Last updated on October 10th, 2016 at 07:01 pm
Today at 6pm the USMS auction of a portion of the Silk Road seized Bitcoins will be completed.
The auction which has taken place in complete secrecy thus far for 29,656.51306529 could have unknown implications on the market.
As it currently stands we are unaware of the current auction prices, we are unaware which bidders are actually taking part and we are unaware if the USMS is going to release details on the winner of the auction.
At 6pm the bidding will stop and it is likely that over the weekend the person’s bid will be vetted along with several other top bidder to insure that the bidders are in no way connected with the Silk Road and that the bidder does in fact have the necessary funds to cover the entirety of the purchase.
Bids are taken via email in complete secrecy without the bidders knowing without those bidding knowing who is raising the price.
It is unknown at this time if the USMS will make a public statement on Monday once the vetting process is complete as to the final price or the final bidder of the auction as they have not made any announcements regarding that end of the process. It is highly likely based on procedure documents that they will NOT make a public statement.
This afternoon Bitcoin has seen turbulent trading with prices swinging ten or more dollars consistently today and a current gain of $7.
It stands to reason that no bidders will bid above the current market prices and that the sudden potential appearance of this many Bitcoins on the market could have a negative impact – but the price could also rally depending on the final results. We will be keeping an eye on the markets in addition to the latest information for the auction results.
If and when a winner or details are released or leaked we will post them immediately and begin working to vet statements.
It is important to note that the USMS will likely NOT release the name of the winning bidder any sooner than Monday. They will require the additional time to verify the winning bid and bidders.