Tag: china

China to One Day Turn the Renminbi into a Crypto, Claims Blockchain Author

By CCN: Perhaps no country has tried harder to snuff out bitcoin than China. After putting the kibosh on ICOs, the government banned crypto exchanges and now they’re targeting bitcoin mining. While they may have slowed crypto down, especially in China, this train is moving full-speed ahead. Sooner or later, they might find themselves boarding, too. Blockchain Research Institute Executive Chairman Donald Tapscott suggested that it’s only a matter of time before the renminbi makes its way onto the blockchain, telling Bloomberg: “In 20 years, we’re not going to be using bitcoin in China. The Chinese people will use the

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Dow Blasts Higher as Bullish Earnings Stun Stock Market

After a week most bulls would love to forget, the Dow finally looks ready to shake off its slump. The trigger? A cocktail of bullish earnings, a streaming price war, and wildly positive economic data out of China. Dow Surges Nearly 250 Points Shortly before the opening bell, Dow Jones Industrial Average futures had surged by 240 points or 0.92 percent, coiling the index for a 232.95 point bounce at the open. S&P 500 futures rose 0.62 percent, and Nasdaq futures climbed 0.44 percent to round out a solid pre-market session. On Thursday, two of the US stock market’s three

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Dow Blasts Higher as Bullish Earnings Stun Stock Market

After a week most bulls would love to forget, the Dow finally looks ready to shake off its slump. The trigger? A cocktail of bullish earnings, a streaming price war, and wildly positive economic data out of China. Dow Surges Nearly 250 Points Shortly before the opening bell, Dow Jones Industrial Average futures had surged by 240 points or 0.92 percent, coiling the index for a 232.95 point bounce at the open. S&P 500 futures rose 0.62 percent, and Nasdaq futures climbed 0.44 percent to round out a solid pre-market session. On Thursday, two of the US stock market’s three

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Chinese Bitcoin Miners Lose Again after Flocking to Iran for Cheap Electricity

Many Chinese bitcoin miners migrated to Iran in 2018 for its cheap electricity amid China’s crackdown on crypto mining. However, they’re finding the harsh environment in the authoritarian regime unwelcoming. Feng Liu operates a bitcoin mine holding over 20,000 units of Antminer T9. He told Chinese crypto website 8BTC News that many Chinese crypto miners flocked to Iran last year because electricity is cheap (as low as $0.006 per kilowatt-hour) in the oil-rich nation. “If you want to invest in power plants in Iran, the government there will supply free natural gas for the first five years, which further lowers

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5 Reasons Why China’s Proposed Ban on Bitcoin Mining Could Kill Bitmain

China’s plans to ban bitcoin mining could not have come at a worse time for Bitmain. Once seemingly indomitable, Bitmain is now in a precarious phase. In the past couple of months, the bitcoin mining hardware giant has not only reported a $500 million loss after a couple of years of consistently making profits but also failed in a bid to get publically listed. Though recent leadership changes have given rise to hopes that the Bitmain ship could be steered back into the right track, reports that China is planning to ban cryptocurrency mining comes as a big blow. Here

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China’s Proposed Bitcoin Mining Ban Could Snap Crypto Rally Dead

A Chinese government report has outlined a plan to kill bitcoin mining within its borders. The report, issued by the National Development and Reform Commission (NDRC), lists cryptocurrency mining as an industry that should be eliminated with immediate effect. While the report is currently in a development stage, if enacted it could stop the recent bitcoin rally in its tracks. Bitcoin surged 27% in the last week to hit a 2019 high, holding above the $5,000 barrier. The proposed crypto mining ban in China, however, could have a negative effect on bitcoin’s value and market capitalization.  China’s Proposed Bitcoin Mining

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Chinese Crypto Whales Avoid Ban with Premium OTC Trading to Buy Bitcoin

According to CNLedger, a recognized source of China-related cryptocurrency news, the Chinese over-the-counter (OTC) market has revealed strong buys as of late, indicating an overall rise in demand for bitcoin. 1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVU — cnLedger (@cnLedger) April 8, 2019 After the Chinese government banned bitcoin and cryptocurrency trading in September 2017, local publications including SCMP have reported that a relatively large number of

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Bitcoin is #1 Trending on China’s Biggest Search Engine During 2019 Highs

By CCN.com: Bitcoin is now top of the list of trending keywords in the Baidu search engine, China’s equivalent to Google. Due to the recent price surge, #bitcoin tops today's Baidu hottest emerging keywords. (Baidu is like China's Google) pic.twitter.com/AWtVw9aOzw — cnLedger (@cnLedger) April 4, 2019 After plummeting from the all-time high in late December, Bitcoin reached a low of around $3,200 before surging in recent days above $5,000. The $5,000 line has proved itself to be a crucial battleground as a psychological market of support/resistance. At the time of writing, Bitcoin is testing resistance and trading at $4,997.95. Understandably,

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Dow Risks Massive Decline as Trump Adviser Exposes Trade Deal Turmoil

By CCN.com: On Thursday, White House economic advisor Larry Kudlow made the alarming revelation that the U.S. could extend trade talks with China by weeks or even months, which could intensify geopolitical risks in the global economy and fuel the weakening momentum of the Dow Jones. Since its opening, within a three-hour span, the Dow has fallen by nearly 100 points from 25,610, struggling to recover beyond the key 26,000 level. Trump Adviser Kudlow: Trade Deal Could Take ‘Months’ In recent weeks, several analysts have said that the progress in the U.S.-China trade deal is mostly priced into the U.S.

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Why Bitcoin Plunged to 15th in China’s Bizarre Crypto Rankings

China Electronic Information Industry Development (CCID), which operates directly under the Ministry of Industry and Information Technology of China, released its crypto rankings for March, featuring top 35 crypto assets in the likes of Ethereum, Bitcoin, EOS, TRON, and Ontology. Bitcoin dropped from 13th to 15th since last month while TRON climbed up the rankings to secure the number 2 spot. EOS topped the rankings, and Ethereum fell behind TRON at third. EOS & TRON Trump Bitcoin in China Blockchain Rankings While Bitcoin dropping to 15th out of the 35 crypto assets on CCID’s ranking surprised many investors and analysts,

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