U.S. Marshals Complete Second Auction Of Silk Road Bitcoin

The U.S. Marshals Service has completed the second auction of bitcoin seized from the original Silk Road. The auction, consisting of 50,000 BTC, is the latest in a seized BTC sell-off that began in June.

The USMS reported that 11 registered bidders placed 27 bids for the bitcoin, down from 45 bidders in June. Coindesk attributes the drop to a smaller bidding window – 6 hours versus 12 – and reduced interest by buyers due to the mass availability of larger blocks of bitcoin.

The price of bitcoin was unaffected by the sale and is now at about $380. In June the price rose briefly by 7 percent as users watched the first sale with interest.

The USMS still has 94,000 BTC in its possession and should be selling the cryptocurrency over the next few months. This cache of bitcoin allegedly belonged to Ross Ulbricht, the supposed head of the original Silk Road online marketplace.

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