China’s recent crackdown on cryptocurrencies may have caused Bitcoin whales to move huge quantities of BTC.
China’s recent praises of blockchain technology do not seem to extend to Bitcoin and cryptocurrencies, as the country’s central bank launched another crackdown on crypto.
The People’s Bank of China warned that ‘illegal actions’ involving digital assets would not be tolerated, and noted that investors should not mistake crypto with blockchain. Only hours after the move, a Bitcoin whale made their move in a single, massive transaction.
Bitcoin Whale Moves Over $300 Million in BTC
As mentioned, a single, massive transaction was recorded only a few hours ago, involving 47,000 BTC, which is over $337.8 million considering current prices. The transaction recorded that funds were moved from one unknown wallet to another.
— Whale Alert (@whale_alert) November 22, 2019
The news from China also resulted in a massive Bitcoin price drop, in the last few days. BTC is currently sitting at 00 after dropping by 4.33% in the last 24 hours.
The dump brought down altcoins, as well. The top 10 cryptos are currently seeing drops between 4% and 8.7%, excluding the stablecoin Tether (USDT), which climbed to the 4th spot on the list of largest cryptocurrencies.
China Steps Up Efforts to Launch its Own Coin
China’s move, which seems to have started this series of events, comes in light of recent discussions regarding the country’s potential to open up to crypto. It appears that the interest in digital currencies in China rose due to the country’s positive stance towards blockchain technology. Many started speculating whether China might lift the ban on cryptocurrency trading.
Now, the country once again confirmed its anti-crypto stance, although it still continues with plans to launch its own, national digital currency known as Digital Currency Electronic Payment (DCEP). The central bank confirmed that China’s national coin is still under tests and detailed studies, but that it will see launch eventually.
What do you think about China’s recent move? Did you expect Bitcoin price to move in such a drastic way? Let us know your thoughts in the comments below.
Images via Shutterstock, Twitter: @whale_alert
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