Bitcoin Weekly Forecast: Crypto-miner mayhem rages as BTC contemplates jump to $42,000


FXStreet 09 July, 2021 - 07:27am 12 views

When is ETH London hard fork?

Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

What is GBTC unlock?

Grayscale Bitcoin Trust (GBTC) is an investment vehicle that allows institutional and public market investors to invest in bitcoin without purchasing the cryptocurrency directly. ... When an investor buys into GBTC, their shares are locked up for six months. CoindeskAre GBTC Unwinds Bullish or Bearish for Bitcoin?

The bearish outlook surfaces as Bitcoin prices form a classic cup and handle pattern, now in the last stage of its maturity.

The trader spotted Bitcoin inside an inverse cup-and-handle pattern earlier this month, a bearish structure that forms during a price wave downward, followed by a stabilizing period. The technical design typically leads the price lower by as much as the size of the previous decline.

Bitcoin topped near $65,000 in mid-April before reversing to the downside in later sessions. The cryptocurrency crashed to as low as $28,800 on June 22 after attempting to keep prices above $30,000 repeatedly. It successfully did so but fell short of extending its bullish reversal momentum after facing comparatively higher selling pressure in the $35,000–$36,000 range.

The pattern’s handle part appeared like it is nearing exhaustion, prompting Wareing to say that Bitcoin’s price would fluctuate inside the structure for another three to four weeks. After that, the cryptocurrency would rally lower, insomuch that it could hit $24,000.

“If the handle breaks down, expect 24k -29k to be the new range. [...] 3-4 more weeks of range-bound imo,” Wareing wrote in an update on Friday.

Bearish warnings for Bitcoin picked up momentum in the weeks after global regulators increased their crackdown against the cryptocurrency sector. For example, in China, the central bank effectively banned all forms of crypto-related activities, including mining, one of the few surviving crypto industries following Beijing’s restriction on cryptocurrency trading in 2018.

Meanwhile, Binance, the world’s leading cryptocurrency exchange by volume, came under pressure from regulators in the United Kingdom, Thailand, Canada, Japan, and Cayman Islands over its sprawling crypto operations.

The U.K.’s Financial Conduct Authority banned Binance from regulated financial activities last month. That prompted Barclays, Faster Payments and Santander to block its banking customers from accessing Binance.

Bids for BTC/USD also went down alongside traditional markets on rising concerns about the global economy primarily after days of sharp moves in sovereign bonds hinted at slower growth and inflation than previously anticipated.

“We are seeing an asset allocation change with people selling risky assets across the board and buying into the safer returns of government bonds,” noted Shaniel Ramjee, senior investment manager at Pictet Asset Management, after yields on the 10-year United States Treasury note fell to as low as 1.276% on Thursday for the first time since February 2021.

Yields drop when bond prices rise.

Clem Chambers, CEO of financial analysis service ADVFN, suggested that bulls should wait for a crash before dipping their toes in the Bitcoin market again, noting that the next best accumulation opportunities appear when the cryptocurrency dumps to $20,000.

Nevertheless, bulls remained hopeful that Bitcoin’s growing recognition in the mainstream space, especially against the persistent fears of higher inflation, would take the cryptocurrency out of its bearish slumber.

“Bitcoin has been trapped for most of the last 3 weeks in a long and tight (8%) trading range $32,500-$35,000,” said Ronnie Moas, founder of Standpoint Research.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Latest Bitcoin price and analysis (BTC to USD)

Yahoo Finance 11 July, 2021 - 04:12am

At the time of writing, Bitcoin was trading at $34,300 having ground out the lower time frame range between $33,000 and $36,000 with numerous stabs at both the upside and downside.

All higher time frames continue to paint a bearish view on Bitcoin, with the recent daily death cross heaping pressure on the bulls, who are slowly but surely running out of ideas as they attempt to cling on to the $30,000 level of support.

With volatility and volume subsiding, the current market structure is eerily reminiscent to that of 2018, when Bitcoin entered an 18-month bear market which saw its price fall from $20,000 to $3,150.

If Bitcoin follows a similar pattern to 2018, it will likely test well below $20,000 this cycle, with several indicators pointing out the $16,000 level as a key area of confluence.

However, while Bitcoin remains bearish on all time frames, it’s worth noting that there is a non-zero probability that it will wriggle its way out to safety, with a $41,000 level of resistance becoming the initial hurdle.

If Bitcoin can break above $41,000 and begin to close daily candles above the recent death cross, it would indicate that short term momentum is up, and that even a test to the $49,000 level could be on the cards.

Short term levels of support remain at $33,400, $33,000 and $32,800, while points of resistance to the upside continue to stand firm at $35,800 and $36,500.

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In August 2008, the domain name was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

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It’s been a mixed start to the day for Bitcoin and the majors. A Bitcoin move back through to $34,500 levels would support the broader market.

