China News by Thebittimes.Com

According to the CEO of global investment management firm ARK Invest, Cathie Wood, the Bitcoin (BTC) and crypto currency sector could reach the value of a quarter of a quadrillion in the next seven years, considering the speed at which the industry and its wider adoption are growing. Commenting on spot Bitcoin exchange-traded fund (ETF) applications and the crypto ecosystem, Wood said she expected it to be worth $25 trillion by 2030, as she explained in the interview with CNBC’s journalists at the ‘Squawk Box’ show aired on November 14. Flight to safety of crypto According to her, traditional markets are witnessing a “flight to quality,” as Larry Fink called it, or “flight to safety,” as ARK Invest calls it, i.e., into the crypto currency sphere “because there’s no counter-party risk in Bitcoin” and it has demonstrated strength against the banking sector. “Look at what happened during the regional bank crisis. Bitcoin went from $19,000 to nearly $30,000 as the KRE, the regiona...

The government previously promised to liquidate approximately 40,000 remaining BTC from the seizure in “four more batches” over the remainder of the calendar year. A cryptocurrency wallet associated with the United States Department of Justice (DOJ) moved approximately 9,825.25 Bitcoin worth around $299 million in a series of transactions on July 12.  It’s unclear at this time whether the transactions, which appear to have ultimately propagated to at least 101 new wallets, were sent to exchange addresses for sale or remain in the custody of the Justice Department. DOJ Bitcoin transactions. Source: Screenshot via Blockchain.com Initially, approximately 9,825 of the Bitcoin (BTC) associated with the Silk Road seizure moved in a pair of transactions sent to three addresses at around 1:00 pm UTC. The bulk of the coins — 8,200 BTC worth n early $250 million as of the time of this article’s publication — were sent to a single address, which subsequently split the total amount across 101...