Cryptocurrency Market Ripping To New Highs

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Contents

The cryptocurrency market

The cryptocurrency market brings together more than 800 varieties of electronic coins, with which traders earn hundreds of thousands of dollars for almost 10 years. The most popular is still bitcoin, which can bring investors more than 100% per annum. Investment exchange portal Investlb.com will tell you all about how the global cryptocurrency market is organized, how to make money on exchange rate fluctuations and to minimize the risks. Read publications of experienced traders and learn to earn on the new technological trends.

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The cryptocurrency market over the last few months of 2020 increased by more than 1.5 times, reaching a total capitalization of 100.23 billion dollars. There was no such growth in the history of cryptocurrencies. The growth driver was the bitcoin price which for 3 months rapidly increased from 800 to 2800 USD. Capitalization of cryptocurrencies on 08.06.2020 is 45.2 billion dollars., about 45%.

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Not less growth is shown by Ethereum – a young cryptocurrency, created in 2020 by 21-year-old canadian programmer of Russian origin. In March 2020, the currency was worth 14-18 dollars, today it costs $ 250-255. If bitcoin had the opportunity to earn 300% profit, then the ethereum could get about 1400%. Capitalization of cryptocurrencies is the second largest — just over 24 billion USD.

Why there has been a sharp increase in the capitalization of the cryptocurrencies, and what are its prospects and is there a possibility to earn more here, read more.

How the cryptocurrency market appeared

The cryptocurrency market began to emerge after 2020. The emergence of bitcoin in 2009 was almost not seen. And even after the first transaction in 2020, (the famous and legendary history with the purchase of 2 pizzas for 10 thousand now) the progress did not happen. Only with the continued development of the blockchain technology, which began to introduce a large corporation, has an interest in cryptocurrency. Blockchain allows you to encrypt and transmit data within a single system and produce procedures for internal clearing. For clearing 4 world Bank plans to launch its own cryptocurrency.

Assessing technology, the financial community immediately rushed to make investments. The rise of prices in just a few months was around 1000%, the price rose from 130 to 1100 dollars. At this point, the market began to emerge:

  • the first specialized stocks appeared, some of them were hacked and caused the fall of the rate (Mt. Gox — in 2020, Bitfinex in 2020);
  • the country’s leadership expressed a clear stance against bitcoin, adding moments of the treatment and taxation;
  • private mining began to develop. The newcomers saw in mining the opportunity to earn money without investment, and in case of failure of the idea they would have the computer remained. That is, they have nothing to lose.

The currency is equivalent to a valuation of the goods for its subsequent exchange. Bitcoin in 2020 was not a full-fledged currency because of its growth was solely due to speculative component. As is always the case with bubbles, the sharp rise is rapidly followed by a fall. It didn’t manage to fall the bottom, but the investment has depreciated more than 5 times.

Until 2020 the coin was not so popular, but began to appear other analogs of the crypt — Litecoin, Ethereum, Monero (today there are over 100 cryptocurrencies). Investment in them has brought a small but steady income. The rise was accompanied by news about the technical side of the asset and its growth prospects. The absurdity of the speculative boom has reached the point that a new crypto projects did not differ from HYIPs with similar legends.

Finest hour of bitcoin has come in early 2020 with the collapse of the stock market in China. Even then, 90% of the volume of transactions accounted for by China, because with the fall of the Shanghai stock exchange index the number of transactions immediately increased by 7%:

  • in the fall of 2020 the increase associated with construction of the new pyramid by Mavrodi. Given the capitalization of the coins it is hard to believe in this, but as a convincing explanation could not be found. Something similar is happening now;
  • cryptocurrency allows anonymous withdrawal of money. With the collapse of the stock market fell oil, indices of US and Europe. Capital flight from China inflated bitcoin and the market is just warming up.

Finest hours continue in the summer of 2020. A referendum in the UK was a complete surprise, raising its quotes of bitcoin and gold. The news contributed to the start of a new strong trend that remains still. Several questions arise:

  • why not follow the subsequent pullback, which took place in autumn with gold;
  • why, when in the summer of 2020 happened halving (cutting the incomes of miners), did not happen the growth of capitalization. Although by the predictions it was going to happen.

Review of online quotations, similar to the situation in 2020, but on a smaller scale.

