China holds $3.9B worth of Bitcoin despite anti-crypto stance

CryptoQuant co-founder Ki Young Ju said the Chinese government is a crypto whale, despite its negative posture toward the industry. The post China holds $3.9B worth of Bitcoin despite anti-crypto stance appeared first on CryptoSlate.

Timeline of Bitcoin

A popular crypto analyst who called the May 2021 Bitcoin (BTC) collapse says a historically reliable indicator is flashing bullish for the digital asset. Pseudonymous analyst Dave the Wave tells his 129,100 Twitter followers that the moving average convergence divergence indicator (MACD) suggests Bitcoin is coming out of the months-long bear market.

The value of Bitcoin (BTC) is facing bearish pressure, with the asset staring at a possible breach below the crucial $20,000 level in the wake of the latest Federal Reserve interest rate hike. 

Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again.

United States-based cryptocurrency mining organization Marathon Digital Holdings mined 615 BTC this October, the highest monthly total in its history. Marathon's October mining production is only one BTC below its production during the third quarter of 2022, when it had produced 616 BTC.

After a brief recovery, the cryptocurrency market has taken a new blow with the recent Federal Reserve rate hike of 75 basis points, and now investors and traders are wondering about the future of its flagship asset – Bitcoin (BTC).

Bitcoin Mining hash rates are important security metrics as they signify the network's overall resistance to malicious attacks. Hash rates also measure a blockchain network's ability to process transactions.

After seizing 194,775 BTC during the infamous PlusToken scam, the Chinese government now owns more Bitcoin than MicroStrategy. About $3.9 billion is the total market value of the Bitcoin holdings.

As the first and primary cryptocurrency to exist, Bitcoin has witnessed different reactions and predictions in the industry. Its advancement over the past years has been above the growth of conventional assets.

Yesterday's FOMC meeting of the U.S. Federal Reserve (FED) brought less volatility to the Bitcoin market than many experts had expected. The Bitcoin price moved in a narrow range during and after the meeting.

The Chinese government currently has more Bitcoin holdings than MicroStrategy as a result of the funds it seized from the PlusToken Ponzi scheme. The post Chinese Gov Bitcoin Holdings Outrank MicroStrategy Despite Crypto Ban appeared first on BeInCrypto.