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Peter Davis

An writer at FOMOdrive

  • Jan 05, 2024
  • 2 min read

Bitcoin: CryptoQuant again warned of an upcoming BTC correction

Michael Saylor, the founder of MicroStrategy, is utilizing proceeds from the sale of company shares to purchase additional Bitcoin.

In 2023, $2.2 billion was invested into crypto funds.

The US government now holds more than $8 billion worth of bitcoins.

In 2023, approximately $600 million was stolen by hackers from North Korea.

Despite Bitcoin's partial recovery from its dip below $41,000 on January 3rd, CryptoQuant suggests that there is still a risk of a new correction due to a potential wave of short-term investors cashing in on their high unrealized profits.

CryptoQuant previously predicted that, if spot Bitcoin ETFs were approved, there could be a "news selling" scenario in which Bitcoin could drop to $32,000.

CoinShares reported that the inflow of funds into crypto funds in 2023 was $2.2 billion, a 2.7-fold increase from the previous year. The total assets under management for the year rose by 129% to $51 billion, the highest since March 2022. Of the total investment, $1.9 billion, or 87%, was contributed to "standard" Bitcoin funds.

Michael Saylor, the founder of MicroStrategy, has sold 315 thousand of his company's securities, worth nearly $216 million. He intends to use the proceeds to purchase bitcoins. In the last year, the stock prices of the company have risen by 372%.

The US government has over $8 billion worth of bitcoins in its possession. These bitcoins were confiscated between 2020 and 2022, and are linked to the Silk Road darknet marketplace, hacker James Zhong, and the Bitfinex exchange hackers. In March of last year, only 5% (9861 BTC) of these funds were sold.

David Pan, the founder of the ACE Exchange crypto exchange, has been arrested by Taiwanese police on suspicion of fraud. It is believed that he had been posting false advertisements on social media for the past three years, promoting digital assets such as MOCT tokens that had no value. The estimated damage caused by this is over TWD 1 billion ($32.3 million).

In the last 12 months, North Korean-affiliated hackers have reportedly stolen a minimum of $600 million and were responsible for almost one-third of cyber-attacks, as per a TRM Labs study. These hackers employ social engineering tactics to acquire private keys and seed phrases.

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