{"id":465867,"date":"2021-06-18T16:08:46","date_gmt":"2021-06-18T16:08:46","guid":{"rendered":"https:\/\/wncen.com\/?p=465867"},"modified":"2024-06-11T08:56:11","modified_gmt":"2024-06-11T08:56:11","slug":"china-crackdown-on-bitcoin-beginning","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/china-crackdown-on-bitcoin-beginning\/","title":{"rendered":"Why China’s Crackdown On Bitcoin May Be Just Beginning"},"content":{"rendered":"

Bitcoin mining activities might be coming to an end as the industry is used to knowing them.<\/a> The Asian giant has decided to step up its regulations on this sector; many miners have decided to migrate to friendlier countries.<\/p>\n

Investment firm Sino Global Capital stated<\/a> via Twitter that China could be increasing its interventions in its markets. Thus, they have taken stricter control measures to \u201cprotect investors\u201d. As a consequence, the Bitcoin and crypto industry in China is \u201cshowing sings of cooling down\u201d.<\/p>\n

China seems to have two targets in the crypto industry BTC mining and leverage trading. Sino Global Capital sees Chinese regulators making these items a priority in the short term. The firm\u2019s report claims:<\/p>\n

To prevent scammers from making a comeback and intentionally manipulating the market, there is still a high probability that there will be more supervision rules implemented one by one.<\/p><\/blockquote>\n

Usually regarded as FUD (Fear, uncertainty and doubt), this time China\u2019s measure against Bitcoin seem to be materializing. The industry\u2019s balance, at least in the mining sector, could shift. This sector could completely migrate west.<\/p>\n

In the U.S., cities such as Miami<\/a> and Texas<\/a> could welcome the Bitcoin mining operations. Francis Suarez, Miami\u2019s Mayor, seems to be in negotiation with some miners. The city has nuclear power as part of its electricity grid and could offer attractive rates. Su\u00e1rez said:<\/p>\n

Bitcoin miners want to get to a certain kilowatt price per hour, and we\u2019re working with them on that.<\/p><\/blockquote>\n

China Targets Bitcoin Trades With Leverage<\/h2>\n

Bitcoin-based derivatives traders that use leverage could see the worst take. Sino Global Capital records report from people that have \u201creceived calls from the police\u201d. The local authorities apparently are inquiring about the citizens crypto related activities.<\/p>\n

Exchange platforms might take measures to avoid the authority\u2019s scrutiny. Huobi, one of China\u2019s main exchange, will reduce its leverage offer from 125x to 5x, according to Sino Global Capital. For its newest customers, the measures is even harder, they won\u2019t be able to use any leverage.<\/p>\n

As predictable, China as target different sectors and markets, including TradFi. The report indicates that two major securities exchanges, FUTU and Tiger, won\u2019t continue to provide Bitcoin related data.<\/p>\n

Both confirmed that their latest App releases have suspended CME BTC market information and trading functions. FUTU\u2019s customer service said that in response to regulatory requirements, the provision of market information and transactions have been suspended.<\/p><\/blockquote>\n

The investment firm believes the Chinese government finds \u201cspeculative\u201d Bitcoin trading as a threat to the nation\u2019s economic and financial stability. Thus, they have adopted these measures.\u00a0 Sino Capital concludes that there is growing trend of introducing more crypto regulations.<\/p>\n

Global crypto policies are tightening: The Basel Committee on Banking Supervision has demanded that cryptocurrencies carry the toughest bank capital rules of any asset, according to Financial Times.<\/p><\/blockquote>\n

At the time of writing, BTC trades at $36,463 and trending downwards in the daily chart<\/a>. The first cryptocurrency by market cap seems to be reacting to a dropped in the stock market. BTC must hold the line at current levels, or it risk going further down in the short term.<\/p>\n

