Crypto in China

Summer is often a mixed time for cryptocurrency. In both 2018 and 2019, assets like bitcoin and Ethereum ultimately garnered mild gains here and there that caused several analysts and financial heads to think that the space was entering a period of recovery following massive prior drops. Cryptocurrency Sees Its Figures Drop During June This time around, however, cryptocurrency has been suffering heavily, and it does not look like things are on the verge of recuperating....

China’s crackdown on crypto mining has got digital analysts everywhere worried. According to many figureheads in the digital currency space, the prices of assets like bitcoin and Ethereum are about to crack even further given how far China has gone in banning BTC and crypto mining from its territories. China Takes More Action Against Mining China has always had a mixed relationship with cryptocurrencies. In the past, the nation has taken a stance against both crypto...

The American hedge fund manager Kyle Bass sounded a note of caution that the communist regime in China plans to use its new state-controlled digital yuan as an instrument to disperse its totalitarianism across the globe. He opined that it would have a devastating impact on the US, and the latter should ban it. The Chinese CBDC Will Have a “Mind of its Own” In a recent interview, the billionaire Kyle Bass argued that the Chinese digital yuan is a financial tool, which the...

CryptoPotato had the opportunity to host a discussion with Lennix Lai – the Financial Markets Director at OKEx. Established in 2017, OKEx is one of the leading cryptocurrency exchanges in the world by means of trading volume and is also a big player in China. We took the opportunity to discuss, first hand, what’s currently going on in the market from both a retail and institutional perspective, as well as what’s actually happening in China. $60K Bitcoin In...

The Central Bank of China has ordered the shutdown of an alleged software company given its reported ties to crypto mining. Beijing Qudao Cultural Development has been suspended at the time of writing and must cease all operations or face legal consequences from the bank’s regulators. Its website has also been deactivated. China Shuts Down Software Company China has always had a rather mixed relationship with bitcoin and cryptocurrencies. In the past, the country has...

Fan Yifei – a deputy governor of China’s central bank – expressed concerns that digital currencies, particularly stablecoins, could negatively impact the global financial system. Furthermore, he described the assets as “speculation tools.” PBoC Is ‘Quite Worried’ In a recent interview, the ex-Chairman of Shanghai Bank and a current deputy governor of the People’s Bank of China – Fan Yifei – opined that stablecoins may harm the global financial stability and the present...

The People’s Bank of China has shut down a local firm suspected of providing various software services to cryptocurrency businesses. As it happened during previous negative actions, the price of bitcoin fell rapidly after the news broke. In the latest statement on the matter, China’s central bank has closed down a firm called Beijing Tongdao Cultural Development Co. because of suspicion that it provided software services to transactions involving digital assets. The...

The investment firm IBC Group, which has significant cryptocurrency mining operations in China, announced its intentions to close down all its Bitcoin and Ethereum mining facilities throughout the country. Instead, the organization plans to move its workers to Canada, the USA, the UAE, Kazakhstan, Iceland, and numerous South American nations. IBC Group Leaves China As a result of the crackdown on cryptocurrency mining launched by the Chinese government, the majority of the...

Fresh data from Glassnode revealed today that Bitcoin’s mining difficulty dropped by 28%, making it the largest negative adjustment in the history of the cryptocurrency.  Source: GlassnodeWhat is Bitcoin Mining Difficulty Adjustment? For clarity, Bitcoin mining difficulty is a metric that describes how hard it is for miners to mine a new block on the network. When the difficulty increases, it becomes harder and miners will need to dedicate more computational power to find the...

Michael Saylor of MicroStrategy fame is convinced that China is making a huge mistake by not allowing bitcoin operations to continue within its borders. Michael Saylor Is Critical of China’s Decisions Over the past few days, bitcoin has experienced something of a surge. It was trading for about $29,500 just over a week ago, and yet today, the currency has risen to roughly $36,000. While this is by no means a heavy boom, the currency is doing considerably better, and the...