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China seizes 194,000 Bitcoins

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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In particular, 194k BTC was withdrawn, more than 1% of the distribution at the moment.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?

 

China-Ponzi-Scheme-gID_5.jpg.56b931da8bdffe30efbb2c56a701229b.jpg

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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.

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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.

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Always act with conscience and a sense of camaraderie and every time you make a post, stop for a moment and review in detail the posts of other members around you, so that you can give your respective reaction. :classic_wink:

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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

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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.

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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.


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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.

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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.

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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.

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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. 

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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

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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 by Raqeebzy
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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.

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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.

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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.

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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 by Raqeebzy
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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.

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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.

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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.


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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.

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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. 

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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.

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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.


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McGlone emphasized that the Tether (USDT) stablecoin, pegged to the US dollar, typically trades twice as much per day as bitcoin. "I can access the US dollar anywhere in the world from my phone using Tether. Tether is the number one trading token. It's the number one cryptocurrency for trading. It's the dollar. The whole world has moved to the dollar. Why? Because it's the least bad of all fiat currencies," the Bloomberg expert stated.   While Mike McGlone merely downgraded bitcoin's attractiveness, Cardano founder Charles Hoskinson simply buried it. He equated bitcoin to a religion and stated that the industry has outgrown its dependence on it. According to Hoskinson, "the industry no longer needs bitcoin to survive." He pointed out critical threats to the leading cryptocurrency, including insufficient adaptability and dependence on the Proof-of-Work algorithm. Franklin Templeton analysts, on the contrary, consider L2 protocols, along with Ordinals, Runes, and DeFi primitives, as one of the main drivers of bitcoin's innovation revival. Strike CEO Jack Mallers defended the first cryptocurrency. According to him, the Lightning Network, created for instant and cheap transactions, a second-layer solution based on the BTC blockchain, can further increase the demand for the first cryptocurrency. Mallers believes that thanks to this, bitcoin can be used for everyday purchases, such as paying for a cup of coffee. Former BitMEX CEO Arthur Hayes called the native token of the Cardano blockchain (ADA) "dog shit" due to its low use in protocols.   