Silk Road Bitcoin Auction Sends BTC Value Plummeting

The cryptocurrency has recovered some of its loses in the meantime

By on June 13th, 2014 09:56 GMT

Bitcoin prices dropped below $600 (€442) after the United States announced its intention to infuse the market with 30,000 BTC from the Silk Road stash.

The value dropped to $565.28 (€416.62), but managed to make a combat ever since, going up to $605.5 (€446.27) at the moment. The price began to decline some 12 hours ago, data shows, but BTC started to make it back up in the meantime.

The drop comes after the US Marshall Service announced that it will be auctioning off about 30,000 BTC that were confiscated from the online black market Silk Road. The event will take place on June 27 and it will last for 12 hours, but those interested will have to make this known ahead of time.

The trove of Bitcoins has a total value of $18 million (€13.2 million), but the stash has been divided into ten batches to make the purchase easier, although a single investor can choose to buy more than one package. Potential buyers, however, will have to deposit $200,000 (€147,405) in an account that will be subtracted from the buying price.

In case one is not eligible for the auction, the money will be returned to them, according to the rules and they’ll be notified ahead of time.

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