The Chinese Central Bank Digital Currency (CBDC) is progressively spreading out to more users. This can be seen as 35 banks in China include the digital Yuan in their mobile apps. According to a local report, the digital RMB App reveals a recent addition of more banks to the interface. Before now, the digital app…
What is the new “China Model”? And why would that country ban an industry that made them the ultimate leaders in the most important development in recent times? The world is still scratching its head. There has to be something else to this story. Is it only control that they want? Or does China have…
Did China make the mistake of a lifetime by banning Bitcoin mining or do they have a secret plan? That’s the question the whole Bitcoin ecosystem is struggling to answer. And today, we got another piece of the puzzle. In the article titled “It’s Over, It’s All Over” – The Death Of China’s Bitcoin Mining…
Shocker! According to the latest CBECI update, China’s control over Bitcoin mining was already waning. The Cambridge Bitcoin Electricity Consumption Index shows that and much more, it “provides an up-to-date estimate of the Bitcoin network’s daily electricity load.” However, China is the headline. The government’s recent ban on Bitcoin mining left the world speechless, and…
Brian Armstrong strongly argues that China’s Central Bank Digital Currency will pose a threat to the U.S. Armstrong sees the CBDC as a move that will disrupt the United States reserve currency in the long run. According to Coinbase CEO Brian Armstrong, he has already discussed his concerns with heads of agencies and lawmakers. Brian…
The great Bitcoin miners migration is well underway. And the network’s total hash rate is showing it in a big way. Currently, the number of terahashes per second is at its lowest level in the last twelve months. That means that mining Bitcoin has not been easier in a whole year. Also, there’s less competition.…
Several signs now suggest that Bitcoin’s recent pump to $11,000 that failed to hold could have been a bearish retest and rejection from support turned resistance. And while a bullish retest taking place at the same time has buyers confident, price action closely resembling last year’s Xi pump could be bad for the cryptocurrency. Bitcoin…
Members of the US Congress have sponsored a non-partisan bill in the hopes of catching up with China’s blockchain development. The “American Competitiveness Of A More Productive Emerging Tech Economy Act,” or COMPETE Act for short, is currently being discussed as a way to accelerate blockchain development in the US. While the rest of the…
Just when you thought China was advancing unopposed in the national digital currency race, the Fed finally steps up. The Federal Reserve Bank of Boston, in conjunction with the Massachusetts Institute of Technology, is developing a digital currency geared towards “central bank use.” On that, Boston Fed Assistant VP Robert Bench said developing the project…
Bitcoin was once branded as an asset that was uncorrelated from the rest of the financial markets.Look no further than a survey of institutional investors by Fidelity Investments. It found that a good portion of this group want to buy cryptocurrencies because they are a valuable portfolio diversifier that is uncorrelated.Yet this has seemingly changed…