\"Bitcoin
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin mining activities might be coming to an end as the industry is used to knowing them. The Asian giant has decided to step up its regulations on this sector; many miners have decided to migrate to friendlier countries. Investment firm Sino Global Capital stated via Twitter that China could be increasing its interventions in its markets. Thus, they have taken stricter control measures to \u201cprotect investors\u201d. As a consequence, the Bitcoin and crypto industry in China is \u201cshowing sings of cooling down\u201d. China seems to have two targets in the crypto industry BTC mining and leverage trading. Sino Global Capital sees Chinese regulators making these items a priority in the short term. The firm\u2019s report claims: To prevent scammers from making a comeback and intentionally manipulating the market, there is still a high probability that there will be more supervision rules implemented one by one. Usually regarded as FUD (Fear, uncertainty and doubt), this time China\u2019s measure against Bitcoin seem to be materializing. The industry\u2019s balance, at least in the mining sector, could shift. This sector could completely migrate west. In the U.S., cities such as Miami and Texas could welcome the Bitcoin mining operations. Francis Suarez, Miami\u2019s Mayor, seems to be in negotiation with some miners. The city has nuclear power as part of its electricity grid and could offer attractive rates. Su\u00e1rez said: Bitcoin miners want to get to a certain kilowatt price per hour, and we\u2019re working with them on that. China Targets Bitcoin Trades With Leverage Bitcoin-based derivatives traders that use leverage could see the worst take. Sino Global Capital records report from people that have \u201creceived calls from the police\u201d. The local authorities apparently are inquiring about the citizens crypto related activities. Exchange platforms might take measures to avoid the authority\u2019s scrutiny. Huobi, one of China\u2019s main exchange, will reduce its leverage offer from 125x to 5x, according to Sino Global Capital. For its newest customers, the measures is even harder, they won\u2019t be able to use any leverage. As predictable, China as target different sectors and markets, including TradFi. The report indicates that two major securities exchanges, FUTU and Tiger, won\u2019t continue to provide Bitcoin related data. Both confirmed that their latest App releases have suspended CME BTC market information and trading functions. FUTU\u2019s customer service said that in response to regulatory requirements, the provision of market information and transactions have been suspended. The investment firm believes the Chinese government finds \u201cspeculative\u201d Bitcoin trading as a threat to the nation\u2019s economic and financial stability. Thus, they have adopted these measures.\u00a0 Sino Capital concludes that there is growing trend of introducing more crypto regulations. Global crypto policies are tightening: The Basel Committee on Banking Supervision has demanded that cryptocurrencies carry the toughest bank capital rules of any asset, according to Financial Times. At the time of writing, BTC trades at $36,463 and trending downwards in the daily chart. The first cryptocurrency by market cap seems to be reacting to a dropped in the stock market. BTC must hold the line at current levels, or it risk going further down in the short term.<\/p>\n","protected":false},"author":535,"featured_media":465868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-465867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWhy China's Crackdown On Bitcoin May Be Just Beginning<\/title>\n<meta name=\"description\" content=\"Bitcoin mining activities might be coming to an end as the industry is used to knowing them. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why China’s Crackdown On Bitcoin May Be Just Beginning","url":"http:\/\/wncen.com\/news\/china-crackdown-on-bitcoin-beginning\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/china-crackdown-on-bitcoin-beginning\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-17.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-17.jpg?fit=839%2C560"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-06-18T16:08:46Z","datePublished":"2021-06-18T16:08:46Z","dateModified":"2024-06-11T08:56:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why China’s Crackdown On Bitcoin May Be Just Beginning\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/china-crackdown-on-bitcoin-beginning\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/china-crackdown-on-bitcoin-beginning\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Bitcoin-BTC-BTCUSD-17.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Bitcoin-BTC-BTCUSD-17.jpg?fit=839%2C560\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-06-18T16:08:46Z\",\"datePublished\":\"2021-06-18T16:08:46Z\",\"dateModified\":\"2024-06-11T08:56:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/06\/Bitcoin-BTC-BTCUSD-17.jpg?fit=839%2C560","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465867"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=465867"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/465868"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=465867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=465867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=465867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}