China Back on Attack Mode, Internet Blocking Exchanges & Bitcoin Miners Ordered to Shut Down

China Back on Attack Mode, Internet Blocking Exchanges & Bitcoin Miners Ordered to Shut Down

This time, Bitcoin price is not responding to the reports of a crackdown from China which extends beyond the crypto sector, ahead of the 100th anniversary of the ruling Communist Party on July 1, trading around $36,500.

China has taken some strict measures against cryptocurrency exchanges and bitcoin mining yet again ahead of the politically sensitive 100th anniversary of the ruling Communist Party on July 1.

However, these measures aren’t restricted to the crypto sector alone but extends to banks, education, and the internet.

Major internet services in China, Baidu, Zhihu, and Sogo, are blocking the keywords associated with the top three crypto exchanges Binance, Huobi, and OKEx.

“According to the relevant laws, regulations, and policies, the search results have not been displayed,” reads the message on social media. Over the weekend, Weibo also blocked a large number of crypto Key Opinion Leaders (KOLs) in China.

Reportedly, the Payment and Clearing Association, a subsidiary of the Central Bank of China, has also stated that 13% of gambling websites support crypto and use the anonymity of blockchain technology to conceal fund transfers.

Additionally, the Reform and Development Commission in the Changji Hui Autonomous Prefecture in Xinjiang issued a notice on Wednesday ordering its subordinate government officials in the Zhundong Economic Technological Development Park to shut down all crypto mining activities.

Xinjiang province is one of the major economic and technological development zones in China, which is home to coal-based power plants and industrial factories, including some of the largest Bitcoin mining facilities due to fossil fuel energy.

This move was taken by the authorities based on the high-level bitcoin trading and mining crackdown brought up during the China State Council meeting last month.

This has resulted in the hash rate of the top mining pools plummeting by 20% to 25%, as per BTC.com. So far, Bitcoin’s hash rate per day is at 166.1 Th/s, up from last month’s 118.7 Th/s caused by China’s crackdown but still down from 171.4 Th/s ATH on May 13, according to Bitinfocharts.

According to the Chinese publication Wu Blockchain, there are three mining regions in China: Inner Mongolia, which relies heavily on coal-based mining and has already stopped mining cryptocurrency completely, Sichuan depends on hydropower which may not stop, and Xinjiang, where the situation is complicated but the term used in the document is “to suspend for rectification,” and not as strict as Inner Mongolia. It added,

“In addition to the uncertainties of government supervision, China is experiencing a new power shortage. The core reason is that China’s main power generation area and main power consumption area are separated in the west and east, which also has an impact on current Bitcoin mining.”

Bitcoin and other cryptocurrencies continue to face price pressure due to rising regulatory concerns from China. This time, however, BTC price is not affected, going to $36,700 despite the reports, after the drop to $31,000 on Tuesday.

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Author: AnTy

Wealth Managers Are Growing ‘Comfortable’ with Crypto But Still in ‘Education Mode’ says Fidelity

Wealth Managers Are Growing ‘Comfortable’ with Crypto But Still in ‘Education Mode’ says Fidelity

Most financial advisors and wealth managers are still in “education mode” on cryptocurrencies, said Mike Durbin, Head of Fidelity Institutional, Fidelity Investments. However, demand for crypto assets is growing among larger investors, he added.

In an interview at Reuters Digital Assets Week, Durbin shared that while some investment firms and advisors managing the fortunes of wealthy people have grown “comfortable” and “sophisticated” with crypto, most of them are still getting a grip of the technology.

“They know what they are doing, and more importantly their end investor base also knows what they are doing – but the vast majority are still in the education mode.”

Back in 2018, during the bear market, Fidelity which has $9.8 trillion in customer assets as of Dec. 31, became one of the first mainstream investment companies to embrace cryptos and set up a unit to offer crypto custody.

Interest in Bitcoin and other crypto-assets is likely to grow as “alternative investments” increase in popularity, said Durbin.

“I think that the growth rate of bitcoin or digital assets will follow in that wake of broader alternative investments.”

“There’s still work to be done there to help advisors understand portfolio construction with these kinds of expressions.”

