China

Crypto exchange Huobi to cease all mainland China user accounts

Crypto exchange Huobi to cease all mainland China user accounts

Huobi Global, one of the major crypto exchanges that cater to mainland China customers, has said it will suspend all China-based user accounts later this year. The exchange said in an announcement on Sunday that it has already discontinued account registration for new users in mainland China, effective on Friday, shortly after the People’s Bank …

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Market Wrap: Bitcoin Stabilizes After China Crypto Ban Sell-Off; Volatility to Remain Elevated

Market Wrap: Bitcoin Stabilizes After China Crypto Ban Sell-Off; Volatility to Remain Elevated

Bitcoin is stabilizing above the $40,000 support level after China’s latest crypto ban triggered immediate selling. BTC is down about 11% over the past week, compared to a 15% decline in ether over the same period. Analysts expect volatility to remain elevated given the regulatory headwinds. Exchange tokens, especially those with a large share of …

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China: CBDC race gathers steam as more companies develop e-CNY products

China: CBDC race gathers steam as more companies develop e-CNY products

Countries around the world have stepped up their efforts to launch and promote their Central Bank Digital Currencies (CBDC). And, China seems to be winning that race by a fair margin. In fact, according to a recent report, over 20 publicly listed companies have disclosed in recent filings their work towards the research and development …

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Five North American firms mined 58% more bitcoin in July thanks to China

Five North American firms mined 58% more bitcoin in July thanks to China

Five publicly listed North American bitcoin mining firms have churned out a total of 1,802 bitcoin in July – on average 58% more than what they did in June. Marathon Digital, Riot Blockchain, Argo Blockchain, Bitfarm and Hut8 have all been through a significantly productive month in July even though they did not materially increase …

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China expands digital yuan reach with its latest giveaway trial in Shanghai

China expands digital yuan reach with its latest giveaway trial in Shanghai

China has increased the reach of the digital yuan with its latest giveaway test in Shanghai, the country’s financial hub. Shanghai airdropped 350,000 “red packets” over the weekend, each containing 55 digital yuan (around $9) and adding up to a total of nearly 20 million yuan ($3 million). This was the highest number of red …

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Bitcoin mining chipmaker TSMC to invest $100 billion over three years to grow its capacity

China coal mine accidents may be behind bitcoin’s hash rate drop

Recent security incidents in several coal mines in China appear to have had a ripple effect on bitcoin’s mining hash rate. Over the past two weeks, there have been three security accidents in coal mines in China’s Shanxi, Guizhou and Xinjiang provinces due to gas explosion and flooding, according to Chinese state media Xinhua. The …

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China: Will the digital Renminbi replace WeChat Pay, Alipay anytime soon?

China: Will the digital Renminbi replace WeChat Pay, Alipay anytime soon?

“But, we have a question to discuss. Can it [Digital Renminbi] replace Alipay, WeChat Pay, and bank cards as the main electronic payment tool?” That was the question posed to Li Lihui, former President of the Bank of China, during the 2020 Caijing Annual Meeting about CBDCs. The exec responded that at least for the …

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Inside the Craze for Filecoin Crypto Mining in China

Inside the Craze for Filecoin Crypto Mining in China

As Filecoin inches closer to a blockchain mainnet launch – after several delays since its $200 million raise in 2017 – investors in China are again speculating heavily on the network’s mining hardware and its token prices.  Since Protocol Labs, the foundation behind Filecoin, released a “Testnet Incentives” program on June 9 that was scheduled …

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China Police Said to Detain Crypto OTC Traders Amid Money Laundering Crackdown

China Police Said to Detain Crypto OTC Traders Amid Money Laundering Crackdown

As Chinese police step up efforts to crack down on illegal economic activities, crypto over-the-counter (OTC) traders are being detained to assist investigations.  In another sign Chinese law enforcement are targeting cryptocurrency trading, Zhao Dong – a prominent Chinese crypto OTC trader and the co-founder of crypto lending platform RenrenBit – has been held up …

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Market Wrap: Bitcoin Slides, Stocks Tread Water on Trump China Comments

Market Wrap: Bitcoin Slides, Stocks Tread Water on Trump China Comments

Bitcoin declined for the first time in three days as traders in digital-asset markets and more traditional stocks considered the implications of U.S. President Donald Trump’s latest broadsides against China on the coronavirus and Hong Kong.  Bitcoin (BTC) was changing hands around $9,400 as of 20:00 UTC (4 p.m. ET), slipping less than a percent …

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