Investing in crypto currencies: what a novice investor needs to know

Features of the world cryptocurrency market:

  • decentralization. The user of the system does not know which of its other participants have made the deal. All data is stored in encrypted form, the investor maintains a record of the transaction. To forge database, or destroy information on the server is impossible;
  • anonymity. Nobody can calculate data about the person who commits the transaction. Information on the value of transactions is stored in an anonymous wallet, which is a random set of numbers;
  • limit of emissions. The number of coins in circulation has a limitation that makes them as valuable as gold;
  • profitability. A forecast in the long term is more than favorable. Even in case of a rollback after a few years the investment will bring more than 100% per annum.

To buy and withdraw bitcoin is possible through world exchange, Poloniex, Kraken, Bitstamp, etc. Online review of the dynamics of prices can be seen on the investment resources or exchanges. There are more than hundreds of stock exchanges for transactions. The transfer of money occurs through wallets, recently in Moscow there was one ATM where you can buy or sell bitcoin.

Reasons for the rise in cryptocurrency prices in the spring, according to analysts:

  1. Bitcoin:
  • recognition of coins in Japan as official means of payment. The analysis shows that the most part of transactions are concluded with Japan and China;
  • the imminent establishment of the first US ETF Fund, which will invest in the cryptocurrency. While its development is hampered by the US regulators, who consider this venture a big risk.
  1. Litecoin:
  • there is an introduction of the technology of Segregated Witness, originally intended for the bitcoin;
  • artificially inflated prices by the holders of cryptocurrency, that is inflating the bubble.
  1. Ethereum:
  • disclosure of details of the upcoming release of Metropolis. The release involves the implementation of a new concept that will allow you to create new ground rules for security contracts.

Analysts have been skeptical of the cryptocurrency. Below are a few of the opinions of analysts working in trading:

  • it is a fraud, a bubble that burst, the bursting of the dot-com bubble. “Crypt” is not acting as a full-fledged means of payment, therefore its collapse — a matter of time, and the current market capitalization of visibility. Who has time to withdraw the money on the high work. Beginners who succumb to the speculative request, will suffer losses;
  • “crypt” is a high-risk tool. The volatility of BTC is up to $ 200.e. and the margin on some exchanges 300-400.e. Beginners with amount of several thousand.e. in this market climb makes no sense;
  • “the crypt” — it’s the future that should not be underestimated. Possible correction, but according to an analysis of the rates to levels below 1000 it will not return. Long-term investment makes sense to allocate up to 10% of the deposit;
  • the market is just warming up and it will be for another 1-2 years. Given the limited emission of BTC, capitalization may increase twice by the end of 2020. A currency is a fraud, and deception leads to a loss, but BTC is already accepted by many companies Possibly on its basis a versatile tool will be created that will eventually replace Fiat money.

The cryptocurrency market is unique in that it is not subject to the laws of Economics as commodity or stock markets. The forecast is difficult, because the market operated by news and speculation. Analysis of the online quotes can show a flat, but the driver are the expectations of investors, and they are still very optimistic.

Summary. Any investment is a risk. And investment in cryptocurrency is a bigger risk than gold, currencies or securities. “Crypt” may fall at any time and create another precedent of the bubble. A historical perspective on the behavior of quotes shows that the bubbles are inflated once in 15-20 years. And if more recently, this bubble is considered a rapidly growing segment of social networking, now is cryptocurrencies. Invest or not, you decide. In the following articles we will try to further reveal the cryptocurrency.

Cryptocurrency Market Ripping To New Highs

The Future of Banking: Cryptocurrencies Will Need Some Rules to Change the Game

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The Future of Banking: Cryptocurrencies Will Need Some Rules to Change the Game

  • Author Mohamed Damak
  • Theme Fintech

Financial markets are abuzz with questions regarding the nature and viability of digital currencies. As far as rated financial institutions’ risk exposure is concerned, however, S&P Global Ratings believes that it is much ado about nothing. In our opinion, in its current version, a cryptocurrency is a speculative instrument, and a collapse in its market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate.

Cryptocurrencies are digital currencies that use encryption techniques to regulate the generation of units of currency and verify the transfer of funds. They have attracted a significant amount of attention from the market over the past 12 months. Cryptocurrencies are independent from central banks, and the risk of them infiltrating the traditional financial systems, exposing them to a possible bubble burst, is raising eyebrows at regulators.

