Despite the relatively overwhelming optimism about Bitcoin’s (BTC) prospects in 2025, with prominent price targets for the cryptocurrency ranging from $175,000 to above $800,000, it started the year with relative weakness.
A recently unveiled court filing, dated December 30, 2024, might have offered some insight into the recent downward pressure.
Specifically, Judge Richard Seeborg denied a motion to temporarily suspend permission granted to the Department of Justice (DoJ) to offload 69,000 BTC, Bitcoin Gold (BTG), Bitcoin SV (BSV), Bitcoin Cash (BCH), and other related assets seized by the government from the illicit Silk Road marketplace and valued at approximately $6.5 billion
Picks for you
Depending on the exact details of the transactions, offloading such a quantity of cryptocurrencies could substantially impact market prices and could have led to a recent downturn.
Why the DoJ is likely not behind the Bitcoin plunge
Still, similar actions executed by various governments – Germany being a recent 2024 example – indicate that it is unlikely the DoJ is behind the Bitcoin price collapse.
On the other hand, the timing of the ruling has raised eyebrows in certain segments of the community, with Donald Trump set to assume the presidency less than two weeks from press time on January 9 and less than a month after the court order was issued.
In some ways, the decision appears like a show of spite toward the former and future commander-in-chief who previously promised to hold on to cryptocurrency – and particularly to all Bitcoin – acquired by the U.S. government, including through law enforcement or other similar actions.
Though sitting presidents frequently use their final days in office to push through certain policies, it is worth pointing out that the DoJ’s Silk Road BTC has been subject to dispute for a long time, and it is more than likely that the timing, while superficially suspicious, is accidental.
Bitcoin price dynamics
Whatever the details of the Silk Road Bitcoin and its links with the downturn may be, not everyone is displeased with the current cryptocurrency market dynamics.
To begin with, despite BTC trading at a relatively low $92,763 and being 3.17% in the red since 2025 started, it is worth remembering that the coin remains nearly 100% up in the last 12 months.
As Finbold research uncovered earlier on January 9. Bitcoin’s performance through 2024 enabled the creation of nearly 60,000 new Bitcoin millionaire addresses as the world’s premier cryptocurrency soared past old all-time highs (ATH) and, for a time, broke above the key psychological level at $100,000.
With such performance in mind, it is hardly surprising that some prominent investors, such as Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ greeted the price drop enthusiastically, calling it a BTC sale.
Featured image via Shutterstock
