CryptoQuant: Chinese authorities sold bitcoins worth about $20 billion
Date: 2025-01-24 Author: Henry Casey Categories: IN WORLD
These bitcoins, seized back in 2019, were associated with the PlusToken financial pyramid. At that time, Chinese authorities arrested 109 people suspected of fraud. The value of the confiscated assets was estimated at $4.2 billion.
Despite such large-scale sales, the bitcoin rate remained stable. Over the past 24 hours, the cryptocurrency has grown by 0.7% and was trading at about $105,000 on the evening of January 23.
Analysts attribute the stability of bitcoin to active purchases by large investors, including BlackRock. For example, the IBIT exchange-traded fund recently acquired $600 million worth of BTC.
In addition, the flagship cryptocurrency is sensitive to news about the regulation of the crypto market in the United States. Thus, on January 23, the Bitcoin rate rose to $106,000 after Senator Cynthia Lummis announced her readiness to share “important news”.
An additional stimulus for the market was given by Donald Trump’s speech at the Davos Economic Forum. The former US president noted that the country should become a leader in the field of artificial intelligence and cryptocurrencies, which increased investor interest in this sector.
