Crypto in China

Rosie Rios – 43rd Treasurer of the United States – recently voiced her support for XRP. Meanwhile, she implies that Bitcoin and Ethereum are merely speculative assets by comparison. Rios Backs Ripple The former treasurer tweeted her thoughts yesterday, stating that XRP has a role in facilitating cross-border payments, while the current top cryptocurrencies lack a comparable value proposition. XRP’s primary purpose is facilitating cross border payments while other #Cryptos...

The second-largest ETH mining pool – Sparkpool – has announced that it has halted access to new users in Mainland China. Furthermore, the organization plans to abandon all of its services as of September 30th. Based in Hangzhou, China, Sparkpool is the second-largest Ethereum mining pool responsible for more than 20% of the total hash rate, as the picture below demonstrates. Ethereum Hash Rate Distribution. Source: EtherscanHowever, the company plans to seize all operations...

The Chinese government is not holding back on its mission to stop all crypto activity in the country, and has continued to widen its crackdown against bitcoin and cryptocurrencies. Huobi Blocks New Chinese Users The intensified attacks have now forced Huobi, one of the major exchanges in the country, to suspend new user registration coming from China. Recall that crypto trading and mining crackdowns escalated in China on Friday after the nation’s central bank issued another...

Right from the very first year bitcoin came into existence, the Chinese government has gone after the primary cryptocurrency, hammering it with bans after bans while citing countless risks supposedly associated with it. In over a decade, the Republic of China has also managed to increase its FUD (short for fear, uncertainty, and doubt) in the industry, and each time, crypto had seen a massive hit. Just last week, bitcoin’s price fell by more than 5% within hours, owing to...

Following today’s events, Senator Pat Toomey says that the ongoing cryptocurrency crackdown in China is a considerable opportunity for the United States. Earlier today, reports revealed further regulatory pressure on cryptocurrencies in China. This time, the country seems to target mining and trading. Although not many of it was new, the announcement triggered a market-wide pullback, sending Bitcoin down to slightly above $40K. Senator Pat Toomey, representing the state of...

There are no boring days in crypto, and this week, like a lot of others, has managed to definitively prove it. The past seven days have been an absolute rollercoaster in the cryptocurrency market, so let’s start with Bitcoin. BTC’s price was sitting comfortably at around $47,500 last Friday and started improving slowly throughout the weekend. On Saturday, we saw an attempt at $49K, which was unfortunately rejected. On Sunday, the price retraced a bit, but nothing spelled...

The market suddenly turned red today following what seems to be another wave of regulatory efforts to crack down on cryptocurrencies in China. This left over $400 million liquidated in less than a day. As CryptoPotato reported, China continues with its efforts to further crack down on the entire cryptocurrency market. The country’s national bank issued a statement outlining that digital assets are banned, adding that operating with exchanges will also be prohibited. While a...

The People’s Bank of China (PBoC) published a document reminding that digital assets are banned within the country and added that operating with exchanges will also be prohibited. As a result, BTC dumped by $3,000 in an hour. China’s negative stance on the cryptocurrency space has been wildly known for years, and the nation tends to frequently remind investors about it. The central bank highlighted the illegal status of digital assets once more on Friday. The statement also...

The bitcoin price is suffering today after the Evergrande Group in China took a hard fall. As the nation’s second largest property developer, the firm has too much debt – more than $310 billion – and is struggling to pay it back. The situation is causing many assets to experience nasty drops, bitcoin being one of them. Evergrande Is Leading to a Drop in Crypto Prices At the time of writing, bitcoin has fallen to roughly $44,000 per unit. Over the weekend, the asset was...

CNBC’s Jim Cramer opined that the Evergrande debt crisis in China could keep causing severe disruption in financial fields, including the cryptocurrency market. He also advised people sitting on unrealized gains from their investments to take “something off the table” before losing it. ‘Don’t Let It Become a Loss’ The American TV personality Jim Cramer shared his stance on the recent crypto decline and the ongoing crisis with one of China’s leading real estate companies –...