Well, well, well! It seems like Bitcoin Magazine’s big cheese, David Bailey, is throwing around some juicy gossip! 🍔 He’s got a hunch that the U.S. Department of Justice is on a wild spree, liquidating Silk Road BTC faster than a kid in a candy store! 🍭
In a post on X (not to be confused with the letter X, which is just a letter, folks), Bailey suggested that these liquidations are happening despite President Trump’s love affair with Bitcoin. Talk about a plot twist! This could be why BTC’s price is doing the limbo—how low can it go? 🤔
“If the DOJ has been liquidating America’s bitcoin with haste (in defiance of the President) ever since getting court approval to do so 3 months ago… then Bitcoin’s price action makes perfect sense.”
— David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) March 10, 2025
But hold your horses! Some folks are shaking their heads, saying the DOJ’s stash is about as impactful as a wet noodle. They argue that just like Germany’s 2024 Bitcoin sales, it’s not enough to rock the boat. Others are pointing fingers at the broader economic circus as the real culprit behind Bitcoin’s price shenanigans. 🎪
And let’s not forget Bailey’s wild idea that Trump should let people pay with Bitcoin for his “Gold Card.” I mean, who wouldn’t want to buy a card that sounds like it belongs in a pirate’s treasure chest? 🏴☠️ But hey, it shows how politics and Bitcoin are doing the tango these days!
Meanwhile, some brainiacs are suggesting the U.S. government should sell off other seized assets to boost Trump’s Strategic Bitcoin Reserve. Because why not? Let’s throw everything into the Bitcoin blender! 🍹
As of Mar. 10, the feds are sitting on a treasure trove of 60,850 Ethereum (ETH), around $125 million, 122 million Tether (USDT), and a smorgasbord of other goodies like Binance Coin (BNB) and Wrapped Bitcoin (WBTC). If they liquidate, they could snag an extra 5,000 BTC! Cha-ching! 💸
Meanwhile, Real Vision analyst Jamie Coutts is playing detective, revealing that Bitcoin’s price is doing the cha-cha with corporate bond spreads and Treasury bond volatility. If bond spreads keep expanding, Bitcoin might be sweating bullets! 😅
“Bitcoin is like playing a game of Chicken with central banks. While my framework is turning bullish as the dollar plunges, two metrics still raise alarms: Treasury Bond volatility (MOVE Index) and Corporate Bond spreads. In this thread, I’ll explain how these factors interact…”
— Jamie Coutts CMT (@Jamie1Coutts) March 10, 2025
But don’t lose hope just yet! Jamie’s got his rose-colored glasses on, pointing out that nation-states are hoarding Bitcoin like it’s the last cookie in the jar, and there might be ETF inflows on the horizon. Plus, Michael Saylor’s MicroStrategy is rumored to be eyeing a whopping 200,000 BTC this year! 🍪
As the market continues to react to Trump’s economic rollercoaster, Bitcoin’s price took a nosedive to $80,052 on Mar. 10, a 7% drop from the day before. Traders are now glued to their screens, waiting for key economic reports, including the Consumer Price Index on Mar. 12 and the Producer Price Index on Mar. 13, which could send Bitcoin on its next wild ride! 🎢
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2025-03-10 10:42