bitcoin China seizes 194,000 Bitcoins

[Amiami 1362]

The China government confiscated $ 4.2 billion in cryptocurrency (BTC and ETH) from PlusToken pyramid organizers.

 

In particular, 194k BTC was withdrawn, more than 1% of the distribution at the moment. The government ordered the sale of all seized crypto assets, more than $ 4 billion will go to the state treasury, to finance state projects.

 

Since the date or how the sale of these funds will be made is unknown, it is rumored that it will be a totally public auction where anyone can capitalize all these cryptocurrencies

 

Currently we see how the market is in a bullish margin and this news despite being announced 3 days ago has not had an effect on the price of bitcoin.

 

Will these actions of the Chinese government be one of the reasons why bitcoin cannot break the resistance in the coming days?

 

Therefore what do you think the effect of this auction will be in the future?

 

[noshot 154]

I thought that China had already sold these coins. If they haven't and plan to dump 200k Bitcoin it will be goodbye to the good prices. It seems that China is always trying to make problems to Bitcoin as I've been reading so far. They seem to secretly love Bitcoin if this is what they only care about.

[Smallingcane012 344]

In my view I thought China has already exchange the coins that is why majority are rush to exchange their own to but I seems nothing like that.

[Barbarellah 2225]

Of course, with that amount offered, the prices of Bitcoin will tend to fall, but I think it will not be for long. The price corrections are taking place at this time and instead of alarming us, I think it is the opportunity to enter since in a few days the price of cryptocurrencies will recover. The fact that events like this just slightly delay the times to reach the expected maximum, but it does not mean that it will stop it.

[Amiami 1362]

51 minutes ago, norbercripto said:

Thanks for sharing this news. This must be the reason why btc is correcting at the moment and it did not exceed its historical maximum. In any case, what will happen in the future is inevitable. This only serves to get more publicity in the crypto world.

@norbercripto You are right, reaching the all-time high that everyone expected, however now it is recovering its strength and we may see an uptrend in the coming days

 

7 minutes ago, Barbarellah said:

Of course, with that amount offered, the prices of Bitcoin will tend to fall, but I think it will not be for long. The price corrections are taking place at this time and instead of alarming us, I think it is the opportunity to enter since in a few days the price of cryptocurrencies will recover. The fact that events like this just slightly delay the times to reach the expected maximum, but it does not mean that it will stop it.

@Barbarellah correct, In fact I took advantage of the correction of the price of XRP in satoshis to be able to capitalize even more, The only problem I see is that it was at auction does not have a certain date and can affect the long term.

 

I would like to reply to all comments, but that could be considered spam. Thank you very much for commenting

[velasco19 1753]

A news that could affect the price of BTC, although as they have already ordered to sell it will depend on the amount of sales they are making because I suppose they will not make a massive sale, I see the possibility that the rise will be delayed a bit and the price will probably fall.
Thank you very much for the information, I suggest you put the source of information.

[Zeshan Khalid 2577]

It means that when these 194000 bitcoins will be purchased by people there during auction. Then we will see a bullish increase in its price of bitcoin. So it's a good opportunity to purchase BTC now.

[Kafon 0]

If this lot were sold in an auction I don't expect it to have price impacts. But if it was sold on one of the major platforms in one day, it might affect the bitcoin price negatively because it is a very large amount.

[Adam adam 276]

This is a painful affliction for the organizers of the pyramid and it will make all fraudsters think of moving away from these methods to plunder people's money. I do not think it will have a negative impact on the bitcoin price because the demand for the currency is abundant and all selling orders will be covered.

[Maaz sultan 265]

4.2 billion dollars is a high amount that will affect highly but we dont realize because of bullish market as the price plays between 17k usd and 19k but it will breaks 20k target in some weeks .

[Teminali69 1081]

Chinese people are not free for many things and they have not started today to be against crypto and unlike any other country that has banned crypto china is very serious about it so these news wont be new and i don't think they would affect the market.

[Syedbesharat 5423]

This could be a reason of farther fall down in price of BTC if China government start the Auction. Bit before that BTC breakthrough the last time high price will not effect med and may be give boost because people will hold their BTC and ETh more. The China government have secure the assets from scamming project and making the public auction of assets is a good deed which need appreciation. 

[Amiami 1362]

3 hours ago, velasco19 said:

A news that could affect the price of BTC, although as they have already ordered to sell it will depend on the amount of sales they are making because I suppose they will not make a massive sale, I see the possibility that the rise will be delayed a bit and the price will probably fall.
Thank you very much for the information, I suggest you put the source of information.

@velasco19they did not report as and when they will sell it, keeping investors to the expectation and thanks for your advice, I did not put the source since it was a message from a friend through Telegram, but I will look for some related item and i will mention it.

 

1 hour ago, Smsadik420 said:

Thats a huge amount of Money. I dont think that they will sell this amount of crypto currency that easily. They might use this for their own goods.if they do it will surely affect the price of bitcoins. Its better for us to be more careful after hearing the news. 

