Worth of over $19 million of bitcoin is being sold at auction in a public sale in Australia with a supervision of the auditing giant Ernst & Young. These bitcoins were confiscated by the authorities of Australia in connection with narcotics crimes in late 2014.
The auction was announced already on 30th May and now the E&Y is auctioning 25,518 BTC (with a worth of around $19 million at press time) over a 48-hour period that began at 12:01am AEST on Monday.
The auction comes at the time when bitcoin reaches its highest level in two years, so we will see if it gains popularity for such prices. But as Coindeck informed, one major participant occured on the auction, the Silicon Valley-based bitcoin buying service Binary Financial.
Although the higher price of the cryptocurrency could seem like a negative aspect for the auction, Binary managing partner Harry Yeh said that the auction blocks could be on the contrary interesting for OTC bitcoin trading companies like his own one, who he said have been struggling to source rising demand, based on the recent gains of cryptocurrencies.
Yeh told in an interview with CoinDesk:
“We want to help our clients accumulate more bitcoin. Right now, getting any access where you can buy bitcoin without a huge premium is an advantage.”
As Coindesk states, OTC buyers are now paying as much as 2% above market prices, meaning at $748, bitcoins sold off exchanges would be trading at above $760.
We could see bitcoin jumping incredibly over the recent weeks. The interest of market participants was caught by the long-term project of network, called the halving. This has long been of interest to speculators as it marks the start of the amount of new bitcoins minted daily declining by 50%.
For any questions or recommendations, feel free to write us on hello@goforex.eu
