Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

China continued its crackdown on crypto, leading to massive amounts of bitcoin and Ethereum being moved from exchanges. Immense pressure from Chinese central banks following the latest iteration of the China crypto ban has seen exchanges suspending operations in the region. In light of this, large amounts of crypto are being moved from exchange wallets to presumably safer wallets.

The transactions are thought to be going to cold wallet storage. Crypto crackdowns in the country caused a surge in USDT sell-offs against the Yuan as users tried to get rid of their crypto holdings before the…

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