We believe that cryptocurrencies, in their current version, have many characteristics of a speculative instrument. We think that retail investors would be the first to bear the brunt in the event of a collapse in their market value. We expect banks rated by S&P Global Ratings to be largely insulated, given that their direct or indirect exposure to cryptocurrencies appears to remain limited.

If cryptocurrencies become an asset class, the impact on financial services firms will be more gradual. That is because we believe that their future success will largely depend on the coordinated approach of global regulators and policymakers to regulate and enhance market participants’ confidence in these instruments. More importantly, we believe that blockchain technology–which is what underpins cryptocurrencies, enabling the creation of a shared digital transaction ledger–could be a positive disrupter for various financial value-chains. If widely adopted, blockchain could have a meaningful and lasting impact on the celerity, traceability and cost of financial transactions. The financial market infrastructure segment might also see medium-term benefit from cryptocurrencies and blockchain through the launch of new income-generating products, such as futures or exchanges based on cryptocurrencies, or the replacement of current practices by new ones based on blockchain.

A Speculative Bet on Future Value

In our view, cryptocurrencies do not meet the basic two requisites of a currency: An effective mean of exchange and an effective store of value. First, cryptocurrencies are still not widely accepted as payment instruments, although the list of companies accepting them have increased over the past few years. Second, the volatility that we have observed over the past 12 months in the valuation of some cryptocurrencies and their market cap is the most meaningful evidence that they fail the test of value storage (see Chart 1). For example, in the first 10 days of February 2020, the market cap of cryptocurrencies dropped by around $185 billion from Jan. 28, 2020.

We also don’t view cryptocurrencies as an asset class. For starters, the total outstanding aren’t big enough yet. At Feb. 10, 2020, there were 1,523 outstanding cryptocurrencies with a market cap of around $394 billion (see Chart 2). By way of comparison, at the same date, this is well below the market capitalization of Apple Inc., around $794 billion. The oldest and most renowned cryptocurrency is Bitcoin, which emerged in the aftermath of the global financial crisis as a decentralized peer-to-peer payment instrument. It intended to restore the credibility of the payment system by removing intermediaries such as banks and central banks from the equation and relying on end users’ powered network. Bitcoin was originally used as a means of payment for transactions but its credibility dipped when it was allegedly associated with illegal transactions. Bitcoin and other cryptocurrencies reemerged in 2020 when their market cap increased exponentially. However, we believe that their usage changed from a payment instrument to a speculative instrument when buyers began to largely bet on their future value instead of using them for transactions.

Bubble Or No Bubble

Cryptocurrencies are most like a speculative instrument, versus an asset class or a currency. We are of the view that the current version has many characteristics of a traditional bubble, mainly based on the following three reasons:

  • The offer of the oldest cryptocurrency (Bitcoin) is limited by definition to 21 million coins of which around 16.9 million are already in circulation. One could argue that an infinite number of cryptocurrencies could be created, but we believe that this process takes time, as these currencies need to earn their credibility. As such, the top 10 cryptocurrencies represent roughly 80% of their total market cap (see Chart 3).
  • The volatility of the value of cryptocurrencies is extremely high. Over the past 12 months, cryptocurrencies’ market cap has increased 33x from $17 billion to $579 billion at Jan. 28, 2020 compared with an increase of 1.4X over 2020. In the first 10 days of February 2020, the market cap dropped by around $185 billion reaching $394 billion. That was reportedly underpinned by the crackdown of some countries, particularly China and South Korea. Moreover, the single-name concentration in the holdings of these instruments is high. For example, at Feb. 10, 2020, 1,650 users (addresses) with more than 1,000 Bitcoins in their portfolio controlled as much Bitcoins as the 26.3 million users with less than 100 Bitcoins in their portfolios (Chart 4). We believe that this concentration, along with the unregulated nature of this instrument makes it prone to market manipulation for example.
  • Finally, cryptocurrencies do not benefit from the backing of cash flows or a credible central issuer, which would give it an intrinsic value. Market perception/sentiment rather drives their valuation.

If cryptocurrencies were to take off and become an effective currency issued in a decentralized manner, the impact on monetary policy implementation would be deep, since central banks might lose their ability to control money supply. Conversely, if central banks were to back cryptocurrencies, the central banks would be better positioned to predict money demand and therefore adjust supply accordingly. It is still too early to tell in which direction this instruments will move.

