The post Bitcoin’s price drop sparks speculation over DOJ’s possible sell-off appeared on BitcoinEthereumNews.com.

Key Takeaways Speculation suggests the US DOJ may be liquidating seized Bitcoin, impacting its price. Clarity on Bitcoin’s price movement linked to DOJ actions is expected within 30 days. David Bailey, a well-known Bitcoin advocate and CEO of BTC Inc, speculated that Bitcoin’s recent price decline might be connected to the US Department of Justice’s (DOJ) selling activities. “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,” Bailey, who recently attended the White House Crypto Summit alongside other industry leaders, wrote on X. In a follow-up statement, Bailey indicated that clarity on the situation should come within “30 days.” His comment came after President Trump issued an executive order to establish a strategic Bitcoin reserve using seized coins. Under Trump’s new order, the Secretaries of Treasury and Commerce will be responsible for building budget-neutral strategies for further BTC acquisitions, provided that these strategies impose no incremental costs on American taxpayers. The exact amount of Bitcoin, as well as other altcoins seized by the US authorities, remains unknown. According to data tracked by Arkham Intelligence, a US government-labeled wallet currently holds 198,109 BTC worth nearly $16 billion. In an interview with Bloomberg TV last Friday, White House AI and crypto czar David Sacks said that the government would conduct a full audit of its crypto holdings following the establishment of the Strategic Bitcoin Reserve. The audit is part of Trump’s executive order, which aims to ensure that all digital assets, including Bitcoin, are properly accounted for and safeguarded. According to Sacks, the DOJ may possess up to 200,000 BTC, but an official audit is necessary for verification. Analysts see Bitcoin testing lower support before potential recovery It’s…

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Filed under: News - @ March 10, 2025 4:28 pm