27 Jun '14, 1pm

Citi Examines Potential Impact of Silk Road Auction on Bitcoin Price

Citi Examines Potential Impact of Silk Road Auction on Bitcoin Price

The US government plans to auction off 29,656 bitcoins later today and many analysts and financial institutions have weighed in on the auction. Now Citi , the financial corporation, has made its opinions known too, examining the impact of the impending sale in a note sent out late yesterday. The bitcoins to be auctioned were seized by the US Marshals Service (USMS) following the shutdown of online drugs bazaar Silk Road. The USMS told CoinDesk that it is not certain whether it will issue information about the winning bidders for the funds. However, a list of potential bidders was leaked last week , which included some big industry names, such as SecondMarket , Pantera and Binary. Effect on price According to the note, the firm’s foreign exchange division, CitiFX, estimates that the auction will account for about 40% of the average daily volume of bitcoin transactions, and ...

Full article: http://www.coindesk.com/citi-examines-potential-impact-si...

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