Rated Banks Largely Unscathed By a Collapse in Value

In the event of a correction of the cryptocurrencies’ valuation, we think that retail investors would feel most of the heat, because we understand that these investors contribute to most of the activity on this market. While there are no official statistics on the holdings of cryptocurrencies by countries, investors in the U.S., China, Japan, and South Korea are reportedly the most exposed. Positively, the relative contribution of cryptocurrencies in the global wealth formation is still limited. For example, the global stock market capitalization reached approximately $80 trillion at year-end 2020, meaning that cryptocurrencies are still a marginal instrument. Therefore, we do not foresee any systemic wealth effect risk. From a risk perspective, because of the lack of regulation and possible use of cryptocurrencies in illegal activities, banks might expose themselves to operational and legal risks, if regulators accuse them of helping money laundering, for instance. Recent cases show how expensive this could be for banks.

Because of the high volatility of their valuations, cryptocurrencies could also pose risks for financial advisers in dealing with their clients. Merrill Lynch, for example, banned its clients’ advisors from trading Bitcoin-related investments. Finally, other channels of transmission to banks include credit cards and brokerage operations on behalf of clients. Whenever retail investors fund their cryptocurrencies purchases with credit cards, the deterioration of clients’ creditworthiness following a slump in cryptocurrencies prices could drive an increase in delinquency rates. Faced with this risk, many U.S. issuers–such as Citigroup, Bank of America, Discover, and Capital One–recently decided to prohibit their customers from purchasing Bitcoin with their credit cards. European banks, such as Lloyds, are also following this trend. U.S. brokers–including TD Ameritrade, which was the first to allow its clients to trade Bitcoin futures in the U.S.–are also exposed to credit risk whenever clients trading Bitcoin futures are unable to meet their margin calls and their positions are liquidated at a loss. This risk is limited so far, however, owing to the low open interest in Bitcoin futures.

Beyond these immediate impacts, we think that the creation of a cryptocurrency backed by a central bank that gives citizens direct access to this central bank’s ledger is potentially a game-changer to banks as we know them. This does not mean that banks will disappear but it would mean significant changes in the way they do business.

Non-Bank Financial Institutions Could Benefit

Because non-bank financial institutions have, generally, greater flexibility than banks, they are both more adept and more vulnerable to the rise of cryptocurrencies and bitcoin as a new instrument. From a business perspective, investment banks and stock exchanges around the world are somewhat affected by the development of Initial Coin Offerings (ICOs). ICOs allow companies to raise capital to fund, generally start-ups, at the very early stage of its creation. Currently unregulated, some market participants view ICOs as an alternative way to bypass the regulated capital raising processes (see Table 1). Non-bank financial institutions, particularly financial market infrastructure (FMI) companies, enjoy a certain level of revenue protection from the customary, standardized capital-raising process, which generally requires coordination between underwriters, investment banks, and regulators. ICOs circumvent the traditional roles of underwriting, regulatory oversight, and voting privileges. The unregulated landscape of cryptocurrencies and ICOs could threaten this.

Table: The Differences Between IPOS and ICOs

IPO ICO
Document Prospectus Whitepaper
Purchase Equity Tokens
Payment Fiat money Tokens
Compensation Ownership and potential dividend Product offering via Tokens
Legal environment Heavily regulated Unregulated
Liquidity Generally high Uncertain
Investor base Mainly institutional investors Open to all participants
Advisors Investment banks, lawyers, etc. Anyone

ICOs only attracted approximately $4 billion of capital worldwide in 2020, which is less than 15% of total capital raised in IPOs at the New York Stock Exchange and around 2% of the total capital raised in IPOs globally. However, the pace of ICOs accelerated in the last quarter of 2020. Some countries such as China or South Korea have prohibited ICOs, while others have embraced it. The SEC announced its first-ever enforcement action against an ICO on Dec. 4, 2020 and in January, froze the assets of an ICO worth an estimated $600 million, with increasing regulation in the U.S. likely. We expect that if regulation diminished the anonymity associated with cryptocurrencies, the assets’ proliferation would decline. Investor engagement seems supported by cryptocurrencies’ position outside the formal banking system.

