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  • Altcoins to watch amid US notice to sell $130M in BTC from Silk Road

    Altcoins to watch amid US notice to sell $130M in BTC from Silk Road

    • The US government has issued a notice on the sale of over $130 million in BTC linked to Silk Road.
    • Court documents indicate this includes 2,874 BTC seized from drug trafficker Ryan Farace and 58 BTC from convicted law enforcement agent Sean Bridges.
    • BTC price remained near $40k, but market is watching Ethereum, Solana.

    Crypto news today is dominated by the US government’s notice about its plans to sell over $3,200 Bitcoon (BTC) worth more than $130 million. Documents show that these bitcoins are part of the forfeitures related to the infamous darknet marketplace Silk Road.

    While the news has had no major impact on BTC price as of writing, the market is abuzz with what the outlook for the top crypto by market cap could mean for altcoins. Elsewhere, the potential resurgence in meme coins has traders eyeing the next gem. Could Memeinator (MMTR) be one of the tokens to watch?

    US government to sell BTC worth $130 million

    On Thursday, January 25, the United States government filed a notice seeking to sell more than $130 million in Bitcoin (BTC) seized from two individuals connected to the Silk Road darknet.

    According to court documents filed in the U.S District Court in Maryland, the government plans to sell 2,874 bitcoins seized from Ryan Farace and Sean Bridges in February 2021 and 58 bitcoins seized from Farace in May 2021.

    At the time of the government’s notice, the approximate value of the first batch was $129 million, while the second carried a market value of about $3.3 million.

    The BTC forfeitures followed Farace’s conviction over drug trafficking. Bridges, a former Secret Service agent, was convicted of stealing the bitcoins during a Silk Road investigation. The public have 60 days (from the notice’s initial filing date of January 10, 2024) to file a petition if anyone other than the defendants has an interest in the forfeited BTC.

    In March last year, the US government announced it had sold 9,861 BTC for $215 million and would liquidate another 41,500 BTC in four batches over the course of the year.

    Documents filed in court at the time showed the bitcoins in were from the 51,351 BTC authorities seized from James Zhong in November 2022. Zhong was arraigned over wire fraud charges related to Silk Road marketplace.

    Altcoins to watch amid BTC price outlook: Ethereum, Solana, Memeinator

    The latest BTC sale from the US government comes as crypto battles downside pressure, with GBTC outflows having decimated retail sentiment in recent weeks.

    Bitcoin remains near the $40k level though, and as JPMorgan analysts said on Thursday, the Grayscale sell-off pressure may be ending. What does this mean for the broader market?

    Experts opine that a potential rebound from current levels could put BTC on track for a retest of recent peak at $49k. Long term, the bullish outlook is helped by the upcoming block reward halving, with predictions that Bitcoin price could break above $100k by the end of the year or early 2024.

    This has the altcoin market also bullish long term, with top altcoins likely to see fresh traction including Ethereum and Solana. While BTC could dip to new 2024 lows following this week’s dive to $38,600, ETH and SOL could seek support levels below $2k and $80 respectively. 

    These levels or lower could provide great buying opportunities.

    A look at Memeinator (MMTR)

    Solana’s 2023 surge was helped by a spike in meme coin activity, with the likes of Bonk skyrocketing to reignite a meme coin resurgence. BONK price has dropped significantly as SOL struggled. 

    This means the market may be on the hunt for a new meme coin gem.

    With fresh momentum building up amid broader market interest in its presale, the Memeinator (MMTR) could be one of the tokens to explode in coming months. Boosting of genuine utility, laced within a play-to-earn ecosystem, Memeinator is designed to return meme culture to the industry.

    As a meme coin on a mission to end the menace of poor quality copycat meme tokens, this project could be poised to challenge top dog-themed coins Dogecoin and Shiba Inu. 

    Memeinator’s presale has raised over $3.9 million and is currently in stage 13. The MMTR price of $0.0197 at this stage is likely to be a major bargain should the project go on to dominate the meme market as projected.

    Find more about Memeinator from its whitepaper or visit the presale page.

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  • Bitcoin hints at sell signal after hitting 3-month high

    Bitcoin hints at sell signal after hitting 3-month high

    • Bitcoin price hit $30,369 on Saturday, its highest level since July.
    • While bulls could push higher in coming weeks, the immediate outlook suggests a bearish flip.
    • Crypto analyst Ali points to the TD Sequential indicator as hinting at a sell signal.

