Nov 28, · CHINA has seized $ billion (£ billion) in bitcoin as the nation continues to build its mining capacity and the recent move could allow Beijing to "dominate the global economy" of the future, Author: Brian Mcgleenon. Market capitalization (often shortened to market cap) China Airdrops Digital Yuan Worth $3 Million — 10, Stores Will Accept It. 4 hours ago. Top US Banking Regulator Reveals Positive Cryptocurrency Regulation Coming in Weeks. 8 hours ago. Bitcoin Cash Proponent Tattoos Forearm to Spread Digital Cash Awareness. 11 hours ago. Load more. Jun 02, · The rise of independent cryptocurrencies such as Bitcoin and Ether, meanwhile, have created the danger that a huge swath of economic activity will occur out of the view of policymakers. China, .
China market bitcoin9 Exchanges to Buy Bitcoin & Crypto in China ()
And with the numerous regulated and institutional focused crypto exchanges that are now happy to service such funds, as well as crypto prime brokerage solutions , many of which did not exist during the last bull market three years ago, the table is set for a potential boom in crypto trading by traditional hedge funds in Open interest on Bitcoin Futures on the CME [is] a good barometer of investor appetite going forward. Outside crypto, the size of the derivatives market is multiple times that of spot markets.
This is not the case yet with crypto markets. Although there are many crypto derivatives exchanges, very few of them are regulated or would pass operational due diligence by institutional investors. In , crypto derivatives will be an area to watch. Open interest on bitcoin futures on the CME has recently been at record highs and will be a good barometer of investor appetite going forward. This space still offers a lot of opportunities for firms that understand the institutional-grade requirements, from counterparty risk mitigation and high-speed connectivity to being regulated.
That will provide great opportunities not only to existing players many of whom have been institutionalizing quite quickly but also to potential new entrants and traditional institutions. Move away, Hoodies: Here come the Suits to professionalize the industry. Many in the first generation of crypto entrepreneurs came from tech backgrounds. But now, many of the larger crypto firms have decided to institutionalize by bringing aboard individuals with institutional financial services backgrounds to run their businesses, with numerous recent examples from crypto native firms like BitMEX to new ventures like Diem.
We should expect this trend to accelerate in However, the crypto industry is a sink or swim environment. Some will be able to adapt and be very successful in building the next bridge towards the future of money.
Some months, trading volumes on certain DeFi exchanges were bigger than those at some of the large traditional exchanges. In , DeFi is likely to grow further.
While it is unlikely we will see institutional investor interest in the sector, the dedicated group of folks from the crypto community working in this exciting area will continue to make breakthroughs. Some of the features of DeFi, like composability , for example, give us an opportunity to reimagine financial services with a first-principles approach. All eyes here will be once again! Diem aims to make sending money around the world as easy as sending an email or a message on WhatsApp.
While stablecoins already play a big role in crypto trading , one area to watch in is whether usage of stablecoins picks up when it comes to cross-border commercial transactions. Data suggests usage of stablecoins is already increasing in certain corridors, such as between Latin America and Southeast Asia for example, where merchants are using stablecoins to settle transactions, completely bypassing the traditional banking rails in the process.
Check out the inforgraphic below for a brief overview of the plustoken scam. First off, those who put money into Plus Token were generally people unfamiliar with the world of Bitcoin and cryptocurrency. Moreover, rapid growth for investors has not been at all out of the ordinary in recent years in China. China has enjoyed an explosion of wealth creation in recent decades, so Chinese citizens used to quick capital growth and wealth accumulation are less sensitive to this type of Ponzi when they front as high-yield investments.
Plus Token advised users on how to purchase crypto that they could then deposit into the app. Users were paid for the "interest" on their deposits, and received their dividends in the form of the app's native Plus Token. While early users did receive payouts, unless they immediately converted their Plus tokens to a more reputable currency, they ended up being scammed just as much as those who lost their deposits and never received any dividends at all. Plus token is now not listed on any exchanges, and is essentially worthless.
As with many scams, a lot of effort was put into making it seem legitimate. There were advertisements in Chinese supermarkets, rave-like events in auditoriums set to K-Pop soundtracks, even billboards in Chinese cities. The promise of high returns combined with incentives for bringing in new users is always a recipe for trouble. Yet it can be hard to look past the lure of money and see a scam for what it truly is. ACChain was a freshly-minted ICO that aimed to create a platform to streamline the process of digitizing monetary assets onto a blockchain.
