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China and Bitcoin. A love story?

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china and bitcoin

The relationship between Bitcoin and China has been very unpredictable. The government of China loves their power and on the other hand, the Bitcoin enthusiast loves its Independence.

 

 

A partial ban on bitcoin by China in September 2017

 

The year 2017, for the cryptocurrencies in China, prove to be somewhat liberal until a series of a ban was imposed on various fields in the cryptocurrency within a duration of few months. This concluded in some way that are cryptocurrencies like Bitcoin, litecoin, ethereum and many other had little space in the borders of China. That point of time the people of China had little hope for the lift of ban from them because the government had promised for increased Innovation and research in the field of blockchain Technology with Bitcoin being at the center however it was speculated that the other coins would be banned except Bitcoin.

The Bitcoin brewed troubles in the month of February when the central bank of the country decided to ban all the withdrawals related to cryptocurrencies in order to stop the illegal funding until the employees were known and verified. Which resulted in the Global market trading share of cryptocurrencies from China reducing from more than 90% to almost 10%.

 

 

The complete ban on bitcoin by China in 2018

 

During the initial few months of 2018, many entrepreneurs and Businessmen had already made adjustments with respect to the ban and we’re looking forward to international Investments. They still were very optimistic that the government would be lifting the ban from the cryptocurrencies. However, there were also speculations from a few experts that the country might experience a complete ban on it by all means. It was even predicted that the country might restrict the access to the websites, both domestic as well as international which assists in the crypto trading, through its firewall.

But it was until in February when the financial regulator of the country released an official statement and completely banning all kinds of cryptocurrency trading in the country. According to reports the financial regulator of the country was not completely satisfied with the current restriction on the domestic exchanges and ICOs and hence they went a step further to ban the international services too.

Ban on Bitcoin in Beijing

A tougher decision was taken in Beijing which banned completely, all kinds of crypto-related activities. Following which the advertisements related to the cryptocurrencies were witnessed to be removed from the domestic social media website, Weibo along with the most popular search engine of China, Baidu.

Cryptocurrency mining in China

Amidst all these controversies from the cryptocurrency mining statistics of China doesn’t seem to have collapsed. The country is still one of the leading nations in the number of cryptocurrency miners around the world. This is evident from the initiation of a cryptocurrency mining firm by one of the biggest companies in China, the Alibaba group, despite toughening the regulations on the crypto in the nation.

The cryptocurrencies are still in the nascent versions and the decisions made by the countries like China which is considered to be the world’s second-biggest economy, influence other countries also to develop a viewpoint related to the cryptocurrencies. After all South Korea was heavily influenced by the cryptocurrency ban back in the September 2017 and even it followed the footsteps of China banning the cryptocurrency in its country as well. Any particular technology for that matter experiences a lot of reluctance from major economies because the financial regulators of those Countries fear that they might lose their position and their economy would be shattered.

Does China hate Bitcoin?

Currently, China has taken a very serious decision by banning all kinds of cryptocurrency related activities both domestic as well as International. In future, the ban would be lifted or not would be a very difficult question to be answered.

The financial regulators of China where quoted saying that the earlier ban in the September 2017 on initial coin offerings for domestic trading was not enough since the people were moving on to the international investments and hence prevailing the financial risk for the nation. However, the decision related to the cryptocurrency mining still remains unanswered. It is to be understood that the country is very keen in protecting the interest of its people by only banning the financial part of the blockchain technology which is the cryptocurrencies but the actual blockchain technology is not banned in the country, in fact, on the other hand, it is under an extensive research to discover its potential.

#Exchange

Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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#Bitcoin Price Analysis

Bitcoin Price to $4500 soon? BTC Price Analysis

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Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance at $4200.

Technical Indicators:

Support Level: $3900

Resistance Levels: $4100, $4200

 

Bitcoin Price Analysis:

On the hourly chart, bitcoin price has been quite bullish since last week when it reached a high point of $4160. However, bitcoin was not able to break through the resistance around this range. Again bitcoin started a bullish momentum on 18th March and reached up to $4120 before but started to correct downwards later. It went below $4000 support level.

Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance that is formed between $4100 and $4200. If the current resistance is broken, there are chances that bitcoin could spike up to $4500 in the short term. The current momentum surely signals a ‘buy’ time. However, if bitcoin is not able to break through this resistance for long, it could result in BTC price falling back below $4000 and even $3900 range and turn bearish.

BTCUSD Hourly Chart

BTCUSD Hourly Chart

Last week, bitcoin tested the $4200 resistance but failed to break through. The sellers pushed the price down to $3832. Later, buyers were able to start a fresh bullish momentum and moved the price above the 12-day exponential moving average which was turned into support. Bitcoin moved above $4000 and the buyers are currently moving ahead to fight the sellers at $4200 resistance level.

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