    Bitcoin price rose to its highest level since July when it broke above $30k to reach highs of $30,369 on Saturday. BTC is indeed looking for its fourth-biggest weekly gains year-to-date.

    However, although the benchmark crypto trading around $29,950 at the time of writing, an analyst says further retreat is possible given the potential for a key bearish signal.On the upside, market observers see a flip and weekly candle close above $31k as what bulls need to take control of the prevailing volatility.

    BTC price shows sell signal

    According to crypto analyst Ali, the potential for a head-and-shoulders pattern for BTC on the daily chart has received greater attention across the market. And in a chart shared on X on October 22, the analyst points to the possibility of the scenario unfolding given a key bearish signal – the TD Sequential indicator.

    Other than the sell signal hinted at after BTC price rose over the past several days, the overextended outlook is added to by the daily RSI that has previously triggered notable pullbacks.

    “The $BTC daily chart hints at a possible sell signal emerging tomorrow, based on the TD Sequential indicator flashing a green 9 candlestick. Not to mention, the RSI reached 74.21 — a level triggering sharp corrections since March,” Ali wrote on X.

    Based on this outlook, the analyst noted:

    “An impending price correction appears to be on the horizon unless #BTC manages to clock a daily candlestick close above $31,560.”

    A flip lower from the current resistance zone, and confirmation of the H&S pattern could mean a retest of immediate support around $28,492. A slight sell-off could also reignite the bearish target of $25k. 

    The flipside could be catalysed by positive ETF news, with buyers targeting a run to the $40k area.

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  • Bankrupt BlockFi plans to sell $160M Bitcoin mining hardware loans

    Bankrupt BlockFi plans to sell $160M Bitcoin mining hardware loans

    • BlockFi filed for Chapter 11 bankruptcy in November 2022 citing exposure to the just collapsed FTX.
    • The plan to sell off the loans backed by Bitcoin mining machines is part of the bankruptcy proceedings.
    • Bidders have until before the end of January to submit offers.

    About two months after BlockFi filed for Chapter 11 bankruptcy, the crypto lender now plans to sell off $160 million in loans backed by Bitcoin mining hardware as part of the bankruptcy legal proceedings. In total, the loans are backed by about 68,000 Bitcoin mining machines

    Although BlockFi cited FTX’s exposure as the main reason for its bankruptcy, the crypto lender had announced cutting its workforce by 20% in June 2022 citing the crypto prices meltdown. The layoff announcement came days after reports emerged that the lender was in talks to raise funding at a $5 billion valuation.

    Bidders have until January 24 to send offers

    According to reports from Bloomberg, BlockFi started the process of selling off the Bitcoin mining hardware-backed loans last year. It is believed some of the said loans have already defaulted since then and are candidates for under-collateralization following the drastic decline in the prices of Bitcoin mining hardware.

    In an interview with one popular media outlet, crypto lawyer Harrison Dell who is a director at Australian law firm Cadena Legal said that the loans are not worth their paper value to BlockFi if the Bitcoin mining equipment used as collateral is worth less than the value of the loans.

    According to Harrison Dell, the people bidding for the loans are most likely debt collection businesses saying that selling the debts is all that BlockFi can do at the moment.

    It is believed that BlockFi’s attempt to sell off its loans is likely a part of the lender’s efforts to pay off its creditors who are about 100,000 in total.

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  • Alameda wallets sell multiple tokens for Bitcoin

    Alameda wallets sell multiple tokens for Bitcoin

    • Alameda Research addresses sent millions worth of tokens to decentralised exchanges and crypto mixers on Wednesday.
    • According to on-chain data, the tokens were swapped into USDT before being converted into Bitcoin.
    • The Alameda wallets sprung into life a few days after FTX co-founder Sam Bankman-Fried was released on a $250 million bail.

    Crypto wallets linked to Alameda Research, the quant trading arm of collapsed cryptocurrency exchange FTX, were massively active on Wednesday, on-chain data shows.

    The Alameda addresses, as data shared online showed, actively sold several small cap cryptocurrencies, swapping these for Bitcoin and in some cases Ethereum.

    Alameda sells millions worth of tokens

    According to details shared on Twitter by Martin Lee, a data journalist at blockchain analytics platform Nansen, there were multiple odd transactions that seemed to swap tokens in Alameda wallets for Ethereum and Tether stablecoin USDT.

    The funds were then sent to new wallets via decentralised exchanges (DEXs), including ChangeNow and FixedFloat.

