US Government Auctioned Bitcoin and Litecoin

Between 18 and 21 June, US Government auctioned 11 slots that contained 9 bitcoins and 150 litecoins, from illegal actions.

The total value of the cryptocurrencies are near $377,000 while this is not the first time that such an auction has taken place, as previous auctions, the total amount of Bitcoin was 17, total worth of $1 million.

In previous auctions, transferring a Bitcoin amount meant a large fluctuation in the price of the coin. At this moment, those events didn’t mean nothing in the price formation process while the interested parties hope to find prices, lower than those in the market prices, gaining a profit margin from the transaction.

It is worth noted that the winner of the auction will pay the fees for the transaction.