Mad Money host Jim Cramer is still bullish on Bitcoin, but instead of buying more BTC he went for Ethereum this time, claiming it can be used to buy more things like NFTs (Non-Fungible Tokens). In an interview with CNBC’s Squawk Box, Cramer said a lot of money is coming to Bitcoin despite its current...Read More
The financial analyst and Global Head of Equity Strategy at Jefferies – Christopher Wood – opined that the Chinese officials want no competition for its digital renminbi. That is why they enforced the crackdown on bitcoin and other cryptocurrencies lately. China Cares About its CBDC Not Carbon Footprint Christopher Wood – the prominent financial analyst...Read More
The lower number of miners on the Bitcoin network has caused severe disruptions as the rate of newly-produced coins have dropped to just 58 new ones created in a day, says on-chain data. Furthermore, miners’ revenue has plummeted in the last month, while all eyes are on the upcoming difficulty adjustment. The Disruptions on the...Read More
The effects of the Chinese crackdown on Bitcoin mining continue to harm the network as the hash rate has dumped to its yearly low of below 90 Ehash/sec. This comes just days before the next difficulty adjustment, which is expected to be one of the largest in BTC’s history. Bitcoin Hash Rate Drops to Yearly...Read More
During a recent interview with Bloomberg, the prominent BTC bull spoke about the adverse short-term effects of China’s recent crackdown on Bitcoin mining. While he acknowledged the hash rate and price declines, Saylor believes this ‘mistake’ from the Asian country will provide an excellent opportunity for others. As CryptoPotato reported previously, the world’s most populated...Read More
Unfortunately, it was another challenging week in the cryptocurrency market, though this can only be said about the developments in terms of price. Elsewhere – adoption seems to be booming, especially when it comes to Bitcoin. Starting off with the price – bitcoin is currently trading at around $33,000, down about 13% in the past...Read More
The BIS, which is often called the central bank to the world’s central banks, set out recommendations on June 23 as to how a CBDC should be. It estimated that around 56 central banks and monetary authorities around the world are now looking at digitizing their currencies as commerce shifts online, as reported by Reuters....Read More
The consequences of the nationwide Chinese crackdown on Bitcoin mining are more than evident in a few short weeks. The hashrate has dropped dramatically by nearly 50% from its peak, the number of daily issued coins has declined, and the Puell Multiple has reached a multi-month low. The Effects of the Chinese Crackdown Although Bitcoin...Read More
Jim Cramer made the revelation on June 21 during an interview with CNBC’s Squawk Box, in which he cited a number of reasons for his decision to sell. “Sold almost all of my bitcoin. Don’t need it,” Cramer said, citing China’s mining crackdown as the primary reason. He acknowledged that Bitcoin is a direct threat...Read More
A few weeks after China started its nationwide crackdown on Bitcoin mining, new reports have confirmed the speculations that at least some miners will look to transition to the US. The most recent one indicated that three tons of mining machines will move from Guangzhou to Maryland. BTC Miners: From China to the US The...Read More
The Chinese crackdown on crypto continues to escalate with a new statement from the nation’s central bank banning more banks and payment providers from interacting with digital assets. CryptoPotato reported today that one of the country’s largest banks, the Agricultural Bank of China, had prohibited its clients from doing business with anyone even remotely connected...Read More
The total liquidations in the cryptocurrency market have reached $1 billion as all assets have dumped in a matter of hours. Following new FUD from China, bitcoin slumped to a two-week low at just over $32,000, ETH below $2,000, and so on. After the somewhat positive weekend when BTC recovered some losses and traded at...Read More
The Chinese government has reportedly intensified its crackdown on cryptocurrency mining and usage in the country by shutting down several crypto mining facilities in Sichuan. Sichuan Bitcoin Miners Join the List According to Wu Blockchain, the authorities of the Sichuan province officially issued a statement today, mandating every power supply company in the province to...Read More
Huobi, one of China’s most popular Bitcoin exchanges, has reportedly slashed their maximum leverage allowance from 125x to less than 5x for existing users on the back of China’s regulatory crackdown on cryptocurrencies. New users signing up to the platform will not be able to use leverage at all. Exclusive: Due to concerns about regulatory...Read More
Beijing is still issuing orders to shut down Bitcoin mining operations, and many of them are now seeking friendlier climes overseas to base their operations. On Monday, CryptoPotato reported that Yunnan, the fourth-largest Bitcoin mining producer, had been targeted in the regime’s latest crackdown. In what crypto industry observers are calling the “great mining migration,”...Read More