    Elsewhere, on-chain data shared by blockchain research firm Arkham Intelligence pointed to Alameda wallets offloading over $1.7 million in various tokens.

    According to the platform, the sales happened on the open market – a scenario that likely was behind the sharp drop in prices for several tokens. The Ethereum-based cryptocurrencies the wallets sold include Ether (ETH), Curve (CRV), USD Coin (USDC), Dai (DAI), and convex (CVX).

    The tokens were sent to two wallets, swapped for USDT and then converted into BTC, blockchain sleuth ZachXBT tweeted on Wednesday.

    The Alameda wallets came alive after weeks of dormancy, with these transactions intensifying as former FTX CEO Sam Bankman-Fried settled at home following released from jail on a $250 million bail. The sale of multiple tokens also coincided with a sharp price decline for Solana (SOL).

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  • Investors Sell Polygon (MATIC) and Shiba Inu (SHIB) For The Hideaways (HDWY) After it Gets 9,000% Growth Projection

    Investors Sell Polygon (MATIC) and Shiba Inu (SHIB) For The Hideaways (HDWY) After it Gets 9,000% Growth Projection

    What’s happening in crypto? Yesterday saw the Polygon and Shiba Inu price spike along with the wider crypto market. Polygon (MATIC) and Shiba Inu (SHIB) have not had a great 2021 despite this but the Polygon and Shiba Inu price gave investors good gains yesterday.

    Both projects lose out to The Hideaways (HDWY). It is the first cryptocurrency project to introduce decentralization to the property market through NFTs.. HDWY is projected to hit a 9,000% hike in 2023 after listing in major decentralized exchanges.

    Polygon (MATIC)’s NFTs Sales Stalls to its Lowest in More than a Year

    Investors are practicing due caution against underperforming cryptocurrencies – among them is Polygon (MATIC).

    Polygon (MATIC)’s NFT sales stall at a time when Cardano (ADA)’s digital collectibles are hitting a record high. Moreover, the new NFT project The Hideaways (HDWY) sold over 60% of its presale tokens over the same period, hinting there is growing market interest in non-fungible tokens.

    However, Polygon (MATIC) seems to be having it tougher than the rest. One of its most popular collections, Aavegotchi, lost 46% of its market value. Moreover, sales for the collection declined 32% over the same period.

    The monthly active traders for Polygon (MATIC) NFTs on OpenSea bottomed to below 1,000 – its lowest level since July 2021.

    Shiba Inu (SHIB)’s Unstable Burn Rate Poses Risk to Price

    The Shiba Inu (SHIB) community monitors two important on-chain activities: whale movements and burn rate.

    In the last week of September, Shiba Inu (SHIB)’s burn rate declined to its lowest level in 30 days. Meanwhile, it managed to stage a sharp comeback – surging 1,500% in the 24-hour charts where 45 million SHIB tokens had been dumped to dead wallets.

    Analysts noted that this inconsistent burn rate poses risk to the price moving forward. This comes as investors would likely dismiss linking their buying and selling signals with how many tokens are eliminated over a period as it changes very fast.

    Due to the volatility in Shiba Inu (SHIB)’s burning activities, investors are taking refuge in more stable projects like The Hideaways (HDWY) which possess a more stable growth pathway for clever investors.

    The Hideaways (HDWY) Gets a 9,000% Price Projection from Wall Street Analyst

    The Hideaways (HDWY) is getting attention lately due to its ability to connect crypto investors to luxury property investment. For the first time, a cryptocurrency project will revolutionize the way regular investors acquire properties through a decentralized platform.

    The Hideaways (HDWY) will use a global team of property experts to hand pick properties for their ability to produce yield above 20%. These properties will be linked to an NFT and each NFT will be offered for sale to HDWY investors.

    The HDWY project is the first of its kind in the crypto industry and has the first mover advantage – similar to Tesla and electric cars! We think this project will explode in 2023 and it’s incredible that investors are able to take part in the presale at just $0.06.

    Due to its novel offering, The Hideaways (HDWY) can hit a 9,000% gain in 2023. You’re up for exponential gains if you invest while The Hideaways (HDWY) sells at $0.06. The price will rise soon, so invest now!

    Website: https://www.thehideaways.io
    Pre-Sale: https://ticket.thehideaways.io/register
    Telegram: https://t.me/thehideawayscrypto
    Twitter: https://twitter.com/hdwycrypto

    Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.



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