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Author: AnTy

Boomers and Gen-X Double Their BTC Investment, Recording More Growth than Millennials & Gen Z

According to a study by Mode Banking, “Bitcoin investments have been doubling every month since February among Boomers and Gen-X, signaling wider crypto adoption.”

Interest in bitcoin has always been much more robust in younger age groups than the older ones, but recently the Boomers, those from 1946 – 1964, have been taking a special interest in BTC as well.

As we reported, a Bitcoin financial services firm, River Financial Inc., reported Baby Boomers with over the age of 55, accounting for 77% of its growth since March, which in part was “inspired by the Federal Reserve’s unprecedented monetary intervention.”

Mode also found an initial uptick in BTC investments in March, during COVID-19, which was at the same time global markets crashed and countries went into lockdown. “As the global pandemic evolved, Boomers and Gen-X began accelerating their exposure to BTC on Mode’s platform,” reads the report by the London-based fintech firm.

Source: Mode Banking

With February, pre-COVID-19 month as a benchmark, both the age groups invested 2.24x more in BTC in March, 4.49x more in April, and a staggering 8.88x more in May than they did in February.

“We believe these to be very interesting findings, (…) they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic,” said Janis Legler, Chief Product Officer at Mode.

Boomers Closing the Gap

Millennials, those born between 1981 – 1996, and Generation Z from 1997 – 2012 dominated the bitcoin investment, growing 118% month-on-month before COVID-19 and 125% during the coronavirus pandemic.

During January and February, the bitcoin investments of the older generations grew twice as slow as of younger generations, 61% compared to Gen X and Gen Z.

However, during the pandemic, Boomers and Gen X (1965 – 1980) accelerated their BTC investment at 107%.

Source: Mode Banking

“Bitcoin is becoming popular among all age groups and is being endorsed by more mainstream investors every week. We expected Millennials to continue buying into cryptocurrencies, but to see more experienced investors also become increasingly interested in Bitcoin, is extremely promising for the growth of the industry,” Legler said.

According to the study, the global pandemic, national lockdowns, and economic crisis could “forever change” the mindset of investors towards money and wealth.

With the money printers of different countries going brrr…, the general public is trying to find ways to protect their wealth. It is also evident in the surge in global search interest for “Where to invest.”

Being tech-savvy, Millennials, and Gen-Z are expected to lead the adoption of bitcoin. However, Boomers and Gen-X getting into Bitcoin could be a “strong case for bitcoin to breakout” because they still own the vast majority of wealth, states the report.

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Author: AnTy

Coinbase Pro Prepares to Launch Digital Privacy Network Orchid (OXT) As Next Digital Asset

  • OXT will enter transfer-only mode on December 13th at 10:00am PST.
  • Transfer-only mode will last for 12 hours.

Coinbase Pro continually strives to serve customers by bringing them cryptocurrency assets that they want to use. One of the latest to be added to the platform will now be Orchid (OXT), according to a recent blog by Coinbase.

As with all of the newly listed tokens on the platform, customers will be entering four separate stages as the integration is implemented on Friday, December 13th. The first stage is a transfer-only state, allowing customers to send inbound transfers to the OXT/USD order book from “supported regions,” though the orders will be in a pending state for the entire 12 hours of this mode, beginning at 10:00am PST.

The second stage is the post-only mode, allowing customers to post limit orders without completion. Minimum wait time for order books at this stage is one minute, though a maximum time is not listed.

During the third stage, limit-only, Coinbase allows limit orders to match and complete, but customers will not have access to market order submissions. This mode will last at least ten minutes for order books. Once these three initial stages take place, OXT/USD order books will enter the final stage, full trading. Services for limit, market, and stop orders will be available at this point.

Orchid was created in 2017, pushing for a more open and accessible internet for all. With its decentralized VP (virtual private network) service, individuals are linked with a group of bandwidth providers around the world. The providers can share their extra bandwidth by staking Orchid tokens, essentially functioning as network nodes. The nodes are stored as a list in an Ethereum smart contract that anyone in the world can access, and users pay the cost of their bandwidth with OXT, an ERC-20 token.

To use Orchid, consumers will need to download the Orchid app, register for a Web3 crypto wallet, and purchase OXT.

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Author: Krystle M