on account of his difficult childhood, autism, and the fact that his crime was victimless. He is scheduled for sentencing on April 14.

It’s highly likely that the government used Coinbase to sell its 9,861 BTC. On-chain analysts noticed at the beginning of March that wallets associated with seized Silk Road funds had moved approximately 49,000 BTC to various fresh addresses. One of these addresses was identified as belonging to crypto exchange Coinbase; it received 9,825 BTC on March 7. 

The DOJ’s use of Coinbase is atypical, as the government has historically preferred liquidating seized digital assets through public auctions. 

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.

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Voyager Digital retains $725m inspite of liquidating tens of millions of ethereum, SHIB

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Voyager Electronic holds $725m of various cash in spite of ongoing liquidations that started out in September 2022.

The lender’s equilibrium follows a series of token transfers to other crypto companies to repay previous purchasers in liquidation auctions. 

Voyager Digital’s asset transfers

The troubled cryptocurrency enterprise has transferred 158k ethereum (ETH), 5.9t SHIB, 123m Voyager Tokens (VGX), 36m Polygon (MATIC), and 2m Chainlink (Link).

Subsequent these transfers, Voyager now holds $725m of cash.

The transfer has prompted marketplace analysts to speculate about the destiny of Voyager Digital and its attainable outcomes on the cryptocurrency market. Quite a few organizations and wallets joined to the bankrupt trade have been shifting dollars to and from numerous exchanges.

The collapse of Voyager Digital

Voyager Digital’s collapse was a blow to the cryptocurrency sector. In July 2022, the lender stopped accepting shopper deposits and withdrawals right after A few Arrows Capital (3AC), a defunct crypto hedge fund, failed to repay a 15,250 bitcoin (BTC) and $350m worth of USDC financial loan. This action hastened Voyager’s downfall amid mounting authorized and regulatory difficulties.

https://www.youtube.com/look at?v=wnOp6KC_o7Y

Adhering to this, the bankrupt crypto lender declared that as of Sep. 13, 2022, it would be holding a liquidation auction to tackle its fiscal worries.

Sam Bankman-Fried’s lawyer negotiates a new bail arrangement

On Dec. 13, Sam Bankman-Fried, whose cryptocurrency corporations have been closely related to Voyager Digital, faced an eight-count indictment accusing him of defrauding FTX consumers, buyers, and Alameda investigation.

In a recent trial update, his attorneys claimed to be approaching an arrangement with U.S. prosecutors on amended bail conditions for the arrested FTX cryptocurrency trade founder.

In a letter shipped Friday night to the federal courtroom in Manhattan, Fried’s legal professional Christian Everdell mentioned that both of those sides thought they were “near to a resolution.” They predicted formally proposing additional boundaries by future 7 days.

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