China Is Fast Losing Money: Their Bitcoin Stash Just Fell By $388 Million

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,493,977,776	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,493,977,776

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1.35	1.33%	102.97	102.91	102.98

Price Change

Price Change %

Current Price

Bid Price

Offer

1.35

1.33%

102.97

102.91

102.98

High Price	Low Price	Open Price	Prev. Close	52 Week Range
104.04	101.11	101.54	101.62	83.10 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

104.04

101.11

101.54

101.62

83.10 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:43:17	0.087000	102.97	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:43:17

0.087000

102.97

USD

Price x Volume	Volume	Base Symbol	Related Pairs
378,818.56	3,686.99	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

378,818.56

3,686.99

China Is Fast Losing Money: Their Bitcoin Stash Just Fell By $388 Million

21/04/2023 11:00pm

NEWSBTC

When Bitcoin prices fell from $31,000 to below $29,000, the total value of BTC held by China fell by over $388 million to around $5,4 billion. China’s Bitcoin Stash Fell By $388 Million Bitcoin is trading below $28,500 and looks likely to edge even lower, considering the formation in the daily chart. With every tick lower, China and other countries, including Ukraine and Georgia, are losing money. The loss could even be bigger for the Chinese considering their big stash of BTC, which translates to around 0.924% of the total fixed supply of 21 million, according to Bitcoin Treasuries data. Related Reading: Bitcoin In Danger Zone: Bulls Must Hold $27,700 For Price Recovery, Expert Suggests Records show that China holds 194,000 BTC, 833,000 ETH, and a variety of other unnamed cryptocurrencies. These digital assets were confiscated from the PlusToken scam in 2019 and were worth over $3 billion. FUN FACT: Government of China🇨🇳 is a crypto whale. Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury. FWIW, MicroStrategy has 130k $BTC. pic.twitter.com/Ilqp7EnenL — Ki Young Ju (@ki_young_ju) November 2, 2022 According to reports, these assets were tied to the country’s national treasury. Still, some funds associated with the scam are reportedly being regularly sent to mixers and liquidated at spot rates, impacting prices. However, whether the Chinese government still holds these assets remain unknown. There is no official Bitcoin address to verify the status of these coins. PlusToken Scam was a global Ponzi scheme targeting Chinese and South Korean investors. It started in April 2018, taking advantage of unsuspecting people who thought they could make quick money from an investment opportunity. All users had to pay for registration using cryptocurrencies, mainly BTC, before investing. Perpetrators said they were developing cryptocurrency products. Six Chinese nationals were arrested in Vanuatu and extradited to China to face the law in June 2019. A year later, the Chinese Ministry of Public Security said they arrested other suspects, recovering over $3 billion of crypto assets. United States Is A Crypto Leader Cryptocurrency trading and related operations, including mining, are banned in China. Therefore, whether Chinese authorities will “trade” these cryptocurrencies for other assets is unclear for now. Related Reading: Quant Explains Bitcoin Funding Rates Pattern That Precedes Uptrends The country outlawed trading in 2017 and mining in 2021, forcing crypto miners, mainly of Bitcoin, to other jurisdictions. Since the ban, the United States has emerged as the biggest host of crypto mining operations. China accounted for over 50% of all crypto mining operations at peak. According to trackers, the largest public Bitcoin mining companies are in the United States and Canada. Riot Blockchain is the largest publicly listed Bitcoin mining company with a market cap of $1.82 billion. Feature Image From Canva, Chart From TradingView

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