Bitcoin price survived an onslaught in the thick of Asian trading on Friday as bears attempted to set the tone for the weekend, carrying the world’s most traded crypto to a daily low of USD 8,496 (CoinDesk).
It was not to be, and Europe piled on the buys almost the entire afternoon, ensuring that Bitcoin price recovered and is hovering at around USD 8,650 at 1:45 pm London time, just before handing over the reins to the American continents.
Altcoins are having mixed fortunes, but the slight majority is in the favor of gainers, and ETH, NEO and XRP will be slightly envious that LTC, ADA and XEM are the coins making some headway coming into the weekend.
It won’t just be traders on the lookout for sentiment today, if the news out of China is true where miners in Inner Mongolia, an autonomous province in China, are being eyeballed by the authorities. According to a Global Times Report, regulators in northern China’s Inner Mongolia Autonomous Region are tightening the screws on crypto mining firms, with plans to deploy inspection units to carry out a widespread “clean-up and rectification of crypto token mining companies” in the area.
It isn’t specifically crypto miners who are targeted by this sweep, rather all businesses whom the stat considers to be not part of a “real economy”. These are businesses who have been enjoying preferential state policies such as local and cheaper power, land and taxes, merely be dubbing their enterprise a big data industry participant.
Two months ago, the local authorities had already issued a warning notice, saying that Inner Mongolia needed to rectify the issue. This reflected a position of the regulators in which they agreed that “the virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported”.
As of yet, there hasn’t been much news of these inspections, nor how they may have impacted mining firms there. Nevertheless, employees of the sector and even business owners have already upped and gone outside of China. Fintech Institute of Renmin University of China’s Yang Wang noted:
“Most people I knew who worked in the domestic crypto token industry have already shifted their businesses to Southeast Asian countries like Singapore. They felt that the crypto token market has come to an end in China.”
Speaking of China, their striking speech from President Xi Jinping last month continues to show bold tones for blockchain, the underlying tech of cryptocurrency. While China’s always been harsh on crypto, its attitude toward blockchain can’t be more in contrast.
Despite being at odds with crypto, Binance CEO Changpeng Zhao believes the blockchain support will eventually drive crypto mass adoption. Zhao told Bloomberg Markets: Asia that “we’re going to see a race” in blockchain tech adoption, which will be difficult for China to lose. He said:
“It’s super positive. China’s very pro-technology, so China will invest very heavily in blockchain technology and on the educational front as well. Given that China has now made that move, every other country in the world will have no choice but to follow or move faster. But it’s going to be pretty hard to move faster than China to be honest.”
The CEO of one of the world’s largest crypto exchanges did say, however, that the second largest economy in the world might be putting hurdles in its own path by confining their enthusiasm for blockchain technology, and restricting crypto adoption, especially when it was already planning cryptography laws and a digital yuan. Zhang said:
“You can’t learn just about blockchain without learning about cryptocurrencies. so I think we’ll see a lot more people who understand Bitcoin, Ether and other cryptocurrencies. So we’ll see very strong adoption there.”
Yesterday, Zhang went against the predictions of other leading industry figures by saying that the People’s Bank of China’s new digital yuan would be in fact based on blockchain, strictly speaking, classifying it as a type of crypto. Asked about Binance’s strategy in China, however, he issued some cautionary words, saying:
“We want to follow the recommendations very closely and to promote blockchain technology research and development. We’re looking at a number of initiatives in that area. We want to help wherever we can.”
Not that any of these will impact Bitcoin price in the long run, but adoption can’t be bad, can it?
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