As of the time of writing this review on the evening of Friday, 31 May, ADA is trading at 0.45 USD per coin, while bitcoin and Ethereum are faring significantly better: BTC/USD is trading at $67,600, and ETH/USD at $3,790. The total cryptocurrency market capitalization is $2.53 trillion ($2.55 trillion a week ago). The Bitcoin Fear & Greed Index remained almost unchanged over 7 days, staying in the Greed zone at 73 points (74 a week ago).   It should be noted that ETH/USD failed to break through the $4,000 resistance this past week. The local maximum was recorded on Monday, 27 May, at $3,974. The lack of an immediate pump is explained by the fact that everyone who wanted to buy Ethereum in anticipation of the SEC's historic decision already did so. Meanwhile, according to some analysts, there is a high probability that immediately after the launch of the long-awaited spot exchange funds, Ethereum will enter a deep drawdown, similar to what happened in January with bitcoin. Then, over 12 days, it fell by 21%.   One of the key reasons for BTC's drawdown at that time was the unlocking of GBTC fund assets from Grayscale, which was converted into a spot fund from a trust. It began losing investments daily at a rate of $500 million. It is possible that something similar could happen with Ethereum, where Grayscale's ETHE fund holds $11 billion worth of ETH. As soon as this fund is converted into a spot fund and its assets are unlocked, short-term investors might start taking profits, potentially causing ETH/USD to fall to the strong support zone of $2,900-3,200. Pessimists among bearish factors also cite the uncertain legal status of the altcoin, as the SEC has not yet clearly defined whether ETH is a commodity or a security. Additionally, the regulator has many complaints about the staking program.   Staking is a way to earn cryptocurrency by "locking" a certain amount of coins in a wallet on the Proof of Stake (PoS) algorithm to support the network. In return, the user receives rewards in the form of additional coins. According to Wall Street legend Peter Brandt, "the biggest disasters in the cryptocurrency sphere that are yet to happen will be related to staking." The expert noted that such assets as Ethereum are often rented out to earn such income, often in the form of interest, which strongly reminds him of collapsed financial pyramids. As staking becomes more widespread, Brandt warned, it could attract increased attention from central banks, treasuries, and other authorities. This could lead to tighter regulation, significantly altering the crypto space and potentially resulting in the cessation of staking and bankruptcies for those involved. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
    • Даа, кроме нас на форуме остались рекламщики обменников и все). А у вас было монета not, он очень хорошо вырос. Надо было покупать сразу после листинга. Даа, упускаем моменты). Биткоин продолжает коррекцию делать, а я купил какие то щитки и вынужден ждать. 
    • Крупный банкир получил тюремный срок за криптомошенничество   Бывший инвестиционный банкир Рашон Рассел приговорён к 41 месяцу тюремного заключения за мошенничество с использованием цифровых активов. В результате расследования правоохранительные органы США выяснили, что обвиняемый начал опробовать свою мошенническую схему на друзьях, бывших одноклассниках и коллегах по работе в криптофонде R3 в ноябре 2020 года. Рассел обещал им гарантированную доходность инвестиций от 25% до 100%. Чтобы его слова были ещё убедительнее, он пустил в ход свой опыт инвестиционного банкира и сфабрикованные документы (поддельные счета, переводы). Сначала он использовал часть полученных обманным путём средств для выплаты долгов более ранним инвесторам. Остальные деньги Рассел тратил на азартные игры и поддержание роскошного образа жизни. Такая мошенническая схема работала до августа 2022 года. В апреле 2023 года Рашона Рассела арестовали, а в сентябре он признал свою вину. Тогда же выяснилось, что Рассел незаконно приобрёл около 100 кредитных и дебетовых банковских карт на имена других людей. По мнению следователей, он планировал использовать карты для проведения транзакций с полученными незаконным способом деньгами. Минюст США подсчитал, что потери инвесторов от мошеннической схемы Рассела составили $1,5 млн. Именно эту сумму подсудимый должен выплатить своим жертвам в качестве компенсации. Источник - https://ru.investing.com/news/cryptocurrency-news/article-2428894
    • CryptoRank поделился списком крупнейших разлоков июня.        Будьте осторожны в отмеченные дни, ведь увеличение предложения может вызвать давление со стороны продавцов. ARB — $105.21 млн;APT — $103.03 млн;UNI — $87.93 млн;STRK — $75.67 млн;DYDX — $66.3 млн;SEI — $63.81 млн;ID — $55.82 млн;IMX — $54.96 млн;MERL — $42.21 млн;ENS — $36.65 млн.  
