The Chinese and American governments jointly attacked the "roadblocks" and the government dumping caused panic again
CoinMarketCap recently reported a news that cryptocurrency researcher Free Samourai mentioned on Thursday, October 10 that the Chinese government transferred 15,700 Ethereum coins related to the PlusToken Ponzi scheme from their digital wallets and transferred 7,000 of them to cryptocurrency exchanges. This series of actions has caused people to worry that liquidation may occur. The researcher also specifically mentioned several exchanges, including Binance, Bitget and OKX. As soon as the news came out, the cryptocurrency market showed some signs of slowing down. The PlusToken project went bankrupt in mid-2019, when the Chinese government took severe crackdown measures and arrested the masterminds behind it. The mastermind was tried in court and found guilty of defrauding investors. By December 2020, the Chinese court sentenced the perpetrators to 11 years in prison.
Looking at Bitcoin holdings, China currently holds 190,000 Bitcoins, according to Bitcoin Treasuries, second only to the United States, which holds 203,239 Bitcoins, the most among governments worldwide. The United Kingdom ranks third with 61,000 Bitcoins.
Separately, Peter Schiff expressed his views via Twitter on Wednesday, saying that the U.S. government appears to be preparing to sell 69,370 Bitcoins, which are worth about $4.3 billion at current market prices. He also joked that governments occasionally do smart things, suggesting that MicroStrategy CEO Michael Saylor should let the company borrow another $4.3 billion to buy these Bitcoins. He also asked who agreed with him.
Finally, CoinTelegraph reported that the U.S. Supreme Court refused to hear a case regarding the ownership of 69,370 Bitcoins seized by the U.S. government from the dark web market Silk Road, which are worth about $4.38 billion. The review request was filed by Battle Born Investments, which claimed to have purchased the rights to the seized Bitcoins. The Supreme Court's refusal could pave the way for the U.S. government to sell these Bitcoins.
