US Government Auction: $40 Million Worth Of BTC To Be Sold Today

The US Government Auction starts today where more than 4,000 BTC will be auctioned today and the procedure will happen with sealed bids where the bidder that bids the most gets the bitcoins. Let’s read more in the following Bitcoin news today, here at DC Forecasts.

All of the bitcoins in the US Government Auction have been forfeited in different federal administrative and civil cases. The US Marshal Service will carry out the sealed bid auction for more than 4041 BTC later today and the amount at current rates reaches less than $40 million. According to the official release, the users that will participate have to deposit to participate in the auction set to $200,000 so the bitcoins will be sold in four different series and will be divided into several blocks.

The bidders had to register with the USMS and those who are approved to take part have to use their confirmation from the USMS and all documentation received after the deadline will not be considered. The auction comes at a very convenient timing since Bitcoin’s price charted a new Golden Cross which means that the 50MA crossed above the 200MA which is a known significant bull flag.

The last time that this happened, the price of the number one cryptocurrency surged to 165% in about 60 days. This means that the $40 million worth of Bitcoin today could reach up to $106 million in less than two months if the history repeats again. The rules of the auction are very simple. The bidder who offers the highest price will be the one that will receive all BTC. If there is more than one bid at the same rate, the first bid will win. If a default of a winning bidder happens, the next highest bidder will get the BTC.

Back in 2014, the popular bitcoin supporter Tim Draper participated in a similar auction where more than 30,000 Bitcoins were sold which were previously seized in the Silk Road bust and he bought them all. It is still unclear how much money he paid for the amount but this stash is now probably worth more than $290 million.