The Chinese government is moving a ton of Ether (ETH) that it seized from a huge crypto scam, and that’s making Ethereum investors nervous.
China’s Big Sell-Off?
A bunch of ETH that was frozen for years from the PlusToken scam is finally moving again. This scam was huge, worth over $4 billion! The Chinese government had been holding onto this ETH, but now it’s starting to sell it off.
This week, they moved over 7,000 ETH to exchanges, which is a big deal. People are worried because this could lead to a big sell-off, pushing the price of ETH down.
Ethereum Foundation Also Selling
It’s not just the Chinese government selling. The Ethereum Foundation, the organization behind Ethereum, has also been selling some ETH. This has also added to the bearish sentiment among investors.
Ethereum Price Drops
The price of ETH has already dropped a bit, and analysts are watching closely. If the price falls below a certain level, it could trigger a bigger drop.
Overall, there’s a lot of uncertainty in the market right now. The Chinese government’s sale of ETH is a big deal, and it’s making investors nervous. It’s definitely something to keep an eye on! /p>
