Interest in bitcoin and other cryptocurrencies dropped by nearly 50 percent in the first half of 2019, according to a report from the Fundstrat Global Advisors. For bitcoin specifically, the drop in interest was 9 percent, with the price of the cryptocurrency dipping by nearly 25 percent. When we look at the charts, we see that bitcoin peaked in December 2017, and has been on a downward trend ever since.
After a brief “bear market” that saw Bitcoin’s price drop from an all-time high of $2,000 to a low of $1,700, the price of Bitcoin has been gradually recovering. Bitcoin’s recovery in the last few weeks has been led by the interest in the currency in China, where rumors and speculation have been rife regarding a ban on cryptocurrency trading and mining.
Data from two sources reveal that Bitcoin interest is dropping in China. The Chinese State newspaper reported that the Chinese police had arrested 166 people in connection with the proliferation of cryptocurrency trading platforms and the majority of users were from the United States.. Read more about who runs bitcoin and let us know what you think.This weekly round-up of news from mainland China, Taiwan and Hong Kong seeks to gather key industry news, including influential projects, regulatory changes and blockchain business integrations. This week, after a tumultuous few weeks of regulation, the attention of the bitcoin world has shifted to Miami and Latin America. The number of searches for bitcoin on China’s most popular social network, WeChat, has stabilized at 1 to 3 million per day, a notable change from its peak of more than 10 million in late May.
Weibo and Baidu semi-retirement
Baidu, China’s dominant search engine, restricted searches on the Binance, Huobi and OKEx exchanges earlier this week. As a rule, large internet companies operate under the watchful eye of government and party officials, so this decision is somewhat expected. Filtering by keywords is not always the most effective solution, because the Binance App Download search will always lead users to the link they are looking for. It should be noted that the government has limited authority in these cases, as most of these major exchanges, including Binance, are registered in other countries and have limited physical presence in China. Closing the accounts of cryptocurrency influencers on the microblogging platform Weibo has proven more effective. According to reports from Cointelegraph, at least a dozen accounts have been suspended for allegedly violating relevant laws and policies. This could have a much sobering effect on the Chinese cryptocurrency community, as influencers are often the main source of information, especially for users who do not have access to traditional Western social media platforms.
Western province closes door to miners
The 9th. In June, the district administration of western Sinjiang issued a notice to immediately ban companies that mine virtual currency. The report announced that companies operating digital currencies must cease production by 2 p.m. on June 9 and report the cessation to the local reform commission. This has led to a significant drop in hashish performance worldwide, with China’s ant pool falling by more than 30%. A series of regulations were issued against mining companies last month as China prepares to meet its carbon emissions reduction targets. Miners are still trying to get used to the new rules, and many are moving to milder countries like neighboring Kazakhstan.
The Monetary Authority of Singapore has announced that it has received more than 300 applications for payment and exchange licenses for cryptocurrencies. Singapore is a frequent location for Chinese companies as it is home to a thriving FinTech sector but remains close to the mainland both geographically and culturally. One of the companies disclosed is internet giant Alibaba. Alibaba has come under fire in China for its lending practices. Not surprisingly, Alibaba and other Chinese companies are looking to diversify their financial offerings into other regulatory areas.
Accelerating the rate of change
The seventh. In June, China’s top Ministry of Industry and Information Technology issued guidelines for accelerating the adoption of blockchain technology in the industrial sector. He said 2025 will be the year when blockchain is expected to penetrate into areas such as supply chain management and traceability for globally competitive companies. This will be important for a range of public and private networks that may develop within China’s regulatory framework. Although there has been opposition to cryptocurrencies, the Chinese government has not given up hope that blockchain will become an engine of economic growth for the country. For those who want to better understand China’s ambitions in this area, the government organization BSN hosted a webinar on China’s aspirations in new technology. Chinese technology experts Winston Ma and Paul Schulte discussed a range of topics, including blockchain, central bank digital currencies, and even some of the most controversial geopolitical issues. The Cointelegraph’s man in Shanghai was a presenter himself and watched the action with an open mind.
The eighth. In June, the Hong Kong Monetary Authority released its Fintech 2025 Strategy, which aims to advance the central bank’s research into digital currencies. The Hong Kong Monetary Authority is working with the National Bank of Settlement and Clearing’s innovation centre to bring the central bank’s digital currency to individuals. It will be interesting to watch this space to see how e-HKD will resemble e-CNY and what that means for the financial future of the region.Bitcoin’s price has fallen this week, and the Chinese government crackdown on cryptocurrency users has driven the price down. The price is down 13% over the past month, and is down 5.7% over the past 24 hours. Bitcoin is down 21% over the past three months, and is down 9.7% over the past three days.. Read more about is blockfi insured and let us know what you think.
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