China Sells $20 Billion in Bitcoin Seized from PlusToken Scheme
According to CryptoQuant CEO Ki Young Ju, the Chinese government has likely sold nearly $20 billion worth of Bitcoin confiscated from the PlusToken Ponzi scheme in 2019. The estimated 194,000 BTC is believed to have been gradually sold through exchanges like Huobi.
Despite the sale, Bitcoin's price has remained stable, exceeding $101,000 as of January 23rd. However, concerns over tightening monetary policies and potential interest rate hikes have contributed to a 3.7% drop in Bitcoin's value within 24 hours.
Despite these concerns, Bitget Research Chief Analyst Ryan Lee believes that institutional buying could mitigate the selling pressure. BlackRock, the world's largest asset manager, has consistently purchased Bitcoin, with its largest single purchase of $600 million on January 21st.
The market remains attentive to the U.S. Federal Reserve's monetary policy, with expectations of an interest rate cut by June 18th potentially influencing Bitcoin's price.
Despite China's sale of the PlusToken Bitcoin, ongoing institutional support has cushioned the impact on Bitcoin's price. As the cryptocurrency market faces regulatory uncertainties and global economic concerns, institutional demand, particularly from firms like BlackRock, continues to stabilize Bitcoin's value.