Government Auctioning off Bitcoins Worth $39 Million in February 2020

CRYPTO BUSINESS

The U.S. government  opened registration for the bidding of over 4,040.54069820 Bitcoins  currently worth more than $ 39 million Conversion rate $9,802.79 USD (3.71%) . These bitcoins resulted from forfeited Bitcoins on various federal criminal, civil and administrative cases.

Bidders should pay $200,000 to sign up for the auction before Feb. 18, registration is open from Feb. 3 until Feb. 12. The online auction will take place on Feb. 18. As the authority is planning to conduct the auction from 8:00 AM EST until 2:00 PM EST on Feb. 18, The winning bidder will be notified on the same day, the USMS may spend more time to announce winners based on the number of received

The auction is divided into four series. Series A consists of five blocks of 500 BTC per block, Series B has 10 blocks of 100 BTC each, Series C has 10 blocks of 50 BTC each, and Series D has one block of 40.54069820 BTC. Bidders cannot view other bids and cannot change their bids after submitted.

How to Participate in the US Government’s Auction

To be eligible to bid in the auction, interested bidders must fill up a registration form with the USMS and submit all required documents with deposits. Registration opened on Feb. 3 and will close on Feb. 12. The winning bidder’s deposit will be retained by the USMS and credited towards the purchase price. The deposits of other bidders will be returned to the original accounts from which they were received.

THE IMPACT OF US GOVERNMENT BITCOIN AUCTION ON ITS PRICE  

The impact may be shown When Analyze the key Factor that changes BITCOIN price which are

The Supply of bitcoin and demand of Bitcoin

The number of competing cryptocurrencies

The cost of the mining process

The exchanges it trades on

The rewards issued to bitcoin miners

The Regulations governing its sale

On the US government Scenario We may look on two Factor Demand and Supply And Government regulation how us going to sale the Bitcoin and on the supply, they way seized Bitcoin (Bitcoin which where not on trade for some time return to the Market ) The price prediction remains unseen although some start to predict it will go down no comments let it on the Market discussion.