The General Services Administration is hosting an online auction of 4.92 bitcoins valued at nearly $ 290,000 as we check out some of the latest bitcoin news today.

The General Services Authority auctioned about $ 300,000 worth of BTC last week and will hold an online auction over the weekend.

The auction is divided into five lots, with bids expected to end on October 28th at 5:00 p.m. CT. The smallest available lot is 0.44 BTC worth less than $ 26,000, while the largest lot is worth around $ 88,400 at current prices at 1.5 BTC. The highest bid is slightly below the BTC price with a total bid of $ 283,630. This is not the first time the US government has auctioned BTC, with the GSA arranging BTC auctions in March and April.

On the previous occasion, a lot of 0.74 BTC was bought for $ 53,104 at a 21% markup over the current price of BTC, and 11 lots corresponding to 9.45 BTC were sold for $ 487,000 at a big discount. At the current price of BTC, they would make $ 520,000 on the open market. The U.S. government has carried out several large ticket sales in the past, selling over 4,000 BTC in February, which at the time was worth $ 37 million and has been seized in criminal, civil, and criminal proceedings.

Perhaps the most memorable auction took place in 2014, when $ 19 million BTC was sold to venture capitalists by US marshals from the Silk Road dark web market. Tim Draper Earning BTC at an unknown price. Draper’s total net worth will be more than $ 1.7 billion. Over the years the United States has lost billions of dollars to the auction of a BTC hat that has increased in value over time.

As recently reported, BTC influencer Pierre Rochard has urged lawmakers to halt the auctioning of more than $ 1.6 billion worth of seized BTC by proposing that the seized funds be placed in a strategic BTC reserve . Rochard, the BTC maximalist behind the recent controversy over the overall offering from ETH, wants lawmakers to draft and pass a bill amending the Justice Act of 1789, thereby withholding BTC received by the U.S. governors. In a blog post published a few days ago, Rochard warned of the auction of BTC, which was seized by the IRS from a suspected Silk Road hacker, and noted that the U.S. Attorney’s Office had filed a civil lawsuit against the seizure of BTC.

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