A Man Was Storing Over A Billion Dollars Worth Of Bitcoin Under A Blanket

The Feds seized over 1 billion dollars in bitcoin that was originally stolen from the silk road, Silke road is a dark web where people buy their drugs and many other illegal things. This man has 50,000 Bitcoin on a small computer in a popcorn tin in him is bathroom safe. It is ridiculous that this man was storing over a billion dollars worth of Bitcoin under a blanket in a bathroom safe. The Feds got him and is stolen Bitcoin, we should be expecting it will be sold off in an auction in the future because that is what the FED has done in the past.

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Someone like Tim Draper bought 30,000 Bitcoin from a FED auction in the past so we should expect an auction for that seized 50,000 Bitcoin. July 2020 is about the seller's exhaustion and it was a time of low volatility and high losses. Most times that it has happened has resulted in a major price rally coming in afterward. The big question is are we going be seeing the same thing repeating itself or will it be November 2018 thing, when will see further losses?

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Now that we lost the $20,000, there is a probability that the market cascade to much more price pain in the market. There is a lot of uncertainty in the crypto market because the macroeconomy still got some terrible statistics. We have got a drama going on we are the two biggest exchanges and it has contributed to the fear in the market. There are a lot of rumors going on, if you have an asset in fxt2 maybe you should get your asset out until all the drama goes down. There is just a little chance that the rumors are true, so it is not a bad idea to move your fund to a decentralized wallet.

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With all this market action recently, it is very interesting to see Bitcoin reach $21,500 before dropping below $19,000 again today. Some altcoins are doing well, we see about 100% gains in a week and it is very exciting stuff. It might take a while for us to down break out of the downtrend.

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