Crypto in China

On Nov. 8, bitcoin’s mining difficulty fell for the first time in 2019, but what does this mean for the industry going forward? On Monday, bitcoin’s mining difficulty adjusted itself down by 7%, making it easier for miners to solve algorithms, and thus mine blocks. As to why this occurred, it appears to be in conjunction with bitcoin’s recent price drop. Mining difficulty is set to reconfigure itself every 2016 blocks, or roughly every two weeks. Difficulty modulates based on how long it...

NEO has surged 100% over the past few weeks. The bullish sentiment behind this cryptocurrency rally seems to be related to China’s decision to embrace blockchain technology. One trader says NEO may have a bright forecast. NEO, one of China’s most prominent blockchain projects, has been on a roll since Chinese President Xi Jinping announced that his country would “take the leading position in the emerging field of blockchain.” Since then, this cryptocurrency skyrocketed nearly 100%, and now...

Facebook’s cryptocurrency project, Libra, could be used to build on top of central bank digital currencies. That’s what the venture’s co-creator and head economist reiterated today at a FinTech conference in Singapore. Interestingly enough, the statement also comes at times when a few countries are contemplating the launch of their own state-backed digital currencies.Libra Improving State-Backed Digital CurrenciesChristian Catalini, Libra’s co-creator and head economist of Calibra, spoke in...

The digital currency will allow anonymity to users… but only to an extent. Analysts are predicting the government-backed crypto will be out early next year. Blockchain efforts by the People’s Bank of China have ramped up in recent weeks. China has brushed aside concerns that its planned government-backed crypto will be used to keep tabs on the activities of its citizens. Allegedly, users of the centralized digital currency will be guaranteed ‘controllable anonymity’ as long as they are not...

China is on a fast track to becoming a global digital currency power. Billionaire Michael Novogratz warns that the country might undermine the United States’ reserve status. Some politicians are wary about embracing cryptocurrency networks. Billionaire Michael Novogratz has warned that the United States’ reserve status is likely to be undermined by China’s blockchain and cryptocurrency revolution. In the forewarning, he underscores that China is already ahead in some areas such as fintech,...

The Chinese involvement with blockchain is set to increase even further. According to a recent report, the giant country will increase its blockchain investments, which are expected to surpass $2 billion in 2023. The news may not come as a surprise as the total interest in China has risen after President Xi’s endorsement a few weeks ago.China To Spend $2 Billion On BlockchainThe global market intelligence company, IDC, recently published a report showing that China’s take on blockchain...

Chinese State Media Praise Bitcoin as a “Successful Application of Blockchain” Blockchain fever overruns the people’s republic Bitcoin propaganda comes as China preps to launch digital currency in 2020 China has taken yet another step towards fully embracing Bitcoin, calling it “The First successful application of blockchain technology.” The entirety of the people’s republic has been on a blockchain hype beyond anything thing imaginable recently. However, this latest admission from Chinese...

Every year on November, 11, the Chinese celebrate the biggest shopping event knows as Singles’ Day. It is always a big deal for the retailing giant Alibaba and legions of other online shoppers, and this year is no exception. Alibaba, that has been promoting the event since 2009, has said that in the first nine hours, sales for the Singles’ Day shopping blitz reached 158.31 billion yuan ($22.63 billion), which is equal to more than half of last year’s record haul for the 24-hour event.Singles’...

Bitcoin mining in China is no longer in the line of fire.Bitcoin Mining Is A-OKFollowing several years of going back and forth on the subject, regulators within China’s borders have finally decided that bitcoin mining should be allowed to continue without interference from the government. The country had long considered banning the process of extracting new bitcoins as a means of protecting the environment, though now it appears those fears have subsided.The bulls are seeing this as a huge...

After a few days of sideways trading, Bitcoin made a move. The cryptocurrency lost around $800 in the last 48 hours. At the time of this writing, the cryptocurrency is trading at about $8,800.Two weeks ago, the Chinese President announced that the country should put more effort into embracing blockchain-based technology, and Bitcoin’s price skyrocketed by severe 40%. After that, however, the price retraced to around $9,300 and traded in this range for a while.Yesterday,...