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The Silk Road Sell-off Didn’t Shake the Market: Bitcoin Rebounds to $66K

Bitcoin displays resilience amid the Silk Road market dump 

Bitcoin's price surged above $66,000 on April 3, staging a modest recovery from recent lows of nearly $64,500. This rebound came despite news of the United States government's sale of more than 30,000 BTC ($2.1 billion) confiscated from the Silk Road marketplace.

Market observers initially expressed concerns over the impact of the government's BTC sell-off on an already jittery market. However, traders, including Michaël van de Poppe, CEO of MNTrading, urged for calm, noting that such events are common in every market cycle.

Van de Poppe highlighted the positive aspect of increased BTC supply availability, signaling a healthier market dynamic. Other traders echoed similar sentiments, emphasizing the insignificance of the amount sold compared to the overall market.

On the buy side, data from various sources, including Farside, reported total inflows of U.S. spot Bitcoin exchange-traded funds (ETFs) surpassing $40 million on April 2. This influx of capital, coupled with previous positive net flows, outweighed the impact of the government's BTC sales.