The post This Week in Bitcoin: BTC Plunges as US Gets Go-Ahead to Sell Silk Road Billions appeared on BitcoinEthereumNews.com.

It was all going so well. Bitcoiners were feeling the euphoria Monday when the biggest digital coin was trading above $100,000 per coin for the first time so far in 2025, at one point touching a high of $102,290, according to CoinGecko.  But then America’s central bank had to do what it always does: remind markets that it still runs the show. The Federal Reserve on Wednesday released its December meeting minutes, showing that its members were likely to pause on cutting interest rates in 2025 over concerns about sticky inflation brought about by the incoming Trump administration.  More bad news came on Friday, when jobs data coming out of the world’s biggest economy showed that unemployment was low, which economists generally agree means more inflation. The asset dropped as low as $91,914 on Friday.  It has since recovered somewhat, and is now priced at $94,400 per coin. Over a seven-day period, it has dropped nearly by 4%. It’s now significantly below its December 18 all-time high of over $108,000.  Calling it a volatile week is an understatement. Here’s a look back at the biggest Bitcoin news. American ETF action After a day of monster inflows to the American ETFs on Monday, investors started pulling cash out of the vehicles—and fast.  On Wednesday, speculators pulled the most amount of money since December from the funds. Data from Farside shows that a total of over half a billion was cashed out that day—leading the price of the coin to dip.  Other factors are impacting Bitcoin, but the biggest ETFs trading on the world’s biggest stock exchanges in the world’s biggest economy are naturally having an significant impact. Silk Road sale? Over 69,000 Bitcoin seized from the Silk Road dark web marketplace—that’s $6.5 billion worth now—could be headed to sale after a…

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Filed under: News - @ January 12, 2025 1:24 pm