Republican

Donald Trump

Bitcoin

Silk Road

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/the-u-s-supreme-court-refuses-to-hear-bitcoin-ownership-case/" data-wpel-link="internal" rel="noopener noreferrer nofollow">The U.S. Supreme Court Refuses to Hear Bitcoin Ownership Case</a><br></p>
<p style="text-align: justify">The U.S. Supreme Court declined to review a case regarding the ownership of approximately 69,370 Bitcoins, valued at around $4.38 billion, which the government seized from the Silk Road dark web marketplace.</p>
<h2 id="background-of-the-case">Background of the Case</h2>
<p style="text-align: justify">Battle Born Investments claimed it purchased the cryptocurrencies through bankruptcy proceedings. However, both a district court in 2022 and an appellate court in 2023 rejected these claims. A San Francisco appellate judge ruled that Battle Born did not have a valid claim to the Bitcoins, thereby dismissing the case.</p>
<p style="text-align: justify">This decision upholds the lower court rulings and increases the likelihood that the U.S. government will successfully continue its civil forfeiture proceedings. The government currently holds approximately $2 billion worth of Bitcoin related to the Silk Road case, stored via <a href="https://en.coin-turk.com/central-crypto-exchanges-witness-significant-increase-in-trading-volume/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase</a> Prime.</p>
<h2 id="market-impacts">Market Impacts</h2>
<p style="text-align: justify">The government’s potential sale of these Bitcoins could create sudden selling pressure in the <a href="https://en.coin-turk.com/ftx-legal-representative-kroll-hacked-non-sensitive-user-data-stolen/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/bitcoin-climbs-again-and-altcoins-gain-momentum/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> market, leading to price fluctuations. Historically, significant Bitcoin sales by governments have caused instability in the crypto market, as seen when sales by the German government in mid-2024 decreased BTC prices below $60,000.</p>
<p style="text-align: justify">In October, Bitcoin opened with an 8% correction but has since entered an upward trend, currently trading at around $62,305. The U.S. government is preparing to release a $4.33 billion Bitcoin sale, which could significantly impact the market based on past instances of similar sales causing major price swings.</p>
<p style="text-align: justify">Republican presidential candidate Donald Trump suggested creating a strategic reserve for Bitcoin if he wins the election, demonstrating the government’s evolving approach to Bitcoin management.</p>
<p style="text-align: justify">Large government sales of Bitcoin are expected to continue causing volatility in the market. Investors should consider how these transactions may affect market dynamics when formulating their strategies.</p>
<p>The post <a href="https://en.coin-turk.com/the-u-s-supreme-court-refuses-to-hear-bitcoin-ownership-case/" data-wpel-link="internal" rel="noopener noreferrer nofollow">The U.S. Supreme Court Refuses to Hear Bitcoin Ownership Case</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

The U.S. Supreme Court Refuses to Hear Bitcoin Ownership Case

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