Bitcoin News: As BTC continues its volatile trade, the recent revelations from CryptoQuant CEO have heightened market concerns. In a recent X post, Ki Young Joo said that China likely sold 194,000 bitcoins, dampening investor sentiment. Notably, this also contradicts the recent global trend of rising Bitcoin adoption and the United States may be exploring the creation of a strategic Bitcoin reserve.
Bitcoin News: CryptoQuant CEO Makes Bold Claim About BTC Selling in China
In X’s last post, said CryptoQuant CEO China may have sold its Bitcoin holdings, which has sparked discussions in the market. In other words, Ki Young Joo’s latest statement raises questions about the fate of the Bitcoin that was seized during PlusToken Scam 2019.
It is worth noting that Joe argued this China has sold out The entire stash of 194,000 bitcoins, despite official claims that it was transferred to the national treasury. “A regulated system holding censorship-resistant funds seems unlikely,” he stressed.
Meanwhile, to support his argument, Gu pointed to on-chain data suggesting that bitcoin was mixed and distributed through platforms like Huobi. He questioned the use of mixers if the intention is not to sell cryptocurrency. This theory is consistent with suspicions that the Chinese government liquidated these assets to secure fiat money.
Bitcoin holding data fuels discussions
Despite CryptoQuant CEO’s assertions, some data suggests that China still owns 194,000 bitcoins, making it the top country in the world. The second largest Bitcoin holder After the United States. One user who responded to Joe’s post provided a chart that supports this claim.
However, the founder of CryptoQuant denied these reports, reiterating his belief in blockchain analysis rather than official data. He said:
“The on-chain data tells a different story: they sold everything, using mixers to distribute money across exchanges in 2019. I trust the chain, not the CCP.”
This discrepancy highlights the ambiguity of government-run cryptocurrency transactions and fuels controversy around them China’s real position on Bitcoin. Moreover, it also increases uncertainty in the market, already forcing investors to move cautiously amid the broader range Crypto market sell-offs.
Bitcoin is gaining momentum in the global market
Despite the latest Bitcoin news, the major cryptocurrency has remained on the radar of global investors lately. However, the CryptoQuant CEO’s claims come at a later date Reportedly sold out US $6.7 billion worth of Bitcoin, putting pressure on the broader cryptocurrency market.
Such large-scale liquidations contribute to market volatility, weakening investor confidence. However, if China actually sells its Bitcoin reserves, this could further impact the trajectory of Bitcoin prices. Meanwhile, Bitcoin adoption is also gaining momentum around the world, with discussions about a Strategic Reserve of Bitcoin in the United States Indicate institutional interest.
What’s next for Bitcoin?
Today, BTC price fell by about 2.5% and was trading at $102,323 and its trading volume fell by 19% to $60 billion. It is worth noting that the cryptocurrency reached its highest level over 24 hours at $105.5 thousand, while it fell to $101.5 thousand. Furthermore, open interest for Bitcoin futures decreased by 2% reflecting the uncertainty in the market.
Meanwhile, speculation about China’s Bitcoin reserves is fueling further concerns about Bitcoin market dynamics. While on-chain data appears to support Go’s theory, the lack of official confirmation keeps the discussion alive. It is worth noting that with global leaders increasing focus on major cryptocurrencies, this latest revelation has dampened investor sentiment.
However, despite this, market experts remained confident about the long-term path of the currency, especially after Trump’s inauguration. Although the US President skipped mentioning Bitcoin or cryptocurrencies during his inauguration, which affected the cryptocurrency market, experts remain optimistic. For context, Coinbase CEO predicts Increased investment in the cryptocurrency sector under the Trump presidency.
However, as BTC continues to decline, recent Bitcoin price analysis points to key levels to watch for the cryptocurrency.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has earned a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s experience extends beyond traditional boundaries. Its role includes breaking news, analyzing AI-related developments, providing real-time updates on the cryptocurrency market, and providing insightful economic news. Rupam’s career has been marked by a deep passion for unraveling the complexities of finance and delivering compelling stories that resonate with diverse audiences.
Disclaimer: The provided content may include the personal opinion of the author and is subject to the market situation. Conduct market research before investing in cryptocurrencies. The author or publication does not accept any responsibility for your personal financial loss.
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