Silk Road founder Ross Ulbricht is cautiously optimistic about his potential release after a decade-long incarceration.

The notorious darknet marketplace remains famous for facilitating millions in illegal transactions using Bitcoin (BTC).

Ross Ulbricht Awaits Possible Freedom For Bitcoin-Aided Crimes

Ulbricht, who has been serving a double life sentence since 2015 without parole, expressed gratitude to those who supported Donald Trump’s presidential bid. In a post shared on X (formerly Twitter), he said he hoped that the former President might honor his commitment to commute his sentence after taking the Oval Office.

“Immense gratitude to everyone who voted for President Trump on my behalf. I trust him to honor his pledge and give me a second chance. After 11+ years in darkness, I can finally see the light of freedom at the end of the tunnel,” Ulbricht wrote.

This message from Ulbricht resonated widely, with supporters rallying behind his cause. They urge Trump to fulfill what he promised during campaign speeches this year.

In hindsight, Trump’s remarks regarding Ulbricht’s potential clemency came during the Libertarian National Convention in March. As a presidential aspirant then, Trump pledged that, if re-elected, he would “commute the sentence of Ross Ulbricht.” The promise came as part of his commitment to criminal justice reform.

His promise was largely viewed as an attempt to appeal to Libertarian voters, a group that has consistently advocated for Ulbricht’s release. Noteworthy, Trump also repeated the commitment during the Bitcoin 2024 Conference in Nashville. Representative Thomas Massie, a staunch advocate of Ulbricht’s case, reinforced this sentiment.

“Hang in there Ross. President Donald Trump himself told me that he would. It’s one of the reasons I endorsed him,” Massie noted.

Ulbricht’s case is controversial because of the illegal activities conducted on the Silk Road. Additionally, the lengthy prison term he received remains a bone of contention for some.

The platform, which Ulbricht launched in 2011, operated as an online black market. Users could buy and sell drugs, fake IDs, and other illicit goods, all primarily paid for with Bitcoin.

The US Federal Bureau of Investigations (FBI) shut down Silk Road in 2013. This set the pace for Ulbricht’s arrest and eventual sentencing. As part of the sentence, the Silk Road founder got two life terms without the possibility of parole.

Despite the gravity of the charges, Ulbricht’s supporters argue that his punishment was excessively severe. This is especially true given the non-violent nature of his crime. They believe Ulbricht has been turned into a scapegoat for cryptocurrency-related offenses.

Many in the crypto community continue to advocate for his clemency. Some even call his case a reflection of harsh judicial measures against pioneers of the digital age.

Polymarket Bettors on Ulbricht’s Possible Clemency

The question of Ulbricht’s release has even found its way onto Polymarket, a prediction platform where users wager on political and societal outcomes. Bettors on Polymarket currently speculate a 77% chance that Trump will pardon Ulbricht, making him one of the top candidates in line for Trump’s potential pardon list. He matches individuals connected to the January 6 Capitol riot, who also boast a 77% chance.

Meanwhile, the US government has been liquidating Bitcoin seized from Silk Road. Following a Supreme Court ruling, authorities were allowed to sell large amounts of Bitcoin tied to the case. The proceeds will go to the government.

Legal experts have commented on this sale, arguing it displays the changing stance of regulatory authorities on Bitcoin, shifting from seizing the digital currency as “criminal assets” to monetizing it to benefit public funds. Some analysts warn, however, that the sale of such vast Bitcoin holdings could potentially impact the market, especially as Bitcoin’s value is highly sensitive to large fluctuations in supply.

The Silk Road case has grown to symbolize more than a criminal enterprise. It has sparked debates over the limits of justice, the right to innovation, and the tension between government and privacy advocates.

As Ulbricht holds out hope for clemency, his case remains at the center of discussions on digital privacy, decentralization, and judicial fairness.  For now, Ulbricht and his supporters await January with guarded optimism, hoping for a reprieve after over a decade in prison.

The cryptocurrency market has witnessed a major evolution in recent years, with centralized exchanges and now recently spot Bitcoin exchange-traded funds (ETFs) playing a crucial role in driving adoption.

Among the participants helping to boost crypto adoption, the two key players leading this charge are Binance, the world’s largest cryptocurrency exchange, and BlackRock, with its spot Bitcoin ETF known as IBIT, according to the latest insight shared by a CryptoQuant analyst.

The analyst reveals their influence extends across trading volumes and institutional investment, making them central figures in the current Bitcoin market.

Market Share And Institutional Presence

The CryptoQuant analyst Crazzyblockk highlighted Binance and BlackRock’s pivotal roles in a post on the CryptoQuant QuickTake platform.

According to Crazzyblockk, the emergence of spot Bitcoin ETFs, which began operations in January 2024, has further solidified Bitcoin’s role in mainstream finance.

