China Allegedly Selling Seized Bitcoin, Impacting BTC Price
- China reportedly holds 194,000 BTC acquired through seizures.
- Local governments allegedly sold $400 million in Bitcoin via intermediaries.
- The sales are said to be ongoing, potentially affecting Bitcoin’s market price.
- Jiafenxiang, a Shenzhen-based company, reportedly managed over $400 million in sales.
- Lack of national regulation and financial pressure on local governments drive these actions.
Chinese authorities allegedly hold significant Bitcoin reserves and have begun selling them through third-party intermediaries. This activity has reportedly resulted in $400 million worth of Bitcoin being liquidated so far.
Source (2.6)https://coingape.com/is-china-dumping-bitcoin-analyst-predicts-btc-price-crash-to-40k/?rand=24432
