There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject.
In this article, we will talk about the two major events that occurred this week in the crypto world. First was the change of heart in China when it comes to crypto assets. Crypto mining was banned there for a long time but things are about to change. The 2nd piece of news we will mention are the allegations for market manipulations. However, more about these events below. As always, more information about crypto can always be found on this website.
China Scraps Plans to Ban Crypto Mining
China has prohibited crypto mining for a long time. However, it seems they are about to change their stance on the matter. China’s leader, Xi Jinping endorsed blockchain technology. He said that China would work to push the development of blockchain tech for use in a variety of industries. However, these news stirred the crypto world. It caused the total cryptocurrency market capitalization to increase by over $50 billion. Additionally, it seems China is going to rescind the bow on cryptocurrency mining. In the newest edition of China’s Industrial Structure Adjustment Guidance Catalog, they have removed cryptocurrency mining from the list of industries they would like to ban.
This change is great news for the whole crypto community. It means that are powerful country like China is willing to get involved in the development of this technology. With time, competitions could arise between countries about which one will be a leader when it comes to cryptocurrency. According to new reports, China has already started working on a digital currency.
Alleged Market Manipulation
New research is now showing something unexpected. As we know, Bitcoin had a massive price jump in the winter of 2017. However, reports claim that the jump wasn’t legitimate. Apparently, the spike in bitcoin’s price was the result of a single entity manipulating the price. Two researchers published a paper that suggested Tether was used for price support and manipulation of the Bitcoin market. The paper was published by Amin Shams and John M. Griffin. However, Jermey Allaire, the CEO of Circle disagrees with their claim.
“Extremely weak reporting from @WSJ and @paulvigna who even after speaking with them seem to completely misunderstand how stable-coins work and how $’s flow into and across exchanges,” said Allaire.
However, regardless of these claims, the price of Bitcoin hasn’t budged. This can mean only two things. First, Bitcoin investors don’t believe the new research. Second, they don’t care about these allegations because the only thing they worry about is the price of their digital assets.
Tune in Next Week!
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