Among these, Binance stands out due to its dominance in spot BTC trading volume and vast BTC reserves, holding 623,000 BTC out of the 3.15 million BTC collectively held across all centralized exchanges.

In comparison, BlackRock’s IBIT ETF has become a leader in the ETF space, holding 434,000 BTC of 1 million BTC across all spot ETFs.

Furthermore, the CryptoQuant analyst noted that in terms of market share, Binance accounts for approximately 19.7% of the BTC reserves held across all exchanges, establishing its stronghold as a central player in global Bitcoin trading.

Meanwhile, BlackRock’s spot BTC ETF, trading under the ticker IBIT, has also emerged as a key institutional player. Holding over 43.4% of the total Bitcoin reserves across all spot ETFs, BlackRock’s presence signifies the growing institutional demand for Bitcoin exposure through regulated financial products.

Bitcoin Market Performance

Along with Binance and BlackRock’s role in the Bitcoin market, the asset has installed hope and confidence back into investors following its recent price performance.

So far, BTC has surged by more than 20% in the past two weeks and over 10% in the past 7 days bringing its price above $75,000. Particularly, the asset trades for $75,700, at the time of writing up by 1.8% in the past day.

This current market price marks a mere 0.7% decrease from its all-time high of $76,243 created yesterday. Interestingly, despite the asset still seeing a continuous uptick in price as of today, BTC’s daily trading volume appears to have cooled off.

Data from CoinGecko shows that this metric of BTC has seen a notable decline from more than $130 billion as of November 6 to a valuation below $70 billion as of today.

Featured image created with DALL-E, Chart from TradingView

The unstoppable price run of Bitcoin, which started a day after the US presidential elections, is creating a ripple effect in the economy. There’s been a massive jump in value recently, with Bitcoin topping $89k earlier today, showing a 27% increase from the previous week. Then, there are record inflows into Bitcoin ETFs, pushing funds to break some records. This price action also reshaped the list of the world’s biggest assets through market capitalization.

#Bitcoin flips Silver! Now the 8th largest asset by market cap.🚀 pic.twitter.com/RAPCJd5gd2

— MEXC (@MEXC_Official) November 12, 2024

Based on the updated list of top assets, Bitcoin is now ranked 8th on the list of the “Top 10 Largest Assets by Market Cap”, with a total market value of $1.756 trillion, slightly ahead of silver, valued at $1.736 trillion. This is the second time the digital asset has edged out silver in the rankings, driven by a bullish sentiment on Bitcoin ETFs and blockchain in general.

Bitcoin breaking into the top world assets is a testament to the growing public acceptance of the crypto asset and its role as an alternative to traditional assets like gold.

Bitcoin’s Market Value Grows As Price Tops $89k

Bitcoin continues its surprising rally this week, testing another all-time high at $89k. On Tuesday, Nov. 12th, the digital asset surged beyond $89,0000, reflecting an 11.3% increase, while silver dipped by 2%, allowing Bitcoin to notch the 8th spot in the list.

With this latest price action, Bitcoin now trails Saudi Aramco, which is ranked 7th. Amazon, Google, Microsoft, Apple, Nvidia, and gold round out the Top 10. Gold remains the world’s top asset, with a market cap valued at $17.667 trillion, dwarfing Nvidia and Apple by around $3 trillion each.

BTC registers a new ATH. Source: Bitstamp

A Milestone Worth Celebrating

According to The Kobessi Letter, Bitcoin’s current market value and recent price action reflect the digital asset’s potential. The commentary further reacted that gold’s value, which is 10x bigger than BTC, is incredible. However, it also sees the potential of the top digital asset to grow even bigger.

BTCUSD trading at $87,604 on the daily chart: TradingView.com

Bitcoin has consistently increased in price recently, partly driven by Trump’s convincing election victory. Trump has a friendly approach to the crypto community. With the Republicans capturing both houses in the last voting, it will be easier for the incoming president to pursue his crypto-friendly policies.

Big Volumes And Bullish Sentiment From Institutional Investors

Aside from the “Trump Effect,” Bitcoin is also rallying thanks to bullish sentiment from institutional investors. Many financial institutions are integrating BTC and cryptos into their portfolios, boosting the digital assets’ prices. For example, Bloomberg senior analyst Eric Balchunas noted a solid increase in volume for Bitcoin ETFs trading, with iShares Bitcoin Trust (IBIT) enjoying a $4.5 billion trading volume yesterday.

MicroStrategy is another company that’s benefitting from the Bitcoin rush. Michael Saylor’s MicroStrategy holds the biggest Bitcoin-based portfolio, with its shares currently trading at $340. On Monday, the company announced that it had purchased 27,200 BTC, boosting its total to 279,420.

Featured image from Siam Bitcoin, chart from TradingView