Despite lingering reputational risk with cryptocurrencies, well-established FMIs have expanded their product portfolio to this new asset class. High-frequency traders have recently moved into the space by exploiting arbitrage opportunities across crypto-currencies exchanges. U.S. exchanges including Cboe Global Markets and CME Group Inc. launched Bitcoin futures contracts in December 2020, with Nasdaq Inc. planning to debut a cryptocurrency contract in 2020. While these adoptions are not likely to move credit ratings at this stage, they certainly can inform S&P Global Ratings’ assessment of business diversity and risk appetite.

Policymakers Hold the Key

We have observed a differentiated reaction from some regulators/policymakers toward cryptocurrencies. Some of them have recognized these instruments as a means of exchange while others have banned them. Some countries have also introduced tax friendly regulations for cryptocurrencies such as Japan, which reportedly eliminated consumption tax on Bitcoin trading in 2020. Others have reportedly banned them such as Bolivia. To date, European authorities have mainly called for investors’ caution when dealing with cryptocurrencies. We believe that, if the market is to take up, it will imply great regulatory scrutiny and may be on the agenda of G20 or other supranational bodies. Some of the key risks that regulations may try to address include consumer protection, impeding illegal activity, and central bank backing.

The short history of cryptocurrencies has been marked by few episodes of instability. One of the most important was in 2020 with the collapse of the largest cryptocurrency exchange (Mt. Gox in Japan) that triggered a loss of around $450 million for its users. More recently, hackers have reportedly stolen around $530 million of cryptocurrencies from another exchange. Finally, in the first 10 days of this month, the market cap of cryptocurrencies dropped by around $185 billion from the level at Jan. 28, 2020. The response to such risks could take the form of regulation to ensure the financial solidity of cryptocurrencies exchange and their technical readiness to encounter cyber risks. Moreover, the fact that few investors, reportedly, hold a large number of these instruments could result in new regulation to mitigate the risks related to manipulating their value.

The anonymity behind cryptocurrencies make them an easy tool for illegal activities. The use of Bitcoin in Silk Road, an online black market for selling illegal drugs is an example. While the traceability of transactions is possible through the cryptocurrencies ledger, the anonymity of end users makes it an attractive domain for potential illegal activity, money launderers or terrorists. We acknowledge that supporters of cryptocurrencies have used the same argument for cash or even the global financial system. However, the existence of anti-money-laundering legislations and the scrutiny of regulators are supposed to help minimize the risk. Enforcing similar regulation for cryptocurrencies could help reinforcing their credibility.

Many central banks are carefully looking at cryptocurrencies and exploring the potential for creation of a central bank backed cryptocurrency. Japan’s Mitsubishi UFJ Financial Group, Inc. (MUFG) announced plans to launch a cryptocurrency exchange pegged to the Japanese yen, and Venezuela intends to begin selling a petroleum-linked cryptocurrency on February 20, with each coin valued at one barrel of Venezuelan crude oil. In some markets, we think that a framework backed by authorities could boost the general public adoption and the new currency might be used as a means of exchange or a currency instead of an investment asset class or a speculative instrument. We also believe that a coordinated approach among global regulators could help ward off any potential arbitrage.

Blockchain Could Drive a Positive Disruption

Blockchain technology enables the creation of a shared digital transaction ledger. We believe that, at the very least, blockchain presents an opportunity for financial institutions to cut costs by streamlining back-office operations; shortening clearing and settlement times; facilitating payments; and even generating new revenue streams. Blockchain can be used for many banking services, including bank payments, trade finance, money transfer and post-trade services. Having a real-time standardized view of transaction data without needing to conduct multiple reconciliations would remove many of the inefficiencies that hinder the financial system, and could reduce costs considerably.

Whether cryptocurrencies take off or not, we believe that banks’ role in the payment business might change materially in the next decade. Some market participants are challenging the benefit of blockchain, arguing that the technology was created a decade ago and has not yet disrupted the financial system in a meaningful manner. That said, we project that, because of this technology and the growth in other peer-to-peer services, smaller and more innovative market participants could have more opportunities to challenge established banking groups’ existing product offering.

