Cryptopocalypse -- Bitcoin drops almost 40% in one day

Stock investors who are reeling after today's disaster on Wall Street can take comfort in the fact that people hodling Bitcoin fared even worse. The price of a bitcoin dropped from $7900 to $4900 in less than a day.

From Coindesk

Nearly $63 billion has been wiped from the markets as the total market capitalization of all crypto fell from $223 billion to $161 billion, with BTC falling more than 39 percent over the past 24 hours to levels not seen since April 2019.

Balances containing 100 or more bitcoin have fallen to their lowest point since Dec. 31, 2019 signaling a flight to cash as other supposed safe-haven assets like gold fell 3.5 percent.

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US Marshals are bad at bitcoin hodling

The US Marshals, the agency tasked with the management of criminal assets, should have held onto the bitcoin they've seized. According to security company CEO Jameson Lopp's US Marshals Bitcoin Auction realtime schadenfreude tracker the weak hands at the federal law enforcement agency have resulted in missing $1.7 billion in potential gains.

From Decrypt:

Of course, the true value could be far higher. Some 50,000 Bitcoin seized from the original Silk Road was auctioned off in June 2014. Sold at the height of the Bitcoin market, in 2017, that’d be worth $1 billion alone.

It’s impossible to work out the real value of lost gains: there are too many factors at play, and the final auction hasn’t even happened yet. Last week, the US Government announced an intention to auction off over 4,000, worth around $40 million.

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