By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
    FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
    May 16, 2025
    Arctic Worries: Melting Ice, and a Russia-China Partnership
    Arctic Worries: Melting Ice, and a Russia-China Partnership
    May 16, 2025
    Largest US retailer Walmart warns of price hikes because of tariffs | Trade War News
    Largest US retailer Walmart warns of price hikes because of tariffs | Trade War News
    May 15, 2025
    EU nation slams Russia over ‘slap in the face’ — RT World News
    EU nation slams Russia over ‘slap in the face’ — RT World News
    May 15, 2025
    Fed’s Powell cautions about higher long-term rates as ‘supply shocks’ provide policy challenges
    Fed’s Powell cautions about higher long-term rates as ‘supply shocks’ provide policy challenges
    May 15, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    FTX Token surges 14% ahead of B creditor distribution
    FTX Token surges 14% ahead of $5B creditor distribution
    May 16, 2025
    Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
    Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
    May 16, 2025
    Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
    Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
    May 16, 2025
    U.S. Senate’s Stablecoin Push Still Alive as Bill May Return to Floor: Sources
    U.S. Senate’s Stablecoin Push Still Alive as Bill May Return to Floor: Sources
    May 15, 2025
    BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX
    BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX
    May 15, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Altcoins to watch amid US notice to sell $130M in BTC from Silk Road
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Cryptocurrency > Altcoins to watch amid US notice to sell $130M in BTC from Silk Road
Altcoins to watch amid US notice to sell 0M in BTC from Silk Road
Cryptocurrency

Altcoins to watch amid US notice to sell $130M in BTC from Silk Road

Published January 26, 2024
Share
6 Min Read
SHARE

Contents
US government to sell BTC worth $130 millionAltcoins to watch amid BTC price outlook: Ethereum, Solana, MemeinatorA look at Memeinator (MMTR)Share this articleCategoriesTags
  • The US government has issued a notice on the sale of over $130 million in BTC linked to Silk Road.
  • Court documents indicate this includes 2,874 BTC seized from drug trafficker Ryan Farace and 58 BTC from convicted law enforcement agent Sean Bridges.
  • BTC price remained near $40k, but market is watching Ethereum, Solana.

Crypto news today is dominated by the US government’s notice about its plans to sell over $3,200 Bitcoon (BTC) worth more than $130 million. Documents show that these bitcoins are part of the forfeitures related to the infamous darknet marketplace Silk Road.

While the news has had no major impact on BTC price as of writing, the market is abuzz with what the outlook for the top crypto by market cap could mean for altcoins. Elsewhere, the potential resurgence in meme coins has traders eyeing the next gem. Could Memeinator (MMTR) be one of the tokens to watch?

US government to sell BTC worth $130 million

On Thursday, January 25, the United States government filed a notice seeking to sell more than $130 million in Bitcoin (BTC) seized from two individuals connected to the Silk Road darknet.

According to court documents filed in the U.S District Court in Maryland, the government plans to sell 2,874 bitcoins seized from Ryan Farace and Sean Bridges in February 2021 and 58 bitcoins seized from Farace in May 2021.

At the time of the government’s notice, the approximate value of the first batch was $129 million, while the second carried a market value of about $3.3 million.

The BTC forfeitures followed Farace’s conviction over drug trafficking. Bridges, a former Secret Service agent, was convicted of stealing the bitcoins during a Silk Road investigation. The public have 60 days (from the notice’s initial filing date of January 10, 2024) to file a petition if anyone other than the defendants has an interest in the forfeited BTC.

In March last year, the US government announced it had sold 9,861 BTC for $215 million and would liquidate another 41,500 BTC in four batches over the course of the year.

Documents filed in court at the time showed the bitcoins in were from the 51,351 BTC authorities seized from James Zhong in November 2022. Zhong was arraigned over wire fraud charges related to Silk Road marketplace.

Altcoins to watch amid BTC price outlook: Ethereum, Solana, Memeinator

The latest BTC sale from the US government comes as crypto battles downside pressure, with GBTC outflows having decimated retail sentiment in recent weeks.

Bitcoin remains near the $40k level though, and as JPMorgan analysts said on Thursday, the Grayscale sell-off pressure may be ending. What does this mean for the broader market?

Experts opine that a potential rebound from current levels could put BTC on track for a retest of recent peak at $49k. Long term, the bullish outlook is helped by the upcoming block reward halving, with predictions that Bitcoin price could break above $100k by the end of the year or early 2024.

This has the altcoin market also bullish long term, with top altcoins likely to see fresh traction including Ethereum and Solana. While BTC could dip to new 2024 lows following this week’s dive to $38,600, ETH and SOL could seek support levels below $2k and $80 respectively. 

These levels or lower could provide great buying opportunities.

A look at Memeinator (MMTR)

Solana’s 2023 surge was helped by a spike in meme coin activity, with the likes of Bonk skyrocketing to reignite a meme coin resurgence. BONK price has dropped significantly as SOL struggled. 

This means the market may be on the hunt for a new meme coin gem.

With fresh momentum building up amid broader market interest in its presale, the Memeinator (MMTR) could be one of the tokens to explode in coming months. Boosting of genuine utility, laced within a play-to-earn ecosystem, Memeinator is designed to return meme culture to the industry.

As a meme coin on a mission to end the menace of poor quality copycat meme tokens, this project could be poised to challenge top dog-themed coins Dogecoin and Shiba Inu. 

Memeinator’s presale has raised over $3.9 million and is currently in stage 13. The MMTR price of $0.0197 at this stage is likely to be a major bargain should the project go on to dominate the meme market as projected.

Find more about Memeinator from its whitepaper or visit the presale page.


Share this article

Categories

Tags

#Altcoins #watch #notice #sell #130M #BTC #Silk #Road

TAGGED:130MaltcoinsBTCnoticeRoadsellsilkwatch
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Kost Capital raising inaugural fund to invest in European food tech startups Kost Capital raising inaugural fund to invest in European food tech startups
Next Article President Ruto remains undettered as court stops housing levy President Ruto remains undettered as court stops housing levy
- Advertisement -

Latest Post

FTX Token surges 14% ahead of B creditor distribution
FTX Token surges 14% ahead of $5B creditor distribution
Cryptocurrency
FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
World News
Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
Cryptocurrency
Arctic Worries: Melting Ice, and a Russia-China Partnership
Arctic Worries: Melting Ice, and a Russia-China Partnership
World News
Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
Cryptocurrency
Largest US retailer Walmart warns of price hikes because of tariffs | Trade War News
Largest US retailer Walmart warns of price hikes because of tariffs | Trade War News
World News
- Advertisement -

You Might Also Like

Ethereum nears key Bitcoin price level that last time sparked 450% gains
Cryptocurrency

Ethereum nears key Bitcoin price level that last time sparked 450% gains

May 4, 2025
Report Shows Only 5% Of VC-Backed Crypto Firms Developed A Market-Fit Product
Cryptocurrency

Report Shows Only 5% Of VC-Backed Crypto Firms Developed A Market-Fit Product

July 28, 2023
Bitcoin Price Analysis: Orbiting 26121 Level – 21 August 2023
Cryptocurrency

Bitcoin Price Analysis: Orbiting 26121 Level – 21 August 2023

August 21, 2023
Bank of England will get more power in regulating stablecoins
Cryptocurrency

Bank of England will get more power in regulating stablecoins

August 8, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?