A frenzy is coming! Hundreds of billions in crypto assets poised for “sell-off”

Opinion1mos agoUpdate 204914...
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Gold Finance reports that in recent years, authorities have seized hundreds of thousands of bitcoins and other cryptocurrencies in crackdowns on cybercrime. Following legal procedures, these cryptocurrencies obtained through illegal means are set to be dealt with according to the law.

Sources reveal that various departments have long planned to orderly sell off the large amounts of confiscated cryptocurrencies through legal means. This represents a significant, unified move by the authorities to dispose of the seized digital assets.

Cryptocurrency analysts note that a one-time sale of such a large volume of cryptocurrencies is expected to impact the price trends to some extent. The batch of cryptocurrencies held by the authorities could be worth tens or even hundreds of billions, and industry insiders believe that this move will further standardize cryptocurrency regulation. Overall, this action demonstrates the determination and strength of the authorities in the field of cryptocurrency regulation and pioneers a new model for state agencies to handle seized digital assets.

Reminder: It is still uncertain whether a large-scale sell-off of BTC and other digital currencies at this juncture will cause significant selling pressure. Investing involves risks and should be approached with caution.

Source: https://www.coinlive.com/news-flash/469619

Related: The Proposed IRS Broker Reporting Rules Would Effectively Kill DeFi

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