The Chinese government has reportedly sold approximately $20 billion worth of Bitcoin, contributing to significant selling pressure on the cryptocurrency. This Bitcoin, seized during the PlusToken Ponzi scheme crackdown in 2019, totals over 194,000 Bitcoin, as outlined by Ki Young Ju, CEO of CryptoQuant. The large sale occurred as Bitcoin remained valued above $101,000 on January 23, despite a recent decline of over 3.7% within a 24-hour period. Bitcoin's price resilience is attributed to continued purchases from BlackRock, which bought $600 million in Bitcoin on January 21, indicating sustained institutional interest. Analysts express concern that tightening monetary policies could lead to further pressures on Bitcoin's price, with potential global interest rate hikes creating a bearish sentiment. However, institutional buy-ins may also provide price stabilization. Market predictions now suggest that the next US interest rate cut could happen on June 18, as indicated by the CME Group.

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