Mining economics have improved significantly, according to one analyst.

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Bitcoin (BTC) created a bearish engulfing candlestick on July 5 but did not break down the following day. It's trading inside a longer-term range and a shorter-term symmetrical triangle.

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Bitcoin Drops 6% In 24 Hours, Why This Might Trigger A Bullish Rally

NewsBTC 11 July, 2021 - 04:12am

Bitcoin price has been fluctuating highly in the last week. Amidst news of bitcoin whales stocking up on bitcoin, the price jumped up past $34,000. Briefly breaking $35,000 yesterday afternoon before coming down to continue trading n the $34,000 range again.

But the past 24 hours have seen the coin take a good dip in price. Over the span of a day, bitcoin has lost over $2,000 from its price. This equates to about 6% of its price in the last 24 hours. Bitcoin price currently sits in the red as the coin now trades for about $32,525 at the time of writing this article.

Sudden dips in price over short periods of time are not uncharacteristic for the coin. Or for the crypto market in general. This is a feature of digital currencies, not a bug. So, investors expect things like this to happen all of the time. It comes with the territory of getting massive rewards in a short amount of time. But this then leads on to the question of what the current dip indicates.

Most times when prices move too high in a short time, this usually comes with a price correction in order to get the asset to a price point where it is not fluctuating too wildly. Price corrections are incredibly notorious for happening during bull runs.

This is due to the fact that in a bull market, prices are moving by large margins on a daily basis. Sometimes in only a matter of hours.

This dip could be indicative then of a price correction occurring from the price spike that happened this past week. Usually, when coins go up in price in such a short amount of time, people take out profits if they expect the price might correct downwards instead of upwards.

Bitcoin has now started recovering a little bit which could mean that this dip was indeed a price correction.

Looking at the chart shows this might be a bullish indicator for bitcoin. The price of bitcoin has continuously spiked and then corrected downwards for a bit before spiking again.

Bitcoin which is down over 50% of its all-time high could very well be on the verge of another breakout. Engulfing bull patterns show that there is always a reversal at the end of a downtrend.

With the price currently holding at $32,000, a loss of momentum at this point shows a potential end for the downtrend. Going forward, an end to the downtrend means a reversal signal for bitcoin.

Conservatively, the price looks poised to take over the $35,000 range again. But given that point was just broken, the next position point would be $5,000 higher. So $40,000 might be the most likely point for bitcoin to land after the rebound.

Volatility in the market remains very low. This could explain the not-so-wide movements in the coin price recently. But once volatility picks up, big swings are expected in the price of bitcoin. A rebound bull rally is likely to see the coin reclaim $50,000 in the best of cases.

Investors cashing out of the Grayscale Bitcoin Trust will give some much-needed volatility to the market.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000

NewsBTC 11 July, 2021 - 04:12am

Bitcoin price predictions have been a hot topic for a while now. Bloomberg Analyst, Mike McGlone believes that the price of BTC hitting $100,000 is tied to the asset following ethereum. This came in the monthly cryptocurrency newsletter sent out by Bloomberg Crypto Outlook. McGlone said this in the July version of the newsletter that was recently published.

McGlone commented on the performance of ethereum, putting it as the top market leader so far since the bull market began. Ethereum has consistently outperformed BTC in the market in recent years. But even as the coin grows in popularity, BTC continues to take the lead. Bitcoin still boasts of a market cap twice that of ethereum and it does not seem to be stopping yet.

Bitcoin comes with countless merit as a decentralized coin. These add up to the reasons why $100,000 might not be an outrageous prediction for the price. Given the massive run-up this year, there is no telling where the next run-up will end up.

In the newsletter, McGlone highlights the potential for bitcoin. Stating that the coin $100,000 mark is still pretty tame for the flagship cryptocurrency. “Based on its history, a bottom line for BTC in 2021 is that the price advance to May 24 is a round error,” McGlone said. “The 2020 halving came amid unprecedented global fiscal and monetary stimulus, along with institutions tilting toward Bitcoin allocations.”

Continuing on, he highlighted the possibilities of BTC becoming a major value reserve for financial markets at large. Bitcoin has no doubt shown tremendous promise in its ability to be a store of value for both individuals and institutions alike.

With BTC becoming stronger, greener (courtesy of the China mining crackdowns), and less extended, this proves to be a likely path towards $100,000. The newsletter cited that the asset’s correction in April was due to excessive energy use and this shows the strength of bitcoin, which is the world’s largest decentralized network. Confirming that the actions of China on crypto mining have only shown the benefits of BTC and now, miners have set their sights on using renewable energy for their mining operations.

Bitcoin has so far shown a strong and solid foundation in 2021. This is part of the reason why the coin price has held up so well despite losing over 50% of its value in a couple of months.

