טשיינאַ איז אַ שטיל קריפּטאָ וואַלפיש און קען שלעפּן די מאַרק אין סעקונדעס

Despite the widespread ban on digital assets, China has unwittingly become a crypto ‘וואַלפיש’ with so much power on its hands that it could annihilate the entire קריפּטאָקוררענסי מאַרק in seconds if it wanted to.

Indeed, after confiscating a large quantity of Bitcoin (בטק) און עטהערעום (עטה) from the Plus Token scheme in 2019, the Chinese government now holds more of it than מיקראָססטראַטעגי or Elon Musk’s Tesla, Inc. (NASDAQ: צלאַ), crypto writer Paulo A. José געמאלדן אויף נאוועמבער קסנומקס.

China holds 194k Bitcoins, 833k Ethereum

This information was originally ארויס on November 2 by the founder and CEO of בלאָקקטשאַין data analytics platform CyptoQuant, Ki Young Ju, who also posted a table listing the public companies with the largest Bitcoin holdings.

ווי ער האט מסביר געווען:

“Chinese authorities seized 194k בטק, 833 ק עטה, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury. FWIW, MicroStrategy has 130k BTC.”

According to Young Ju’s separate Twitter באַמערקן, China isn’t the only ‘האָדלער’ state, as he highlighted that the “government of Bulgaria *might* have 200k+ Bitcoins” confiscated from a crypto-crime ring in 2017. 

Commenting on this data in a Twitter direct message to רייַכקייַט, Young Ju stressed that:

“Sell-side liquidity from miners, institutional ינוועסטערז, and retail investors is almost nothing if you compare governments.”

Holding the crypto strings

Drawing parallels with the Terra (LUNA) platform collapse, Young Ju explained that “Bitcoin dropped from $30,000 to $17,000 because of Luna sell-side liquidity. That was around 80,000 Bitcoin, so it’s basically twice [the Terra Luna collapse],” ביזנעס ינסידער געמאלדן.

In José’s opinion, if China were to start selling the confiscated 194,000 BTC, it could seriously damage the crypto market, taking Bitcoin price down to $5,000 in less than seven seconds.

Interestingly, China has been on an anti-crypto crusade since mid-2021, enforcing a state-wide ban on all crypto-related services, but the ban hasn’t prevented it from ranking among the top ten leading countries in adopting digital assets.

אויף שפּיץ פון וואָס, די mining activities in China have continued after a negative period that ensued after the ban’s introduction, counting 65 reachable Bitcoin nodes as of November 11, according to the דאַטע דורך די קריפּטאָ אַנאַליטיקס פּלאַטפאָרמע ביטראַוור ריטריווד דורך פינבאָלד.

דערווייַל, נאָך די crypto market wiped $180 billion from its market cap, טעכניש אַנאַליסט מתיא היילאנד קריטיקירט its interconnectedness, which he believes has led to the FTX liquidity crisis spilling over onto the rest of the industry.