China

Shanghai Man: China retains mining control? Alipay’s ancient NFTs and Amber’s big raise

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. So low you’ve got to reach up to touch the bottom This week in China felt like one giant mining-farm sized pile of …

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Data shows derivatives had little to do with Bitcoin’s drop to $29K

After a brief recovery to $41,000 on June 14, Bitcoin (BTC) investors might have thought that the bear market was finally over. After all, it was the highest level since May 21 and the date that MicroStrategy (MSTR) announced a successful $500 million debt offering.  The funds are usually available in one or two business …

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Chinese Bitcoin miners ‘not even in the mood to drink anymore’

China, once home to about 65% of the total Bitcoin (BTC) mining hash power has given the boot to several miners in the country. The country’s Bitcoin mining ban means miners have been forced to shut down their operations with some establishments already moving hardware overseas. Tweeting on Wednesday, Kevin Zhang, vice president of crypto …

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Bad call? Bitfinex bears closed a block of Bitcoin shorts before the drop below $32K

Bitcoin price is still in a rut, trading near $33,000 and trapped in a downtrend that just seems to get worse with the passing of each day. As the price slumps, analysts have consulted with several technical and on-chain metrics to explain the price collapse, but none of these have picked up on the exact …

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Data shows Bitcoin bears dominate Friday’s $2.5B BTC options expiry

Bitcoin (BTC) price dropped roughly 22% over the past 7 days, retesting the $31,700 area for the second time in June. The most pressing news for the negative performance has been China supposedly cracking down bank accounts of over-the-counter desks, according to some analysts: China cracking down on the bank accounts of #bitcoin OTC desks, …

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Sichuan Mining Farms Begin to Shut Down — Seven-Day Stats Show Bitcoin’s Hashrate Plummeting

<div class=”featured_image_container”> </div> <strong>The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s hashrate is now hovering just above 100 …

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Figuring Out How Much Bitcoin Hashrate Resides in Mainland China Still a Mystery

<div class=”featured_image_container”> </div> <strong>Over the last few weeks, there have been many reports about crackdowns in China tied to bitcoin mining operations in various provinces. 30-day statistics show the hashrate has been fluctuating wildly, and across the last week it has slid downward roughly 26%.</strong> Reports Show Bitcoin Mining Crackdowns in Five Chinese Provinces Despite …

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Data suggests the strong US dollar makes Bitcoin weaker argument is flawed

At the moment, there seems to be a general assumption that when the U.S. dollar value increases against other global major currencies, as measured by the DXY index, the impact on Bitcoin (BTC) is negative. For the past few weeks, analysts and influencers have been issuing alerts about this inverse correlation, which held true until …

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Chinese Bitcoin mining shakeout may have surprise BTC price consequences — analyst

China’s crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests. In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin’s potential price floor. Don’t believe the China FUD As a shake-up sees Bitcoin hashing power …

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Officials in Sichuan Instruct Bitcoin Miners to Shut Down Operations: Report

<div class=”featured_image_container”> </div> <strong>According to regional reports, bitcoin miners in Sichuan have been told by the Ya’an municipal government that they have until June 25 to shut down operations. Sichuan has been eyed closely in recent times as it’s estimated that a large demographic of miners are situated in the region.</strong> Sichuan Ya’an Energy Bureau …

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