Bitcoin News: Trump Pardons Silk Road Founder Ross Ulbricht, Sparking Debate on Cryptocurrency and Justice

In a surprising move, U.S. President Donald Trump has pardoned Ross Ulbricht, the founder of the infamous dark web marketplace Silk Road, after he served 4,125 days in prison. This decision fulfills a key campaign promise and has ignited a national conversation about government overreach, justice, and the evolving relationship between technology and state authority. The pardon has sent shockwaves through both the political and cryptocurrency landscapes, underscoring Trump's willingness to challenge conventional norms and disrupt established systems.

Trump Fulfills Campaign Promise, Pardons Silk Road Founder Ross Ulbricht

U.S. President Donald Trump has pardoned Ross Ulbricht, the founder of Silk Road, after 4,125 days in prison. This decision fulfills a key campaign promise and has sparked a national conversation about government overreach, justice, and the relationship between technology and state authority. The pardon has sent shockwaves through both the political and cryptocurrency landscapes, highlighting Trump's willingness to disrupt political norms and appeal to libertarian-minded voters.

Donald Trump Pardons Silk Road Founder Ross Ulbricht

Ross Ulbricht, the founder of the Silk Road marketplace, has been pardoned by former President Donald Trump after more than a decade of imprisonment. Ulbricht, aged 40, was convicted for creating and operating the Silk Road, a platform that facilitated the sale of illegal goods and services using Bitcoin, generating over $200 million in transactions. The Silk Road operated between 2011 and 2013, hosting over 100,000 users engaged in illegal activities worth approximately $214 million. Trump's pardon fulfills a campaign promise and marks a significant moment in the legal and crypto worlds, as Ulbricht's case was one of the first major prosecutions involving the use of cryptocurrencies for illicit activities.

Bitcoin Price Eyes New Heights: Will It Smash Another ATH?

Bitcoin price started a fresh increase above the $104,000 zone. BTC is consolidating above $105,000 and might aim for a new all-time high. Bitcoin started a decent increase above the $102,500 resistance zone. The price is trading above $104,500 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $103,500 support zone.

Bitcoin Price Regains Traction

Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels. The bulls even pushed the price above the $105,000 level. Besides, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair.

Bitcoin Short-Term Holders Are Selling at a Loss: What This Means For BTC

Amid Bitcoin’s ongoing upward momentum in price, a key on-chain Bitcoin metric has been observed that offers clues about the market’s next direction. This notable indicator, known as the Short-Term Holder Spent Output Profit Ratio (STH SOPR), reveals the behavior of Short-Term Holders (STHs) and has shown that STHs have started to sell at a loss. The STH SOPR compares the 30-day STH SOPR to its 365-day counterpart, providing insight into whether short-term investors are realizing profits or losses. According to CryptoQuant analyst Darkfost, when the STH SOPR turns negative, it indicates that short-term holders are selling at a loss, which can have broader market implications. This behavior often signals potential market bottoms or periods of capitulation, as short-term holders are typically more reactive to price fluctuations. The current trend suggests that while Bitcoin’s price is rising, some investors are still exiting their positions at a loss, which could indicate underlying market uncertainty or a lack of confidence in the short-term price trajectory.