CryptoMich Wants Bitcoin At $40k And Hackers Try To Move $3.66B Stolen Crypto

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Michael van de Poppe, the influential Dutch analyst who’s becoming a household name in the cryptosphere, claims that flipping $40k now becomes important.

In an update of his daily technical analysis to his followers, Michael stated a few hours ago:

I wouldn’t focus too much on the trendline for Bitcoin. I would focus on whether we can flip higher timeframe levels. For instance; breaking and flipping $40-41K would be a good one.

I wouldn’t focus too much on the trendline for #Bitcoin.

I would focus on whether we can flip higher timeframe levels.

For instance; breaking and flipping $40-41K would be a good one.

— Michaël van de Poppe (@CryptoMichNL) February 1, 2022

The next few days will prove pivotal for that level.

Can’t Cash Out

Hackers tried to move some 94,000 Bitcoins, which equal about 80% of all the Bitcoin stolen during the legendary 2016 Bitfinex hack yesterday, but tracking sites knew exactly where they were going and it will be some time before these funds (equaling a whopping $3.66 billion dollars) can be cashed out anywhere.

$3.5B #Bitcoin that was stolen in the 2016 Bitfinex hack was just moved! 😱

This #Bitcoin stash is blacklisted by major exchanges.

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 1, 2022

Analytics firm Elliptic declared that:

94,643.29 bitcoins ($3.55 billion) have been moved in 23 transactions, from a wallet associated with a theft from Bitfinex in 2016, to a new address.

It is unlikely that these funds will be cashed out any time soon. Funds from this hack have been slowly laundered for over five years now and cashing-out large volumes over a short period of time would draw unwanted attention.

Kazakhstan is back in full swing

A Kazakhstan bitcoin mining farm with more than 50,000 machines running 24 hours a day, is returning to operations. In a video published by the BBC, it was shown to need operators working 12 hours a day for 15 days straight. Young men are apparently eager to work in this new industry which has settled in the country after China forbade it.

Yersain Nurtoleuov, head of the mining department, told the BBC that the bitcoin mining center has a staff of more than 150 people, made up mostly of young people who saw an opportunity in the new sector.

Nurtoleuov said:

I have been working here for over three years. I was the first operator. I learned everything myself. How to connect power supplies, how to configure a router.

mmaxer / Depositphotos.com