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BTC.com Disengages Crypto Services in China Amid Crackdown

Crypto Services in China

  • BIT mining pool subsidiary BTC.com leaves mainland China.
  • BTC.com will cease registering new users due to the crypto crackdown.
  • As of Oct 15, BTC started retiring existing accounts.

The effect of China’s crypto clampdown continues to affect many businesses and individuals. Thus, leading crypto service providers in the country to close shop. For this reason, BIT Mining Limited, a leading crypto mining company, announced that its mining pool subsidiary, BTC.com is exiting the mainland Chinese markets.

BTC.com says it will stop registering new users from mainland China. To obey local regulations in China, BTC.com began retiring existing user accounts starting from October 15, 2021.

BIT Mining is a renowned technology-driven crypto mining company that provides crypto mining, data center operation, and mining pool services. BIT Mining owns the blockchain browser BTC.com and a mining pool business operated on BTC.com. It also provides mining services for a variety of cryptocurrencies such as BTC, BCH, ETH, and LTC.

Back in July, China’s Central Bank publicized that crypto trading or mining is considered illegal in the country. Ever since the regulatory bodies have been on the lookout for crypto firms. Resulting in businesses and individuals in the space leaving.

China cited mining energy usage, money laundering, and fraud as some of the major reasons for the crackdown. On the good side, the People’s Bank of China announces it is ready to help financial platform companies to modify their practices in line with the regulations. 

While the country continues to clamp down on the crypto industry, its Central Bank Digital Currency (CBDC) keeps getting more attention across the country. According to the Central Bank’s digital currency research institute of China, the Digital Yuan delivers the highest privacy protection.

Australia, India, Japan, France, and a few other countries are also working on their digital currencies. Meanwhile, Brazil is preparing to adopt Bitcoin as its Legal Tender before the end of the year. However, the U.S. has seen an increasing number of digital assets usage.  And also, a few states are advocating for Bitcoin legalization.

Fed Chair Jerome Powell Could ‘Slow Crypto Down’ in His Second Term, Warns Billionaire Mike Novogratz

Billionaire investor Mike Novogratz has cautioned that Federal Reserve Chairman Jerome Powell could slow down the crypto market in his second term in office. Commenting on his renomination, Novogratz said Powell could “act more like a central banker than a guy that wants to be reappointed.” How Jerome Powell’s Second Term as Fed Chair Could::Listen

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Billionaire investor Mike Novogratz has cautioned that Federal Reserve Chairman Jerome Powell could slow down the crypto market in his second term in office. Commenting on his renomination, Novogratz said Powell could “act more like a central banker than a guy that wants to be reappointed.”

How Jerome Powell’s Second Term as Fed Chair Could Impact Crypto

Billionaire investor Mike Novogratz, CEO of Galaxy Digital, talked about the impact the renomination of Jerome Powell as the Federal Reserve chairman for another term could have on the crypto market on CNBC last week.

President Joe Biden nominated Powell to serve for a second term as Fed chair last week. Powell has overseen the biggest monetary stimulus in U.S. history to help the economy cope with the Covid-19 pandemic and subsequent crisis.

The “macro story has changed a little bit,” Novogratz explained, adding that Powell getting reappointed could allow him “to act more like a central banker than a guy that wants to be reappointed.”

Emphasizing, “We have inflation showing up … in pretty bad ways in the U.S.,” Novogratz opined, “So we can see, is the Fed going to have to move a little faster?” The billionaire fund manager continued:

That would slow all assets down. It would slow the Nasdaq down. It would slow crypto down, if we have to start raising rates much faster than we thought.

Mike Bailey, director of research at FBB Capital Partners, also commented on the effect Powell’s second term in office could have on the crypto industry. He was quoted by Bloomberg last week as saying:

For die-hard crypto bulls, another Powell term may provide some confirmation bias, since these investors often view crypto as a hedge for loose Fed policy.

However, Douglas Boneparth, president of the financial advisory firm Bone Fide Wealth, said that overall there is uncertainty about how markets will react without additional support from the Fed.

Meanwhile, Novogratz remains bullish about the outlook of the crypto industry. He shared:

The amount of institutions Galaxy sees moving into this space is staggering.

“I was on the phone with one of the biggest sovereign wealth funds in the world today, and they’ve made the decision on a go-forward basis to start putting money into crypto,” he detailed. “I’ve had the same conversations with big pension funds in the United States.”

Microstrategy CEO Michael Saylor recently said that bitcoin will grow 100X to become a $100 trillion asset class. A survey by Nickel Digital Asset Management shows that 82% of institutional investors and wealth managers are planning to increase their cryptocurrency exposure between now and 2023. Investment bank Goldman Sachs said in May that fear of missing out (FOMO) is driving institutional investors to bitcoin.

Do you agree with Mike Novogratz? Let us know in the comments section below.

Bitcoin News
Economics, Biden, Fed Chair, fed chair second term, Fed Chairman, jerome powell, jerome powerll second term

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BTC.com Disengages Crypto Services in China Amid Crackdown

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