China’s Crackdown Spurs Massive Onchain Transfers, Cold Wallets Move $3 Billi...
Following the latest statements from China’s central bank concerning cryptocurrencies and offshore crypto exchanges, massive amounts of funds have been moving onchain. On September 26, at approximately 1:00 a.m. (UTC) 72,999 BTC or $3.1 billion in bitcoin was dispersed to unknown wallets. Huobi to Gradually Retire Mainland China Users, 800K Ether Move from Huobi to an Unknown Wallet Word around the crypto campfire is that offshore exchanges near China are seeing massive amounts of crypto transfers during the last few days. For instance, theblockcrypto.com writer Wolfie....
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Ethereum is the most recent asset caught in the path of the bulldozing machine that is China’s crackdown on crypto and crypto-related activities. When the country had begun to crackdown on mining earlier in the year, much focus had been placed on bitcoin given that it was the most popular cryptocurrency in the market. And […]
China continued its crackdown on crypto, leading to massive amounts of bitcoin and Ethereum being moved from exchanges. Immense pressure from Chinese central banks following the latest iteration of the China crypto ban has seen exchanges suspending operations in the region. In light of this, large amounts of crypto are being moved from exchange wallets to presumably safer wallets. The transactions are thought to be going to cold wallet storage. Crypto crackdowns in the country caused a surge in USDT sell-offs against the Yuan as users tried to get rid of their crypto holdings before the....
Cambridge research shows that China’s Bitcoin mining power fell by 40% before the crackdown, while the United States’ hash power has quadrupled. China’s crackdown on Bitcoin (BTC) mining due to energy consumption concerns is widely regarded as the trigger for the miners’ exodus from Asia to Western countries. But new research by the Cambridge Centre for Alternative Finance suggests that the shift in mining power started before China’s renewed scrutiny.Reuters reported that China’s total computing power connected to the Bitcoin network, or hash rate, fell from 75.5% in September 2019 to 46%....
A massive 30,000 BTC was transferred into unknown wallets over the past week, leading many investors to wonder about the current outlook concerning Bitcoin. When big money moves into cold storage, it reduces selling pressure because it often indicates that whales and institutional investors are expecting the price to go up and opting for self-custody. Massive Exodus Of BTC To Cold Storage Data from CoinGlass shows that almost 30,000 BTC have been moved off exchanges in the past week. With Bitcoin currently trading around $26,000, this equates to over $780 million moved into cold storage.....
The platform will close all its over-the-counter (OTC) trading services because of the risks related to uncertainties from China’s regulatory policies/