According to a report from Financial Times, Sequoia Capital China is in the process of raising between $8 billion and $9 billion in new capital, despite the recent cryptocurrency and macroeconomic downturn and foreign investors’ unwillingness to invest in the heavily regulated Chinese market.
More than two years after its withdrawal, Chinese cryptocurrency exchange Huobi is now preparing to re-enter the US market with a focus on asset management rather than crypto exchange offering.
Following the recent development surrounding the digital rupee, and the Fed’s whitepaper on a USD-based central bank digital currency (CBDC), Politico is now reporting that the European Union officials are preparing legislation on blockchain-powered digital euro.
Key takeaways Bitcoin hashrate on December 6 surpassed the network’s peak computational capabilities from May 2021, before Beijing began its clampdown on the mining industry Following the shut down of China-based mining operations, the BTC hashrate dropped by 70%, which was coincidentally the share of global hashrate originating from China at the time The US…
Celsius Network, a centralized provider of cryptocurrency loans, has announced a $300 million investment into Bitcoin (BTC) mining equipment and related services. With over $200 million invested in BTC mining facilities in North America (NA) earlier in the year, Celsius has now allocated more than $500 million to complement its lending business with a Bitcoin mining venture.
After trading in a relatively tight range for the past week, Bitcoin (BTC) has been experiencing heavy selling pressure over the course of the last 24 hours. Other digital assets followed suit. Ethereum (ETH) dropped to a two-week low as did Cardano (ADA) and Polkadot (DOT), while 98 out of the top 100 cryptocurrencies are being traded in the red zone at the time of this writing.
After a series of regulatory clampdowns that date back all the way back to 2013, China has decided to issue a blanket ban on all cryptocurrency activity in the country on September 24. As expected, native tokens of crypto exchanges that were offering their services to Chinese users, such as OKB and Huobi token, have been particularly hard hit. However, Binance Coin remained relatively unaffected by the news.
Huobi Global revealed its plans for a gradual withdrawal from the Chinese market. One of the largest cryptocurrency exchanges announced that new account registrations were suspended in order “to comply with local laws and regulations.” The policy change was put into effect almost immediately after the news of China banning crypto transactions became known.
The price of Bitcoin momentarily surpassed $45,000 today, before a sharp decline saw the price decrease to $41,000 in the span of 3 hours. The culprit for the sudden 8.5% downturn was the news coming from China – the Chinese Central Bank reportedly decided all crypto-related transactions are illegal within the county’s borders. However, the news was known for weeks, which means that the market had in large part already responded to the new regulatory changes.