Tag Archives: China

Bitcoin Drops $2K as China Declares Cryptocurrency-Related Business Illegal

Bitcoin Drops $2K as China Declares Cryptocurrency-Related Business Illegal

Bitcoin erased Thursday’s 3% gain as PBOC stepped up its crackdown on crypto China strengthened its anti-crypto stance on Friday, torpedoing bitcoin’s two-day winning run. The People’s Bank of China (PBOC) said bitcoin, ether, and stablecoin tether do not qualify as legal tender and cannot be used in the currency market. The central bank declared all virtual […]

Market Wrap: Bitcoin Declines Into the Weekend, as Volatile Month Continues

Market Wrap: Bitcoin Declines Into the Weekend, as Volatile Month Continues

The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March. Bitcoin traded lower on Friday as the price struggled near the $35,000 resistance level. The cryptocurrency was trading around $32,000 at press time and is down about 8% over the past 24 hours. Some analysts expect continued weakness […]

Crypto Long & Short: Peter Thiel Defines Bitcoin’s Accidental Role in Global Politics

Crypto Long & Short: Peter Thiel Defines Bitcoin’s Accidental Role in Global Politics

Thiel’s comments about China “weaponizing” bitcoin to hurt the U.S. are a warning about the cost of inaction. The battle over bitcoin’s evolving role just became a piece in a complex game of political strategy. Peter Thiel’s talk earlier this week at a Richard Nixon Foundation event thrust the cryptocurrency even further out onto the geopolitical stage […]

Billionaire Investor Ray Dalio Bets on CBDCs and Gold, Criticizes Bitcoin

Billionaire Investor Ray Dalio Bets on CBDCs and Gold, Criticizes Bitcoin

While Bitcoin (BTC) has successfully managed to melt the hearts of some of the biggest global investors, a few still continue to criticize it. Billionaire investor Ray Dalio recently showered his criticism on Bitcoin while being positive for central bank digital currencies (CBDCs). Ray Dalio is a big name in the global financial industry and […]

China’s Blockchain Infrastructure to Extend Global Reach With Six Public Chains

China’s Blockchain Infrastructure to Extend Global Reach With Six Public Chains

A blockchain infrastructure backed by the Chinese government will open its services to decentralized applications (dapp) developers on a global scale on August 10. The move is part of China’s plan to be the one and only infrastructure provider for blockchain firms across the world. That effort resembles the country’s aggressive international expansion in other major emerging […]

Bitcoin’s Computing Power Is Growing Again After Coronavirus-Related Disruption

Bitcoin’s Computing Power Is Growing Again After Coronavirus-Related Disruption

The computer processing power of the bitcoin network is growing again – albeit slowly – as major Chinese miner manufacturers gradually resume business after the coronavirus outbreak delayed shipments. The average hashing power on bitcoin (BTC) over the past seven days has reached a new high of around 117.5 exahashes per second (EH/s), up 5.4 percent from […]

How Coronavirus Outbreak in China Could Weigh on Crypto Prices

How Coronavirus Outbreak in China Could Weigh on Crypto Prices

Jason Wu had to cancel a dozen meetings with his crypto clients in China after the coronavirus epidemic broke out this month. “We planned a 10-city tour to talk with potential clients in China,” Wu, the CEO and founder of non-custodial crypto lender DeFiner, said. “Nobody wants to attend any crypto-related conferences or any meetings […]