Silk Road Auction Pushes Bitcoin Prices Up

30,000 coins were auctioned off, causing the Bitcoin value to surge

By on July 1st, 2014 11:38 GMT

The US Marshals Service has managed to sell all Bitcoins from the Silk Road bust last year, nearly 30,000 of them.

The US government recently announced that the auction would be held on June 27 and would be open for 12 hours, but no official news has come from the Marshal’s Service in the lapsed time.

Barry Silbert, CEO of Second Market and Bitcoin Investment Trust, has taken to Twitter and said that the auction was outbid on all blocks. The syndicate had tried to make the US government open up the auction to smaller investors, but did not manage to receive any blocks from the auction.

Considering that Second Market is one of the more prominent bidders on the list, the fact that it did not manage to secure one of the 10 packages of Bitcoins shows that there’s a growing interest in Bitcoin among investors and they’ve been fighting to get their hands on the Silk Road treasure.

The list includes names such as Pantera Capital, Binary Financial, Bitcoin Shop, and Circle.

Following the auction and the comments after the event, the Bitcoin price rose to $651 (€475) for a brief period, before settling at $645 (€471) at press time, although it did go a bit lower at times.

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