We bring you the crypto news overview, adding just the right amount of the newest happenings in the world of Bitcoin and its blockchain brethren. Missives from the digital currencies world and beyond in the lines below! We hope that you will find the following information useful.
China To Go Back on Cryptocurrency Trade Ban, Sources Say
China’s Central Bank, the People’s Bank of China (PBoC) has been quite vociferous against cryptocurrencies. In fact, the bank banned them outright, ousting them from the country, and taking down every last crypto exchange and thus forcing investors to flee to neighbouring Singapore.
This has spawned quite the network of investors who have been greedily lapping Chinese investors’ money, who in turn, have been quite happy to throw cash behind solid projects that promise to change not one, but all industries known to man profoundly. The Chinese government may now be all aware of what it has done and it is considering a reversal of the ban.
China may be pushing with its own sovereign digital currency, but this doesn’t mean that other countries have just stopped. Au contraire, everyone is trying to pertain to the already established financial model in an attempt to legalize cryptocurrencies. It’s a bold move and one that may be worth everyone’s attention. With this in mind, Japan is one of the first countries to now lead the charge to the legalization of cryptocurrencies.
South Korea is no exception. The country has undertaken a number of regulatory measures to both stem the rising tide of bad events, but also to prove itself as the ultimate custodian of cryptocurrencies. South Korea does know how to handle the pesky bits of digital fortune, and we will give it that. With this in Mind, the ban that China issued was premature, to say the least.
China is well ahead in its development of its very own and functioning financial model, but this doesn’t mean the country should cut ties with one of the most innovative channels of investment and technology. This has led to what many foreigners had expected – Chinese investors are seeking succour in Singapore-based companies. And it has been working.
Meanwhile, while no immediate changes have been announced to South Korean and Japanese regulations, changes are very much apace.
China, Never Out of the Equation
China is definitely not looking fondly of the idea of being left of any of the world’s major innovations. And now that Asia’s powerhouse has seen its neighbour embrace Bitcoin, it’s not exactly surprising that it’s also pursuing the innovation.
Yes, China has been see-sawing between regulations and may now reverse the ban and slap additional provisos on how it handles trades, with the bulk of the control still very much in it. However, Chinese officials, no longer want to ban Bitcoin. Perhaps they want to seek a foothold into the cryptocurrency and make it possible for their own digital currencies to learn from the mistakes while plucking the benefits.
The Weekly Review: Cryptocurrencies Are Stabilizing
Long have cryptocurrencies wobble between uncertainty and gut-wrenching implausibility. Things are finally changing up a bit with Ethereum and other crypto assets finally back in an upswing. And that comes at a time when the world is beleaguered by all sorts of unpalatable prospects. The financial crisis in Italy along with the looming trade war with the United States is no small thing.
Bitcoin markets have stabilized. The market as a whole shed nearly $5 billion this week. Cryptos plummeted to $303 billion on Monday, but they have recovered back $30 billion in terms of pure market cap.
The top 25 performing cryptocurrencies featured IOTA. The tally of the latest upheaval is that cryptocurrencies are down $140 billion comparing to their most recent high.
What’s the trade war’s role in it?
On Thursday, the Trump Administration confirmed that it will impose taxes on commodity imports from Canada, Mexico, and most surprisingly the European Union. The high-handedness of this decision by one of the country’s most incompetent and narcissistic leaders in history is foolish. Mr Trump continues to plunge America in a state of perpetual isolation, which he cannot afford.
Even then, the S&P500 Index has shown signs of recovery. Conversely, every bad decision President Trump has taken, has somewhat drove markets upwards.
What about the Italy’s new government?
Italy has been wobbling between nationalist governments for quite a while now. The country just ended electing a government headed by the Five Star and the League movements, which are both far-nationalists with strong ties to the Kremlin. The possible segregation of the European Union at home is frightening and experts and observers are scrambling to come up with the solutions.
How does it all affect the crypto world?
To put simply, Bitcoin has remained intact in the face of the looming slew of perils. Not only that, but it is quite possible for observers to see first hand that while the world is threatened by disaster, cryptocurrencies manage to stay strong and to withhold their market share.
Bitcoin may be volatile, but in the face of the collapse of the world financial system – as exaggerated as this may sound, the digital chunk of gold is solid and even consolidates its options.
It’s true that the possible reason for this is fear – when the system seems to be so buffeted by external forces, Bitcoin is taking its role as a currency. Markets lose their volatility and become more consolidated medium ones. Of course, if there was an overreliance on Bitcoin, for example, the respite would be a short-lived one as markets will most likely plummet again.
It’s unlikely that Bitcoin will save us from our troubles, but unless someone does something, it’s very likely that we will all be in trouble. How do we know? Just remember the day when Bitcoin stood still. Still, in the face of numerous man-made perils, which let’s face them – are quite unnecessary. The chronic corruption of Italy now brings the country closer to Russia.
President Trump is a bumbling fool who cant’ plan any significant reforms. And this is the world we all live in. Bitcoin is a hollow succour when we make it all so difficult.