@Smsadik420 In fact, they will carry out an auction, where a large part of the profits will go to the state coffers

[Raqeebzy 6456]

On 11/30/2020 at 8:12 PM, Amiami said:

Will these actions of the Chinese government be one of the reasons why bitcoin cannot break the resistance in the coming days?

194'000 BTC is huge to not have its effect on BTC trading value. The resistance below $19'900 has proven too strong for BTC to break recently and I can now understand this has played a big role.

Chinese governments has been in many times oppose some establishment of bitcoin in its country, and it is not safe for part that covers more than 65% of the total BTC hash rate.

Edited December 3, 2020 by Raqeebzy

[saradz 2259]

On 12/1/2020 at 2:55 PM, sarahyes said:

@BarbarellahThe price of Bitcoin reached 19,500 dollars a few minutes ago .... I think that the price of Bitcoin will exceed the obstacle of 20000 dollars before 2021 .... or at most during the Christmas period

We hope that this decision will not affect the bitcoin price.
 @sarahyes Yes, expectations and analyzes indicate that the price of Bitcoin will exceed $ 20,000 at the end of this year or at the beginning of the new year.

[Amiami 1362]

5 hours ago, Raqeebzy said:

194 BTC is huge to not have its effect on BTC trading value. The resistance below $19'900 has proven too strong for BTC to break recently and I can now understand this has played a big role.

Chinese governments has been in many times oppose some establishment of bitcoin in its country, and it is not safe for part that covers more than 65% of the total BTC hash rate.

@Raqeebzy The problem is that it is not 194 BTC, it is 194,000 BTC that were seized, some media indicates that it is actually 90,000 btc and the rest of the funds are divided into USDT, XRP and ETH, but it is still a number of coins  very alarming.

 

He hoped that those funds be bought by some private firm, since leaving that in the hands of individuals could cause a bearish candle.

[huesca123 946]

Who knows what this outcome can have on the BTC / ETH price. It all depends if China sells all at once or slowly sells the BTC / ETH confiscated. If they dump all the BTC / ETH on the market at once, the price will surely go down. If they sell slowly, it will affect the price less.

 

Also, how much can any news related to China be trusted?¿? Especially when it comes from the official Chinese Government Party. I´m always suspicious whenever reading anything that was released from the Chinese Government.

[Raqeebzy 6456]

18 hours ago, Amiami said:

@Raqeebzy The problem is that it is not 194 BTC, it is 194,000 BTC that were seized, some media indicates that it is actually 90,000 btc and the rest of the funds are divided into USDT, XRP and ETH, but it is still a number of coins  very alarming.

 

He hoped that those funds be bought by some private firm, since leaving that in the hands of individuals could cause a bearish candle.

A typo 🥴. Pardon me for that.

There are possibilities, all the coins might be liquidated since you already mentioned in your topic, the government are planning to inject it in the state treasury for project and that could be worse. It is a no brainer in my opinion, liquidify at once at worst.

Edited December 3, 2020 by Raqeebzy

[pablomarwan 3082]

There will be big bets on these currencies, as this method will contribute to raising the price of the currency and use it to raise the surplus profits. However, there is another matter that may follow this procedure after the price rises and is expected to drop again strongly due to the number of people who are considering selling.

[Teminali69 1081]

On 12/1/2020 at 7:18 PM, Amelia23 said:

This capitalism I definitely not good but this is how the Chinese government have developed their economy with all this rules. Its not good to seized this amount of bitcoin and I thought that crypto currency was supposed to be adopted by China this time. Its a slow process but one day crypto currency will be used world wide.

While all the Chinese moves have helped a lot in the growth of their economy I think it is kind of dictatorship and the Chinese are not as free as they think if they see how the rest of the world is living.

[Khan 1414]

May be that's their plan as to control over the major share of the Bitcoin. Bitcoin has limited share like its not like other coins who has million of coins, and that's why it has more price.

[Fixfin 2569]

China has arrested these guys earlier this year and perhaps they had these wallets confiscated and already sold the crypto contained. There is no knowledge about that, but these arrests made crypto look better as because of plus token it made very bad name.

[Whited35 15285]

They seized a massive amounts crypto and I have remembered the cases, that news inspired crypto market sentiments to follow the bullish trend. Just after a spread of this news from China I saw a spike in major cryptocurrencies in the most of the exchange sites. 

[cryptovlek 2597]

To most investors this was a good think that scammers were caught and the Bitcoin they had acquired were seized by the Chinese authority. It was possibly given to the chinese government in exchange of better treatment as it is known that China has very strict punishment for criminials. I hope this number of bitcoin will not make the market shake.

[Ridam 7455]

During the time of covid hitting the economy, Plust token scam was also responsible for the market crash as it was reported that someone was using the private keys and huge btc were dumped at that moment.

And if the Chinese Government dumped all these 4B worth Bitcoins market will defenietly get impact, but that won't be similar to the last dump we see.

And talking about the previous ATH resistance ,it has already been broken and we are at 23K $ Levels.