Some investors were unhappy with the level of engagement from the team on their official Telegram channel, and requested to see pictures of them at work. When these were not provided, one investor and Reddit user slinterface went to the company's offices in Shenzen, China.
Slinterface asked around and neighboring offices confirmed that ACChain executive Jia Wan and two companies were present in those offices until February Both are majority-owned by a third company, for which Jia Wan serves as legal representative. Shenzhen Puyin Blockchain Group was under investigation by the Police Department of Nanshan District for false and illegal advertising. Neighbors also reported that about three weeks after ACChain left the offices, a group of "mafia-like" men came and took everything that remained.
There are reports that they were arrested. After the disappearance of the team, it emerged that a company named ACChain Technology International Services was registered in the tax haven of Jersey. There has been little word of developments in the case, though one thing is for sure: ACChain investors will be lucky to see a cent of their equity ever returned.
It's hard to know exactly how much Bitcoin is owned by Chinese individuals or entities. The nature of the blockchain does not give any real clues as to the country of origin of any wallet's holder. Bitcoin's pseudonymity also makes it hard - or impossible, without special tools - to tie together a user's multiple wallets, or to determine what percentage of coins are irrevocably lost. While many of the largest exchanges are Chinese - Binance, Huobi, and OKex are the largest exchanges either founded or currently operating out of China - they all serve clients from around the world.
The Chinese government has given no indication that it holds any Bitcoin, nor would its recent attitude towards crypto suggest that it would be likely to divulge that sort of information. This all makes it very difficult to get an accurate idea of how much Bitcoin China or Chinese residents own. It's simple to find out what would happen if China bans Bitcoin mining: it's happened a couple of times in the past.
China's back-and-forth attitude to Bitcoin has put miners under stress. While mining has and hasn't been banned in China at different points over the last decade, miners have continued to operate. The effects of the ban are more of a removal of official privileges rather than an outright cessation of activity. For example, in August 21 Bitcoin miners in Inner Mongolia had their ability to buy and sell excess energy on the local energy market revoked.
This effectively stripped them of the discount that helped make their operations profitable. It was the regional government that ordered this crackdown, rather than the CCP itself, though the local authorities were clearly acting with the state government's recent proclamations in mind. Interestingly, one of the firms that was blacklisted was the Inner Mongolia department of China Telecom, which suggests that some state-affiliated enterprises are getting in on mining.
The suspension came after government inspections revealed that of the 30 "cloud computing service providers" in the area, 21 of them were actually crypto mining farms.
This reaction shows that China is less interested in eliminating Bitcoin mining than it is in controlling it. If China truly did ban Bitcoin mining once and for all, there would be a large effect on the hashrate, which would drop significantly in the short-term. This would create a price incentive for miners to move or start up businesses elsewhere with cheap energy and favorable regulations, bringing the hash rate back up in the medium to long-term. For the moment, Bitcoin mining is alive and mostly well in China, with new operations opening frequently.
You can check the price of Bitcoin in China by visiting any Chinese exchange and seeing what the last price the asset sold for was. Alternatively, there are a range of market reporting tools out there such as CoinGecko which aggregate information from a list of the largest exchanges. These list the "official" price, non-inclusive of fees and premiums that Chinese customers may have to pay.
As cnLedger explains, the easiest way to buy Bitcoin after the ban is to buy a stablecoin OTC, which is legal in China and can then be sent to any exchange in the world to buy Bitcoin or any other crypto. Coinbase has announced no plans to open up an offering for Chinese residents.
The exchange is however available for Hong Kong residents, for the time being. Hong Kong users can only convert between cryptocurrencies on their account, there is no support for fiat on- or off-ramps. Bitcoin ATMs are not very widespread in China. Yet there are zero listed for mainland China, meaning you'll have to do some more digging if you want to find one. Speaking to Express. China could use its bitcoin assets and mining capacity to break the hegemony of the US dollar, Mr Keiser also claimed.
He said: "If China holds onto their bitcoin and they continue building their mining capacity, it may be game over for the US dollar as the world reserve currency. The China based bitcoin mining industry has increased its capacity, thanks to cheap renewable electricity. However, the bitcoin mining pools in China have input from foreign participants, so it i still difficult to assess the true capacity and the percentage is constantly changing.
Max Keiser predicts the UK's reluctance to take an interest in bitcoin coupled with the combination the coronavirus pandemic and the risk of a no deal Brexit could lead Britain to seek another International Monetary Fund bailout in the future.