    • 🚀Join $20 000 000 Cryptodrop 🚀Collect points to get BFG rewards 🚀To the Moooon!    If you are interested, click here 👇
    • В Татарстане построят майнинговую ферму стоимостью $100 млн   В Иннополисе, городе высоких технологий в Республике Татарстан, реализуют майнинговый проект стоимостью $100 млн. Об этом на криптофоруме в Казани сообщил заместитель премьер-министра Татарстана Роман Шайхутдинов и заместитель министра цифрового развития, связи и массовых коммуникаций РФ Александр Шойтов.     В 2023 году Россия поднялась на второе место по майнингу криптовалют. По оценке экспертов, в майнинге может быть использовано до 5 гигаватт электрической мощности, что позволит стране занять лидирующие позиции в отрасли, — сказал Александр Шойтов.   В середине февраля компания по добыче биткоинов BitRiver также обнародовала планы по запуску крупнейшего в России дата-центра, ориентированного на искусственный интеллект.   В РФ пока нет чётких правил по контролю майнинга. В конце апреля российские законодатели представили новую версию законопроекта, направленного на регулирования рынка добычи криптовалют. По словам одного из его авторов, правила могут вступить в силу уже в сентябре этого года.
    • Линн Мартин выразила оптимизм по поводу биткойн-ETF, подчеркнув их потенциал и ресурсы, которые они уже принесли на Уолл-стрит.  Мартин, президент группы Нью-Йоркской фондовой биржи, выразила этот оптимизм на конференции Consensus 2024, когда ее спросили о запуске ETF на биткойны ( BTC ) и о потенциале, который они несут для Уолл-стрит.  «Мы ведем переговоры с SEC уже более шести лет о биткойн-ETF», — сказал Мартин в интервью . «Я думаю, вы не можете спорить с успехом биткойн-ETF и ликвидностью, которую они принесли базовому рынку».  Финансовые руководители все больше интересуются криптовалютой, либо напрямую, либо через ETF , что привело к росту цен на рынке криптовалют. По словам Мартина, одобрение спотового биткойн-ETF в январе пробудило интерес традиционных инвесторов, принеся на рынок много ликвидности.  Крипто-объединение Вашингтона и Уолл-стрит В последнее время на криптовалютных рынках и на Уолл-стрит наблюдались сильные движения цен, и во многом это можно объяснить сильным притоком средств в ETF, зарегистрированные в США. Рыночная капитализация криптовалюты превысила 1 триллион долларов с момента одобрения биткойн-ETF.  Спотовый крипто-ETF напрямую отражает цену конкретной криптовалюты и стратегически распределяет средства портфеля в эту криптовалюту. Эти средства активно торгуются на публичных биржах и отражают эффективность конкретной криптовалюты. Как и другие фонды, крипто-ETF легко доступны на стандартных фондовых биржах, и инвесторы могут хранить их на своих брокерских счетах. Недавно был одобрен спотовый ETF Ethereum , предоставляющий инвесторам регулируемый и доступный способ получить доступ к Ethereum. Могут последовать и другие спотовые крипто-ETF . Комментарии Мартин прозвучали в период крипто-оптимизма в правительстве США. На прошлой неделе Палата представителей США приняла законопроект FIT21. Законопроект разъясняет, как SEC классифицирует криптовалюту, создавая термин «цифровой товар» для цифровых активов. Законопроект направлен на искоренение мошенничества, регулирование криптовалютных бирж и защиту потребителей, одновременно создавая стабильную среду для криптовалюты — по сути, он сообщает, что криптовалюта теперь является проблемой правительства. Недавно Дональд Трамп начал получать пожертвования на предвыборную кампанию в криптовалюте, сигнализируя о более широком охвате отрасли политиками.
    • ❗️Уважаемые клиенты, Вашему вниманию курсы на начало дня❗️ Желаем вам быстрых и выгодных обменов   TONCOIN→ СБЕРБАНК РУБ - Курс обмена: 1 TON = 547.7 RUB TONCOIN→ ТИНЬКОФФ РУБ- Курс обмена: 1 TON = 559.37 RUB TONCOIN→ КАРТА МИР РУБ -Курс обмена: 1 TON = 558.63 RUB TONCOIN→VISA/MASTERCARD RUB-Курс обмена: 1 TON = 541.69 RUB
    • Основатель Binance Чанпэн Чжао прибыл в федеральную тюрьму строгого режима в Ломпоке, штат Калифорния, отбывать наказание. Если вы переживаете на счет своих средств на платформе Binance, наш обменник криптовалюты saint.exchange может помочь с выводом!
    • 01.06.2024 Тарифы Kingex 👑   Покупка криптовалюты / Buying cryptocurrency:   BTC/ETH  +1.3% (Мы доплачиваем) USDT  +1.3% (Мы доплачиваем)   ^^SALE^^ от 50k    + 1.5%    Продажа криптовалюты / Selling cryptocurrency:   BTC/ETH  +3.3%  USDT   +3.3%    Оператор: @Kingex Сайт: Kingex.io Курс на протяжении дня может меняться! ------------------------ Будьте ОСТОРОЖНЫ, появились фейки! Наш телеграм: @Kingex
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