• The U.S. government seized more than $215 million in bitcoin from the Silk Road market, which could cause a significant increase in prices of digital currencies
• The upcoming jobs report could also have a big impact on the price of bitcoin, as it will give an idea of the state of the economy
• Analysts are hoping for positive results from the job report, which could lead to higher prices for digital currencies
Seizure of Bitcoin From Silk Road
The U.S. government recently seized more than $215 million in bitcoin taken from the Silk Road dark web market, started by Ross Ulbricht. This event has many analysts predicting that it could cause a significant increase in prices of digital currencies such as bitcoin and Ethereum. Furthermore, there is going to be another $1 billion worth of BTC sold over the next year, which could further affect prices and where these assets go within 12 months.
Upcoming Jobs Report
The annual jobs report due out soon could have huge effects on the price of Bitcoin and other digital currencies. If job counts are higher than expected it likely means that the economy is doing better – with this being said if that is true then it may lead to higher prices for these crypto assets. Alex Kuptsikevich – an FX Pro senior market analyst – stated that “the resolution of this consolidation is likely to be linked to the market’s reaction to Friday’s non-farm payrolls” which suggests that they’re expecting good news from this report as well.
Effects On Prices
If both events occur positively then analysts believe it would bear positive outcomes for bitcoin and other digital currencies potentially causing them to spike higher even more than they already have been lately due to increased institutional investment into these markets. Yuya Hasegawa – a crypto market analyst at Bit Bank in Tokyo – said: “With concerns for the U.S. banking system still lingering, some investors seek alternative ways to protect their wealth from possible devaluation or inflationary pressure.“ This just reinforces how important these two events are when looking at potential price increases for cryptocurrencies like Bitcoin in the future.
Inflation
Inflation is still running rampant at present time – however if job reports come back with good numbers then this may help calm down inflation overall as well as leading to increased confidence in alternative assets such as cryptocurrencies by investors who don’t want their money losing value due to things like inflationary pressures or devaluation issues found with traditional fiat currency options like USD or EURO etc..
Conclusion
To conclude, while everyone anxiously awaits news regarding both events mentioned above – one can only hope that when all is said and done we see some uplifting news coming out about them both so that we can witness an even bigger surge in cryptocurrency asset values moving forward into 2023 and beyond!
