China is set to make a significant sale of its Bitcoin holdings $BTC using Hong Kong exchanges as the main conduit. This strategy, managed by the Beijing Stock Exchange (CBEX), aims to monetize cryptocurrencies seized in criminal cases, converting the funds to yuan.
The measure represents an effort by the Asian giant to standardize the management of confiscated digital assets, especially after its strict cryptocurrency restrictions implemented since 2021. The Beijing police have dubbed this process the 'Beijing Model.'
This news could have interesting implications for the cryptocurrency market, as it is estimated that China may have already sold a considerable part of its Bitcoin reserves, which at one point were estimated at around 194,000 BTC.
Stay tuned to see how this massive sale could influence the volatility and prices of BTC in the coming days!!
If you found the Crypto News interesting, please feel free to leave your like, your opinion, and follow me for more news. From like to like, we follow each other😉✨
#Binancesquarefamily #Write2Earn $BTC
