The American government has resumed trading cryptocurrencies. A brief submitted on Friday in the Southern District of New York claims that on March 14, the United States sold 9,861.1707894 of the 50,000 bitcoin it had confiscated as part of the Silk Road marketplace hacking investigation.
After transaction fees, the government received $215.5 million. Around $21,877 per coin was the sale price, which was $2,000 below the market cost on that specific day. The bitcoin price increased by 2.43% on the day of the sale, suggesting that the sale did not affect its value.
Given that Bitcoin is currently worth roughly $28,000, it’s possible that the government could have chosen a better time to enter the market. Twitter made fun of the $215,000 in transaction fees paid by the government, which represents around 0.1% of the total quantity of goods sold.
It looks like cryptocurrency dealers could teach American merchants a thing or two about cutting costs. For instance, the wealthy Winklevoss twins’ cryptocurrency exchange Gemini claims that it costs 0% in fees for sales of this amount if the seller is prepared to act as a “market maker,” or just 0.04% if they wish to act as a “taker.”
The transaction relates to the case against James Zhong, who was charged in September 2012 with wire fraud after allegedly receiving more than 50,000 bitcoin from the darknet market Silk Road.
Also Read: Imprisoned Silk Road founder to Auction off His NFTs
