bitcoin China seizes 194,000 Bitcoins

[annayks 2314]

Was there any announcement what they are going to do with these Bitcoin? It is very big number and if it drops like that it will make price go bearish for a year. Or perhaps China plans to keep these Bitcoin and have them as leverage against anything that can happen in the future.

[Sykkuno 2887]

So China stopped the plus token dump and prices stopped dropping? Serious this is a big reward they got and should be handed back to the people that got scammed, as it is not money of the government, although it is the chinese government and since cryptocurrencies are not allowed in their country they can legally hold them or sell them to anyone they want.

[ibrahim halil anaç 138]

When I first read this news, I thought that the price of bitcoin would drop and it would not be easy for bitcoin to recover. After this news, bitcoin fell for a short time and recovered immediately and the point where this happened is truly incredible.

[percare 3192]

Some big numbers of Bitcoin have been seized lately by both China and USA. What matters most to me is what they are going to do with these Bitcoin and if there are plans to keep them for some reasons or pass them to central banks to hold as assets that could back the economies. This would be very interesting to have news on what the plans are.

[Serbberq 724]

This is huge amount of bitcoin, hopefully we wish the government should have a change of mind set and return the coins that were seized to the owners. 

[bogdanoff 3173]

The plus token pyramid was over and this was another thing that added to investors feel more confident into Bitcoin, they invested massively right after this news, not because they thought Bitcoin was safe,but at least it given them some more confidence that it works as it was said. Nothing was seized though, but was given back to the chinese government by the scammers.

[Arratee877 272]

During that time the price was not affected refusing bitcoin to break the resistance of $20'000 but at the early December as it's tradition of bitcoin to pump bitcoin was able to cross the resistance till $25'000 before to entered 2021 reach $32450. So even now the downfall of bitcoin give chance for investing for immediate corrections of rising

[zhoutong 2188]

I wonder what happened with that much Bitcoin. Usually the Bitcoins acquired by governments are liquidated and sold in auctions, but China probably can't do that as they have banned Bitcoin inside the country. Maybe sold to someone, or had an offer by grayscale that buys massively. No clarity of course from China and they wouldn't even consider informing the public about that unless it will make them look all powerful.

[Pereira 2303]

This news did not have great relevance in the cryptographic world since it did not impact the price of bitcoin, but we can see that China's laws regarding cryptocurrencies are very well valued since they seized a gigantic amount of bitcoin and go to the country's treasury Likewise, it can also be said that with the increase that bitcoin had in recent weeks, the value of 194k tripled its value, so this would make the Japanese government consider not selling this amount of bitcoin.

[yonkii 3205]

On 11/30/2020 at 9:12 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?

Come on, this was very extreme don't you think? This was probably what many can claim is fud. What is China going to do send to Binance 193k BTC and dump to zero? This isn't happening, they probably don't have a way to sell either as it would mean the ban on Bitcoin is not followed by the government.

[P A Ashif 2409]

Well I am not a fan of Chinese government. Sometimes I think the way of working of Chinese government is very cruel. The Chinese media have no rights, no freedom. There people are not linked with the outside world. And this seize is one of the step of government that shows their mentality. 

[Michar1 1693]

If it is a large amount that they confiscated, but I believe that the correct thing would have been to return all the money to the people who placed it there, I mean the investors, since currently we can see who was the address that sent it, but It is something that could have been done, perhaps the people who recovered it did not know it, well otherwise it will be used for other things, that apparently the government will occupy it for themselves, well that is what I understood according to the published article.

[Mella 3680]

I do not know if this is good or bad news, or what it will mean, but I am strong thinking that China will not sell but hold this amount of Bitcoin and the rest crypto seized in government wallets that will be there for a reason to expect the unexpected. The USA also moved some same amount in a government wallet lately, that was seized from the dark internet market of silk road.

[Ahmdoof 59]

This news does not affect the price of Bitcoin, as it rose a while ago to 40 thousand dollars and then gradually decreased. I think that China does not want to publicly disclose its intentions in dealing with Bitcoin, so it carried out such an auction publicly