The Chinese language crackdown on Ethereum has resurfaced, with round 7,000 ETH seized by Chinese language police from crypto Ponzi scheme PlusToken transferring to exchanges earlier this week.
China Threat Continues in Ethereum!
Various kinds of cryptocurrencies, together with Bitcoin (BTC), Ethereum (ETH), XRP and Litecoin (LTC), with a complete worth exceeding $14 billion, had been seized from PlusToken, which defrauded greater than 2.6 million individuals in 2018 and 2019.
Whereas these ETHs are transferring once more, specialists are evaluating whether or not China will promote Ethereum or promote all or a part of it.
At this level, the OXT Analysis analyst added that roughly 7,000 ethers (price $ 16.7 million) from the multi-billion greenback PlusToken crypto Ponzi scheme had been transferred to exchanges together with Binance and OKX, and that he expects the entire $ 1.29 billion price of ETH seized from the PlusToken Ponzi scheme to be bought.
“In early August, Ethereum seized from the multi-billion greenback PlusToken scheme moved on-chain for the primary time since 2021.
Within the final 24 hours, roughly 7,000 ETH (price $16.7 million) of the remaining 542,000 ETH (price $1.3 billion) had been despatched to exchanges.
This means that China intends to start promoting the remaining ETH, with the potential for promoting all $1.3 billion price of ETH sooner or later.
These Ethereum gross sales might additionally trigger an surprising ETH oversupply available in the market.”
Stating that China’s Ethereum sale might trigger ETH provide strain, the analyst added that it might additionally create downward strain on the value.
*This isn’t funding recommendation.