Over the weekend, Yunnan provincial authorities issued a notice ordering an investigation into the alleged illegal use of electrical power by individuals and companies involved in Bitcoin mining. According to a report from the China Securities Journal, the provincial energy department threatened to cut power to those caught using electricity for crypto mining. The SCMP...Read More
Chinese authorities have arrested 1,100 suspects who allegedly used cryptocurrency to launder funds for telecommunications network fraud activities. China Continues Crackdown on Crypto The Ministry of Public Security on Wednesday (June 9, 2021) announced that authorities cracked down on a group of people believed to be running an illegal criminal gang. According to the announcement,...Read More
Just a few days after the world’s most populated nation blocked social media accounts of crypto influencers, all Chinese search engines have reportedly stopped showing search results for Binance, Huobi, and OKEx. According to a Chinese journalist, going by the Twitter handle Wu Blockchain, local search engines (such as Baidu and Sogou) have blocked queries...Read More
In a fresh attack on crypto-related activities in the country, the Chinese government banned social media accounts belonging to popular cryptocurrency proponents over the weekend. Reuters reported today that the attack was mainly aimed at crypto enthusiasts who have massive followers on the popular Chinese social media platform, Weibo. Judgement Day Per the report, users...Read More
Residents of the Chinese capital will receive 40 million renminbi ($6.2 million) of the digital currency. They can use two banking apps to apply to win one of the 200,000 so-called ”red packets”, each containing 200 yuan, as part of a lottery. Simultaneously, the governor of Russia’s central bank called digital currencies the future of...Read More
South Korea announced plans to establish a pilot program examining the possibility of developing and launching a digital version of the won. The country’s central bank will focus on how the CBDC will work with mobile payment transactions, internet banking, saving accounts, transferring funds, and more. South Korea CBDC Pushes Forward According to a recent...Read More
The recent regulatory crackdowns from the world’s most populated nation have impacted not only crypto prices but businesses inside the industry as well. Huobi has temporarily suspended a portion of its services to new users in China and in other nations. CryptoPotato reported last week China’s latest endeavor against the cryptocurrency industry. In it, the...Read More
Around $400 billion has exited the crypto asset space since Friday in what has been one of the largest mass selloffs of coins and tokens. Total market capitalization had fallen to a three-month low of $1.45 trillion during Monday morning’s Asian trading session. The massive correction has seen markets dump around 43% since their peak...Read More
This week was particularly turbulent in the cryptocurrency market. Bitcoin’s price crashed to $30K following comments made by Elon Musk, who keeps teasing Dogecoin HODLers. Meanwhile, we also saw old China FUD recycled yet again. Starting off with bitcoin’s price performance, the week was rather unfortunate for bulls. BTC is down about 25% in the...Read More
Latest reports from China reveal that self-regulatory bodies have reiterated a ban on financial institutions and payment companies from providing banking services to crypto traders and related entities. Per the original report, the move stems from high volatility in the crypto market, which reportedly exposes people’s property to risk. In a joint statement by three...Read More
Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. Tighter Regulations on Crypto Trading According to the China Financial Stability Report, investors should be extra vigilant when...Read More
People’s Bank of China and Alibaba Group’s affiliate Ant Group have joined forces to create a platform supporting the central bank digital currency. According to Global Times, PBoC has been working together with Ant and Tencent for the last three years on developing the e-CNY. A Move Towards e-CNY VOA News announced on May 3rd...Read More
Six of the biggest banks in China’s megapolis Shanghai are supporting the digital yuan ahead of a May 5th shopping festival. The move represents a direct threat to the country’s top two payment providers – Alipay and WeChat Pay. The Digital Yuan vs. Alipay and WeChat Pay According to a Reuters report, some of the...Read More
Despite the massive interest from central banks for CBDCs, nearly 70% of the projects are running only pilot programs and are far away from an actual launch. The Bahamas and Cambodia are the leading countries in a ranking listed by PwC while the biggest economy in Asia – China lines up third. CBDCs Are Not...Read More
China is a country well-known for its support toward the ‘blockchain not bitcoin’ narrative. The country attempted to clamp down on cryptocurrencies more than once, but it appears that it’s now softening its stance, even taking a somewhat positive approach towards Bitcoin. Bitcoin as an Alternative Investment Tool Speaking at the Boao Forum for Asia...Read More