Using bitcoin’s history to date, McGlone said in the newsletter that this history points towards the digital asset moving higher in 2021 quite sharply. And the data on the charts seem to back this up.

Bitcoin’s declining supply is also a huge factor in this increase in price that looms on the charts. Bitcoin’s scarcity model makes sure that with each BTC mined, the coins are more valuable than ever. Capped at 21 million, there will be no more BTC once the last BTC is mined.

With institutional players coming into the market and buying up large numbers of coins at a time, the time where demand will be higher than supply is fast approaching. Coins being bought and taken to holding wallets means fewer coins available for buyers and traders.

Halvings happening every four years adds to this already boosted BTC train. Halvings are when the rewards for BTC mining are cut in half. The latest halving which happened in 2020 has left bitcoin mining rewards at 6.25 per block. By the next halving in 2024, the bitcoins reward per block will be 3.125.

A combination of these factors might just be the push that BTC needs to finally break $100,000.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

Crypto Regulations in the News as Bitcoin Amid $30K: The Weekly Market Recap

CryptoPotato 11 July, 2021 - 04:12am

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Bitcoin and the majority of the cryptocurrency market remain indecisive amid a global effort to strengthen industry regulations.

Bitcoin failed to produce any notable gains over the past week, and the same can be said about the entire cryptocurrency market. It appears that the most recent regulatory clampdown in China and talks of legislation in other countries continue to take their toll.

At the time of this writing, BTC is trading at around $33,500, which is more or less exactly where it was last Friday. It started pushing forward over the past weekend, but the advance was halted on Monday, at around $36K, when bears once again stepped in and brought the price down.

Most altcoins are more or less in the same boat as BTC, with ETH charting insignificant gains of around 2%, ADA – 2%, DOT – 2%, and so forth. There are a few exceptions, however. On the negative side, DOGE is down about 11%, but on the flip side – BNB is up over 9%, whereas UNI surged by almost 20%.

In general, the sentiment remains rather negative. According to the Fear and Greed Index, the market is presently riddled with extreme fear – a situation where investors are particularly fearful of entering the market.

This happens amid a serious clampdown on behalf of authorities throughout the entire world. Yesterday, Democrat Senator Elizabeth Warren called the market “highly opaque and volatile” and urged the Securities and Exchange Commission in the US to regulate it. Meanwhile, the People’s Bank of China warned that stablecoins impose risks to the international monetary system.

Yet, the week was not without positive developments as well. The Bank of America became the latest US banking giant to lay down plans to enter the industry. This surely highlights the fact that there is demand, but investors continue to be wary.

In any case, it’s also worth noting that zooming out shows us that BTC is still up tremendously over the past 12 months. However, we’re almost at the levels of the beginning of the year, so it’s important to see how the market will develop going forward.

Market Cap: $1452B | 24H Vol: $95B | BTC Dominance: 43.4%

BTC: $33,628 (-0.1%) | ETH: $2,175 (+2.5%) | XRP: $0.637 (-4%)

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Israeli Parliament the First to Lend the Elected President the Declaration as an NFT. Non-fungible tokens (NFTs) have reached politics. The Israeli Parliament becomes the first one to lend the declaration to the elected president in the form of an NFT.

Stablecoin Issuer Circle is Going Public at $4.5 Billion Valuation. The company behind one of the most popular stablecoins (USDC) – Circle, outlined plans to go public through a merger with a special purpose acquisition company (SPAC). The valuation is estimated to be at around $4.5 billion.

Another Step: China’s Central Bank Shuts Down a Firm Providing Services for Crypto Transactions. In a bid to continue with its overall clampdown on Bitcoin and the market, China’s Central Bank shut down a company for providing services for cryptocurrency transactions. This happens amid a wider regulatory effort towards the industry.

Goldman Sachs: Ethereum May Surpass Bitcoin as Store of Value, But Not Gold. Analysts at the giant Wall Street investment bank Goldman Sachs have once again reaffirmed their bullish stance on Ether. In a note to investors from this week, they outlined that Ethereum will eventually become a better store of value than Bitcoin.

Jack Dorsey’s Square Confirms: We Are Building a Bitcoin Hardware Wallet. Square – the company, spearheaded by the CEO of Twitter, Jack Dorsey, confirmed plans to build a hardware Bitcoin wallet. This aims to further popularize the cryptocurrency and enhance its mass adoption.

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Solana – click here for the full price analysis.

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Institutions Send Mixed Message on Crypto

Bloomberg Quicktake: Now 11 July, 2021 - 04:12am

Bitcoin Price Prediction: BTC/USD Moves Close to $34,000 Level

Inside Bitcoins 09 July, 2021 - 03:10pm

Author: Azeez Mustapha

The Bitcoin price prediction shows BTC bulls moving against the USD at numerous levels which almost touched $33,700.

