Crypto in China

China is going crazy when it comes to bitcoin… bitcoin and gold.China BTC Action Is Booming for Sad ReasonsBoth assets make sense considering they are likely considered “safe havens” in that country and abroad. Both are known for retaining one’s wealth, especially in times of economic strife or some other global catastrophe.Right now, the catastrophe that China is facing is the new coronavirus that’s spreading through its provinces. Thus far, more than 200 people have died from the disease,...

The last week of trading has undoubtedly been a successful one for Bitcoin and the entire cryptocurrency market. BTC’s price gained more than $1,100, charting an increase upwards of 13% in the past seven days alone. Despite the few ups and downs, the price seems to be comfortable above $9,400.Interestingly enough, Bitcoin is trading well above the 200-days moving average. According to recent research by Tom Lee’s Fundstrat Global Advisors, in 80% of all situations when BTC was above the...

A recent report by Baidu has revealed a lot of details surrounding China’s cryptocurrency. According to the document, the country’s central bank will be the institution monitoring the digital currency. However, as expected, the ledger used for its creation won’t provide any kind of anonymity but rather allow the Government to monitor financial transactions closely.Not Bitcoin: China’s Cryptocurrency Paves The Way For Further ControlChina has been talking about issuing its own cryptocurrency...

2020 has so far been an exciting and profitable year for Bitcoin. Since the early days of January, the cryptocurrency has managed to increase its value by almost 40%. This is a spectacular performance for any asset, even more so within traditional markets.BTC/USD January. Source: TradingViewIn the past 24 hours alone, Bitcoin is up more than 3%, looking primed to start testing the resistance line at around $9,400.With so much going on in terms of price action, it’s perhaps interesting to...

Bitcoin’s price surged 6% in 48 hours from the $8250 handle to above $8770. The price movements come as the coronavirus continues to spread in China. The Wuhan virus epidemic continues to plague throughout the country and abroad. Medical authorities confirmed a fifth case of the SARS-like virus in the United States. Much broader markets like the U.S. equities have been affected by coronavirus fears. It’s quite likely Bitcoin is getting caught up in the turbulence.China’s Coronavirus Keeps...

Central banks have been contemplating the idea of creating their own cryptocurrencies for a while now. China has been one of the first countries to express its intentions in this regard. The country’s CCIEE chair even stated that they will be the first to launch its central bank digital currency (CBDC). A former deputy governor of the People’s Bank of China (PBoC), however, said that they should slow it down.China Should Slow Down With Its CryptocurrencyTalks of China issuing its central bank...

Analysts are warning bitcoin traders that volatility may strike this coming week.Is Bitcoin About to Drop Further?The weekend marks the Lunar New Year in China, and celebrations are likely to occur amongst the nation’s people. Typically, this marks a period of heavy bitcoin and cryptocurrency use amongst people returning home for the holiday, but this year is a little different.China has been marred by a coronavirus outbreak for the past several days. Allegedly passed on from snakes, the...

The cryptocurrency market, being a relatively young and small one, is frequently affected by external forces. Sometimes, one of those factors could sound a bit strange on the surface, but it could deliver a severe impact. It’s the Chinese New Year.The Holiday is taking place during the next weekend, between January 25th (Saturday) and 27th (Monday), a quick look at the Bitcoin’s longer-term price chart can reveal this occasion had a tremendous Bearish effect on the price of Bitcoin over the...

There is great fear traveling through the crypto space… Fear that somewhere down the line, bank-issued cryptocurrencies will somehow replace bitcoin and its altcoin counterparts.Will Bitcoin Be Replaced?But is that fear valid? We need to look at a few facts before we can make an official decision. For one thing, these cryptocurrencies issued by financial institutions will be centralized, meaning the banks will be in control of who receives the crypto units and what they can be used for. This...

Bitcoin, at the time of writing, is still performing quite well and is trading for just over $8,700. The currency has experienced a slight drop of less than one percent over the past 24 hours, though it’s still maintaining its present position in the high $8,000 range.Bitcoin Is a Popular AssetNaturally, analysts are rushing to the “prediction space,” looking to see what could be responsible for the currency’s sudden surge and to discuss where they think it will wind up by the time 2021 is...