Markets

China has had a very up-and-down relationship with bitcoin. The nation has often been rather harsh with the world’s number one digital currency by market cap, and yet in many ways, it holds a large stake in the digital currency market. Much of the world’s bitcoin mining operations stem from China; it houses the two biggest distributors of mining equipment in both Bitmain and Canaan Creative, and it was once one of the world’s largest purchasers of BTC. China Now Seems to...

The price of bitcoin has taken a horrible turn. The world’s number one digital currency by market cap – after reaching a new all-time high last week following Coinbase’s debut on the Nasdaq – has dropped roughly $8,000 in just a matter of days that has brought the asset down to roughly $55,000 per unit at the time of writing. It was recently trading as high as $63,000. Bitcoin Falls Following an End to Coinbase Hype In addition to bitcoin, other major altcoins including...

The past seven days were marked by considerable declines throughout the entire cryptocurrency market. Almost everything is in the red, with the total capitalization sliding beneath $2 trillion. There’s no other way of putting this – the past week was bad for bitcoin’s price. It was almost all downhill. The cryptocurrency was trading in the range between $61 and $63K last Friday, but things went south quickly as the weekend started. Sunday marked the first big drop where the...

Through the partnership, both Cathay and Canaan expect to expand their international coverage as the global economy recovers with the help of technology.  Canaan Inc ADR (NASDAQ: CAN), a semiconductor solution provider, has announced a strategic partnership with Cathay Tri-Tech., Inc. (“Cathey”) to introduce its artificial intelligence facial recognition module to the Japanese market. Notably, Canaan’s AI facial recognition module utilizes its Kendryte K210 AI chip.Cathay, a subsidiary of...

BeneSwap is a new decentralized derivatives trading platform based on the underlying infrastructure of OKExChain. The blockchain technology ecosystem is gradually growing into the mainstream adoption cycle. This is due to the constant rollout of innovative products by the growing number of crypto-based platforms. From centralized to decentralized exchanges, the hoard of digital assets being rolled out today finds their way to a platform where they can be traded. As the crypto world aims to...

Through the partnership, physical pieces will be distributed by DIGITALAX while Polygon will mint the corresponding NFTs. Polygon Network, formerly known as Matic protocol, has announced its collaboration with the DIGITALAX platform to issue a hybrid digital and physical fashion line. According to the dual, the partnership is based on the idea of non-fungible tokens (NFTs) as memes and a gateway that avails the sustainability of the digital markets.The NFT industry has been one of the...

It was a red week all over the cryptocurrency market. Almost everything, with a few exceptions, declined substantially as the total market cap slipped below $2 trillion. Bitcoin Bitcoin saw a turbulent week in which the price dropped by a steep 20% to break beneath $50,000 and reach as low as $47,500 today. The cryptocurrency fell beneath $60,000 at the start of the week as it saw a large spike lower in which it dropped to the $51,440 support (.618 Fib). It managed to...

As Bitcoin (BTC) and Ethereum (ETH) are classified as taxable assets by the US tax authorities, the proposed capital gains tax will also impact crypto investors who have held and earned returns on their digital currencies for a year now. The global market slumps following the aftermath of reports that the United States President Joe Biden is planning to propose a 39.6% capital gains tax to fund education and child care. As reported by CNBC, the President is formally billed to make the...

The latest adverse price developments in the cryptocurrency markets have normalized the Korean bitcoin premium known as the Kimchi premium. With the enhanced volatility, though, experts warn traders to be highly vigilant as the market is still over-leveraged. Kimchi Premium Cools Down The Kimchi premium represents the difference in bitcoin’s price on global exchanges and such operating in South Korea. CryptoPotato reported in early April that the metric, named after a...

Bitcoin’s suffering has only intensified in the past 24 hours with a massive 10% dump to well below $50,000. The alternative coins have it even worse with substantial double-digit price slumps, and the market cap lost roughly $300 billion in a day. Bitcoin Drops Below $50K It was less than ten days ago when everything seemed to be going in BTC’s way as the primary cryptocurrency had just painted its latest ATH record of $65,000. However, the ever-volatile crypto markets...