Category: China

China’s Crypto Crackdown: Fundamentals Still Show Bull Market Continuation, Bobby Lee Says ‘Don’t Panic’

China's Crypto Crackdown: Fundamentals Still Show a Bull Market Continuation, Bobby Lee Says 'Don’t Panic'The People’s Bank of China (PBOC), the country’s central bank, published a Q&A to its website which said that Chinese citizens participating in virtual currency exchange offshore is “considered illegal financial activity.” The PBOC also reiterated comments it had made in the past stressing that “financial institutions and non-bank payment institutions” cannot process crypto payments. […]

Italian Payments Giant Nexi Involved in Digital Euro Project

nexiNexi, a leading European payments company, is reportedly giving advice to the European Central Bank (ECB) related to the digital euro project. The announcement was made by Nexi’s CEO Paolo Bertoluzzo, who also gave his opinion about the future of central bank digital currencies (CBDC) and cryptocurrencies during the Money 20/20 fintech conference in Amsterdam. […]

Rich Dad Poor Dad Author Calls Evergrande a ‘House of Cards’ While China’s Officials Prep for Firm’s Demise

Rich Dad Poor Dad Author Calls Evergrande a 'House of Cards' While China's Officials Prep for Firm's DemiseThe world is still focused on the financial downfall of China’s real estate giant Evergrande and according to Chinese authorities have told the private sector to get “ready for the possible storm.” Reports show that even though the People’s Bank of China already provided $18.6 billion in liquidity to ease the brunt, Beijing may not […]

Too ‘grande’ to fail — Bitcoin price stumbles at $44K as China plans for Evergrande’s implosion

Predictions include a short-term low at $42,000 as overnight progress turns into consolidation.

Bitcoin (BTC) faced stiff resistance above $44,000 on Thursday, Sept. 23, as China told governments to prepare for property giant Evergrande to collapse.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Buyers line up to snag sub-$40,000 BTC

Data from Cointelegraph Markets Pro and TradingView showed volatility continuing for BTC/USD Thursday.

The pair had seen a solid recovery overnight, this fading at what was previous support just above $44,000.

At the time of writing, the pair traded at around $43,700, dipping as news hit that China was briefing governmental structures on Evergrande’s financial fallout.

Signals remain mixed over the troubled firm, shares of which jumped amid signs of an exit from what chairman Hui Ka Yuan called its “darkest moment.”

For Bitcoin traders, however, it was business as usual and little cause for concern.

“Bitcoin correcting a little, as we’ve approached the resistance,” Cointelegraph contributor Michaël van de Poppe summarized.

“Looking at $42K as a potential support zone for a higher low to be created.”

Fellow trader Pentoshi harked back to previous bull market years, which likewise saw multiple deeper corrections from local highs on the way to a larger cycle top.

Data from monitoring resource Material Indicators, meanwhile, showed a considerable buy wall building up below $40,000.

BTC/USD buy/ sell levels (Binance) as of Sept. 23. Source: Material Indicators

Altcoins keep the faith on next “impulse moves”

Bitcoin’s 24-hour gains provided a boost for flagging altcoins that had suffered during the previous retests of $40,000 support.

Related: Just another bubble? Bitcoin price tops follow Chinese debt cycles, new research shows

The top 10 cryptocurrencies were led by Solana (SOL) on the day, up 12%, while the largest altcoin, Ether (ETH), was up 5.3% above $3,000.

“I think Ether against Bitcoin is likely bottomed out at this stage,” van de Poppe said in a YouTube update.

ETH/BTC 1-hour candle chart (Bitstamp). Source: TradingView

He added that altcoins more broadly were still apt to see “new impulse waves” as Bitcoin’s slow return to form failed to dampen strength.

Evergrande Losses Sparks Fear of Looming Credit Contagion, Janet Yellen Asks to Raise US Debt Ceiling

Evergrande Losses Sparks Fear of Looming Credit Contagion, Janet Yellen Asks to Raise US Debt CeilingGlobal investors have their eyes peeled on the Evergrande Group or the Evergrande Real Estate Group, China’s second-largest property developer by sales. Evergrande Group shares nosedived on Monday dropping to 11-year lows and many analysts and economists are concerned about a possible credit contagion. Credit problems with China’s real estate industry have affected global markets […]

Bitcoin Hashrate Climbs 128% Over 83 Days, Network’s Mystery Miners Disappear

Bitcoin Hashrate Climbs 128% Over 83 Days, Network's Mystery Miners DisappearBitcoin’s hashrate has been climbing higher during the last two weeks, hitting 174 exahash per second (EH/s) on two occasions since June 28. Currently, Bitcoin’s network hashrate is coasting along at 158 EH/s, up 128% since the low 83 days ago when it hit 69 EH/s. Meanwhile, unknown hashrate has subsided a great deal as […]

China’s Hebei Province Begins Crackdown on Crypto Mining and Trading, Reports Reveal

China’s Hebei Province Begins Crackdown on Crypto Mining and Trading, Reports RevealAuthorities in the Chinese province of Hebei have reportedly launched a campaign against cryptocurrency mining and trading. According to a quoted announcement by the region’s cyberspace administration, a number of government agencies are working together to prevent the use of the region’s computing power in the crypto activities which the government considers illegal. Cyberspace Watchdog […]

By continuing to use the site, you agree to the use of cookies. more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.