US Government Holds $5.3 Billion in Seized Bitcoin

It is important to note that when a government agency seizes a crypto asset, it does not immediately own the assets. Ownership transfers only after a court ruling in favor of forfeiture.

Timeline of Bitcoin

In a volatile turn of events, the price of Bitcoin (BTC) experienced a dramatic surge and subsequent crash as a result of false reports regarding SEC's approval of the spot Bitcoin ETF application by BlackRock.

Top market personality Anthony Scaramucci has shared insights into the growing optimism surrounding Bitcoin (BTC) in recent times. Taking to the X platform, Scaramucci names five distinct factors behind this rally, calling them "catalysts" for the steep projection for the coin from analysts.

On a bustling Monday, the cryptocurrency-focused news platform Cointelegraph broadcasted that the U.S. Securities and Exchange Commission (SEC) had given the green light to Blackrock's Ishares spot bitcoin exchange-traded fund (ETF). The unverified news spread like wildfire, and in its wake, the value of BTC soared over 10% against the U.S.

The U.S. government has amassed Bitcoin worth approximately $5 billion in recent developments. These assets, confiscated in connection with various criminal activities, now form one of the largest known Bitcoin caches.

Recently, journalist and Bitcoin educator Natalie Brunell spoke to Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”). During this interview, Wood discussed various aspects of Bitcoin and the future of spot Bitcoin Exchange-Traded Funds (ETFs).

Rumors about an approval of the iShares Bitcoin spot Exchange Traded Funds (ETF) sent the price of BTC skyrocketing yesterday, only to come back to Earth when the asset managers, BlackRock, confirmed the news was false.

Bitcoin (BTC) soared on Monday after Grayscale came closer to having its spot-bitcoin exchange-traded fund approved for trading on the US stock exchange. US markets regulator the Securities and Exchange Commission (SEC) said it would not appeal a court ruling, a source reportedly told Bloomberg on Friday, October 13.

The Pentagon and tech giant Microsoft are sounding alarms over a Bitcoin mining operation in Wyoming. Chinese nationals own this particular Bitcoin mine that is close proximity to a Microsoft data center and a military base.

The cryptocurrency market had a positive start to the week on Monday, with significant price gains indicating growing investor confidence and interest. Bitcoin was trading near $28,000, showing that investors have regained confidence in the cryptocurrency.

Bitcoin's hashrate, a key indicator of its computational power, shattered previous records on October 12, 2023. As measured by a seven-day simple moving average (SMA), it has surged to an impressive 455 exahash per second (EH/s). To put that into perspective, the hashrate was hovering around 261 EH/s on January 1, 2023.