Well, well, well! It seems like Bitcoin Magazine’s big cheese, David Bailey, is throwing around some juicy gossip! đ Heâs 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! đ
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 Trumpâs love affair with Bitcoin. Talk about a plot twist! This could be why BTCâs price is doing the limboâhow low can it go? đ€
âIf the DOJ has been liquidating Americaâs bitcoin with haste (in defiance of the President) ever since getting court approval to do so 3 months ago⊠then Bitcoinâs price action makes perfect sense.â
â David Baileyđ”đ· $0.85mm/btc is the floor (@DavidFBailey) March 10, 2025
But hold your horses! Some folks are shaking their heads, saying the DOJâs stash is about as impactful as a wet noodle. They argue that just like Germanyâs 2024 Bitcoin sales, itâs not enough to rock the boat. Others are pointing fingers at the broader economic circus as the real culprit behind Bitcoinâs price shenanigans. đȘ
And letâs not forget Baileyâs wild idea that Trump should let people pay with Bitcoin for his âGold Card.â I mean, who wouldnât want to buy a card that sounds like it belongs in a pirateâs treasure chest? đŽââ ïž 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 Trumpâs Strategic Bitcoin Reserve. Because why not? Letâs throw everything into the Bitcoin blender! đč
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! đž
Meanwhile, Real Vision analyst Jamie Coutts is playing detective, revealing that Bitcoinâs price is doing the cha-cha with corporate bond spreads and Treasury bond volatility. If bond spreads keep expanding, Bitcoin might be sweating bullets! đ
âBitcoin 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 interactâŠâ
â Jamie Coutts CMT (@Jamie1Coutts) March 10, 2025
But donât lose hope just yet! Jamieâs got his rose-colored glasses on, pointing out that nation-states are hoarding Bitcoin like itâs the last cookie in the jar, and there might be ETF inflows on the horizon. Plus, Michael Saylorâs MicroStrategy is rumored to be eyeing a whopping 200,000 BTC this year! đȘ
As the market continues to react to Trumpâs economic rollercoaster, Bitcoinâs 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! đą
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2025-03-10 10:42