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Wallets tied to Chen Zhi, who was charged last week by the U.S. government over an alleged $14 billion crypto scam, moved nearly $2 billion worth of BTC on Wednesday.
💡 DMK Insight
The recent movement of nearly $2 billion in BTC from wallets linked to Chen Zhi raises serious red flags for traders. This isn’t just a random transaction; it signals potential market manipulation or liquidity issues. With BTC currently at $107,647, traders should be wary of volatility spikes as this news unfolds. The implications could ripple through the broader crypto market, affecting altcoins and potentially leading to a sell-off if panic sets in. Keep an eye on BTC’s support levels around $100,000, as a breach could trigger further selling pressure. On the flip side, if the market absorbs this news without significant fallout, it could present a buying opportunity for those looking to capitalize on dips. Watch for any regulatory responses or further developments regarding Chen Zhi, as these could significantly impact market sentiment and trading strategies in the coming days.
📮 Takeaway
Monitor BTC’s support at $100,000 closely; a breach could lead to increased volatility and potential sell-offs.
