Connect with us

News

Cryptos under pressure in China

Published

on

Markets are dropping during Asian trading today as fears increase of further shutdowns across the region. Authorities in China seem hell-bent on preventing their citizens trading in digital currencies, which may have flashed a wave of anxiety selling across the board.

According to reports, the Chinese government plans to target methods for trading digital currency by imposing a shutdown, including over-the-counter trading, offshore sites used for centralized trading, and peer-to-peer trading of large transactions.

                                                       
The report on the state-run Securities Times cites sources at the Leading Group of Internet Financial Risks Remediation, China’s top internet finance controller. There are no specifics on the crackdown, but it is widely being said that the internet police would block access to local and international platforms that provide digital currency trading. China is one of the most heavily censored countries in the world, and its ‘Great Firewall’ already filters all web traffic that the dictatorial communist party does not want its citizens to see.
People who trade in large amount of crypto currencies are the target of this crackdown.

Alternate Methods
Users of crypto currency have started to use messaging app Telegram in groups to trade and to avoid the ever present web of censorship and restriction in China. Vice director of the Chinese central bank, Pan Gongsheng, told Reuters that China will continue to apply pressure on domestic crypto trades for the sake of financial stability. He went on to state:

“Pseudo-financial innovations that have no relationship with the real economy should not be supported.”

 

Last year in September the cryptos faced a crackdown, the markets went into free fall, but it survived and recovered soon. A recent crackdown on Bitcoin mining created an evacuation as China-based companies and mining associations moved their operations to friendlier countries. A number of China’s major crypto exchanges, such as Huobi and OKCoin, shifted operations overseas to Hong Kong where more freedom is granted. Because of the widely acceptance of crypto currencies in Japan Huobi is also planning to set up two crypto exchanges in Japan.

 

Do you think traders in China find a way around the constant restrictions? Share your views in the comments below.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Crypto market stabilizing gradually

Published

on

By

crypto trading

Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

Continue Reading

News

Take a Crypto Pill

Published

on

By

Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

Continue Reading

News

Venezuela is the cheapest country to mine Bitcoin

Published

on

By

Bitcoin venezuela

Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

Continue Reading

Trending

Copyright © 2017 Coinoshi.com