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Spot FX Retail margin Professional margin
What is this?
Bitcoin 50% 4.5%
Ether 50% 4.5%
Ripple 50% 4.5%
Bitcoin Cash 50% 9%
Litecoin 50% 9%
EOS 50% 9%
Stellar 50% 9%
NEO 50% 9%
Crypto 10 index 50% 9%
Spread betting CFDs MT4
Bitcoin 50 50 50
Ether 2 2 2
Ripple 0.4 0.4 0.4
Bitcoin Cash 2.4 2.4 2.4
Litecoin 0.6 0.6 0.6
EOS 4 4 4
Stellar 0.2 0.2 0.2
NEO 0.2 0.2 0.2
Crypto 10 index 40 40 n/a

How much will I have to pay?

Margins

Spread betting and CFD trading are forms of leveraged trading, meaning you can win, or lose, a significant amount more than you deposit initially. Though not actually a cost to you, the margin you pay makes a big difference to the affordability of your trade.

Spreads

Your key payment for trading cryptocurrencies is the spread – the difference between the buy and the sell price – which is essentially our commission for executing your trade. We work to keep our spreads among the lowest in the business.

Spot FX Retail margin Professional margin
Bitcoin 50% 4.5%
Ether 50% 4.5%
Ripple 50% 4.5%
Bitcoin Cash 50% 9%
Litecoin 50% 9%
EOS 50% 9%
Stellar 50% 9%
NEO 50% 9%
Crypto 10 index 50% 9%
Spread betting CFDs MT4
Bitcoin 50 50 50
Ether 2 2 2
Ripple 0.4 0.4 0.4
Bitcoin Cash 2.4 2.4 2.4
Litecoin 0.6 0.6 0.6
EOS 4 4 4
Stellar 0.2 0.2 0.2
NEO 0.2 0.2 0.2
Crypto 10 index 40 40 n/a

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Our Crypto 10 index* is comprised of:

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  • Cardano
  • Monero
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China to Restrict Cryptocurrency OTC Trading and Mining, No Definite Plans Yet

According to an internal memo obtained by Bloomberg and Reuters, the People’s Bank of China (PBoC) vice governor Pan Gongsheng has encouraged the government to enforce a complete ban on cryptocurrency trading. Far-Fetched to Claim China Triggered Market Correction Last year, the Chinese government banned…

According to an internal memo obtained by Bloomberg and Reuters, the People’s Bank of China (PBoC) vice governor Pan Gongsheng has encouraged the government to enforce a complete ban on cryptocurrency trading.

Far-Fetched to Claim China Triggered Market Correction

Last year, the Chinese government banned cryptocurrency exchanges from operating, closing down Huobi, BTCC, OKCoin, and other large-scale trading platforms. Consequently, major exchanges left to Hong Kong and have been operating cryptocurrency-to-fiat OTC trading platforms ever since.

The Chinese government cannot prevent Huobi Pro, BTCC, and OKEx, three of the largest cryptocurrency exchanges in the Chinese market that migrated to Hong Kong, from operating because they have based their companies outside the jurisdiction of the Chinese government.

But, PBoC governor Pan Gongsheng has suggested the Chinese government to shutdown OTC platforms and exchanges within mainland China to ensure that cryptocurrency trading ban is strictly enforced.

Today, on January 16, CCN reported that the People’s Bank of China (PBoC) Vice Governor Pan Gongsheng told the government:

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

Many reports have claimed that the statement of PBoC governor Gongsheng triggered the recent drop in the market valuation of cryptocurrencies. However, if the impact of the Chinese market is analyzed, such claims are evidently false given that the Chinese cryptocurrency exchange market has virtually no volume. China has banned cryptocurrency trading in September of 2020. For more than six months, cryptocurrency exchanges have been shut down in the country.

It is far-fetched to claim that China was behind the recent correction of the cryptocurrency market, because the market has close no trading volumes.

“Of the world’s top five largest blockchain players, we have at least three or four,” David Vincent, director of business development at Hydro Quebec distribution, said.

Given that Chinese miners are eyeing expansion into Canada and European countries with cheap electricity, and traders are moving to the Hong Kong market which is being served by OKEx, Bitfinex, BTCC, and Huobi Pro, the Chinese government’s crackdown on both mining and trading is expect to have minimal impact on the global cryptocurrency industry.

Featured image from Shutterstock.

Last modified: January 24, 2020 11:18 PM UTC

Financial analyst based in Seoul, South Korea. Contributing regularly to CCN and Forbes. I have covered the stock market and bitcoin since 2020.

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