Seeking Alpha
2020-11-06 08:42:17

Bitcoin surges toward $16K after DOJ seizes record amount

Fresh off celebrating its 12th white paper anniversary, Bitcoin (BTC-USD) rose another 9% overnight to nearly touch $16,000, spurred by a tumble in dollar, ever looser monetary policy and after the DOJ seized a record amount of cryptocurrency.Officials took possession of more than $1B, including 69,000 bitcoins that had been associated with the dormant dark web site Silk Road, marking the largest seizure of crypto in the agency's history.The bitcoins had been stolen from Silk Road founder Ross Ulbricht in 2012 and 2013 by a hacker who liquidated some of the coins but left most sitting untouched for years in a digital wallet. Ulbricht was convicted in 2015 of distributing narcotics and money laundering and sentenced to life in prison.Bitcoin's surge widens the crypto's lead over gold as the top asset of 2020, according to Bloomberg, whose Galaxy Crypto Index of digital currencies is up about 120% this year exceeding

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