According to the daily chart, the Bitcoin price is now moving above the crucial levels which may now function as the support zones in the event a reversal occurs. On the upside, as the coin moves and prepares to break above the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $35,000 as the technical indicator Relative Strength Index (14) moves above 40-level.

Nevertheless, the first digital asset is banking on the support at $30,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $33,500 level. Similarly, the nearest resistance levels to are located at $38,000, $40,000, and $42,000 while the support levels can be reached at 28,000, $26,000, and $25,000 respectively.

The 4-hour chart shows that the price is on its way down as the Relative Strength Index (14) is seen making a quick turn back below the 50-level to keep the downtrend. Although bulls have been trying to push the price upward for some time now, the market may likely experience more downtrends if the price slides below the 9-day moving average.

Meanwhile, the support level of $32,500 and below may come into play if the price breaks toward the lower boundary of the channel. But if the buyers can put more effort to power the market; they can push the price towards the upper boundary of the channel where it could hit the targeted resistance level of $34,500 and above.

Author: Azeez Mustapha

Last Updated: 09 July 2021

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

Cosmos Price at $12.78 after 6.7% Growth – How to Buy ATOM

Bitcoin (BTC) Price Prediction: BTC/USD Is Stuck below $34,400 as It Holds above $31,000

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Bitcoin price analysis: BTC reverses after a spike below $33,000 yesterday | Cryptopolitan

Cryptopolitan 09 July, 2021 - 10:41am

Bitcoin price analysis is bullish for today as the market regains some of the losses seen over the past few days. This price action development should lead Bitcoin towards another lower high set and a lot more downside next week.

The overall market trades with a slight bullish gain over the last 24 hours after a strong downside momentum earlier this week. Bitcoin is up by 2.3 percent, while Ethereum remains almost flat.

BTC/USD traded in a range of $32,318 – $33,602, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.9 percent and totals $26 billion. The total market cap stands at around $629.6 billion, resulting in a market dominance of 44.75 percent.

On the 4-hour chart, we can see the Bitcoin price retracing after setting a lower low in preparation for another push lower.

The overall market trades sideways over the past weeks. After both a higher high and lower low set in the middle of June, BTC/USD started slowly trending higher. 

However, after setting a swing high of around $36,500, BTC/USD failed to continue higher, established two slightly lower highs, and broke past the several-day ascending support trendline. From there, we saw a lower spike yesterday, with a lower low set around $32,000.

This Bitcoin price action development indicates that the market sentiment has shifted back to being bearish. Therefore, BTC/USD will likely set another lower high over the weekend and move towards the next support around $31,000 next week.

Bitcoin price analysis is bullish for the upcoming hours as the market established a lower low and currently moves higher to set a lower high from which to push lower again next week. 

While waiting for Bitcoin to retrace, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Egil is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance. He loves to write, listen to music, and ride motorcycles in his free time.

Copyright © 2020 Cryptopolitan.

Bitcoin (BTC) Hashpower in China Down by 90 Percent, Crypto Exchange Moves Overseas: BTC.TOP CEO

U.Today 09 July, 2021 - 07:16am

BTC.TOP is in the cohort of the most influential Bitcoin (BTC) mining pools in the world: in the past 365 days, it was responsible for 2.3 percent of the Bitcoin (BTC) hashrate. Here is what its CEO, Jiang Zhuoer, thinks about the efficiency of China's anti-Bitcoin witch hunt.

According to a detailed blog post by Mr. Zhuoer, 90 percent of Bitcoin (BTC) mining data centers in China are already shut down. Only small-sized entities continue operations, while all of the giants are completely out of the game.

Thus, the "strike on crypto mining" has proven effective. Even the most powerful players in the local market have decided to leave amidst an intensified crackdown.

According to BTC.TOP's CEO, Huobi Global moved all executives and some employees overseas. OKCoin, the corporation behind crypto exchange mogul OKEx, removed itself from mainland China's registry.

Its world-famous founder and investor, Xu "Star" Mingxing, posted "Sailing Out to Sea" on his WeChat Moments, the Chinese analogue of Instagram Stories.

As a result, blockchain-oriented businesses in China have been totally destroyed. Even if a service moves its hardware infrastructure overseas, it will be impossible for it to operate normally in the P.R.C.

The attacks on Bitcoin (BTC) and cryptocurrencies have targeted not only miners and entrepreneurs but also average traders. As covered by U.Today previously, Chinese netizens now cannot access Binance (BNB), a world-leading cryptocurrency exchange.

Binance's (BNB) domain names have been blacklisted by the Great Chinese Firewall, a notorious Internet censorship mechanism. In June, Chinese search engines started to filter crypto-related words.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)

Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.

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