April 29, 2018

Crypto Markets Edge Back Into The Green After Mid-Week Correction

The top ten coins by market cap are mostly in the green today, as markets make a tentative recovery following their significant dip earlier this week, Coin360 data shows.

Bitcoin (BTC) hit $9,500 at one point in early trading hours this morning. The coin is currently holding ground, hovering around the $9,250 mark, with a value gain of less than 1 percent over 24 hours to press time.

Ethereum (ETH) is down slightly, after being over 5 percent in the green yesterday, April 28, now trading around $674, down about 0.5 percent as of press time.

Of the top ten coins on Coinmarketcap, Cardano is making the strongest gains, up over 10 percent, with its total market cap brushing $10 bln earlier today .

EOS has also seen a healthy rise of over seven percent in the same 24 hour period, trading around $20.22 to press time, indicating that the markets are continuing to respond positively to the pre-release of its Blockchain scalability platform EOSIO Dawn 3.0 on April 6.

Total market cap is currently around $425 bln to press time, according to data from CoinMarketCap, with BTC dominance at 37%.

Ran Neu-Ner, host of CNBC’s CryptoTrader, compared this morning’s healthy outlook with early January’s bullish markets:

Market just hit 50% of the ATH in Jan. On that day BTC was at $17500 and had a lower dominance than today! pic.twitter.com/l7xuEPnF8L

— Ran NeuNer (@cryptomanran) April 29, 2018

Mid to long-term crypto market sentiment remains bullish, particularly among VC investors. The CEO of crypto hedge fund Pantera Capital, forecast thatthe crypto market could hit “$40 trln” within ten years, in a Bloomberg interview earlier this week. Tech giant IBM broke news twice with Blockchain-focused initiatives, signalling that major tech industry players are edging closer towards realizing real world Blockchain applications.

Yet others from the traditional financial sector continue to balk at short time volatility, with American investor, Warren Buffett, again scorning investment in cryptocurrencies in an interview yesterday, April 28. The 87-year old investor joined ranks with other bitcoin sceptics, such as the ousted Paypal CEO, Bill Harris, who this week said that “Bitcoin is a scam,” and that crypto traders are “drinking the Kool-Aid”, in an apparent reference to the poison-laced drink which killed over 900 cult members in the Jonestown Massacre of 1978.

Published at Sun, 29 Apr 2018 11:16:57 +0000

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June 2, 2017

Chinese Bitcoin Miners are Closing Shop in Fear of Future Clampdown

Chinese bitcoin miners are deliberately shutting down operations due to worries over future regulatory pressure.

Chinese Abandoning ‘Legal’ Mining

As the traders begin withdrawing BTC under new laws, mining farms in the country’s Szechuan province are concerned a lack of rules for them might lead to repercussions.

“bitcoin regulation that the central bank conducted mainly focused on financing and leveraging trading among platforms,” Zhang Jun, a senior analyst at Tai Cloud Research Institute, told YiCai Global.

Mining online involves routine digital programming. It’s not illegal.

Such comments have been insufficient to quell fears among miners themselves, it appears, with an “insider” telling the publication that shutting down shop means they miss out on a golden opportunity.

High Prices Mean Big Losses

Szechuan’s hydroelectric power is some of the cheapest in the world, while the high price of bitcoin and associated fees mean it is more profitable than ever to mine bitcoin on a major scale.

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“The southwestern region has abundant hydropower resources,” the source said, “so electricity costs about half the price during the wet season. It’s hard to imagine why any mine would want to relocate now.”

“The price is so high at the moment,” a local mine manager added.

Shutting down costs mine owners hundreds of thousands of yuan every day.

Chinese trading activity has added several hundred dollars to the average price of a bitcoin in the last 24 hours.

As traders flock to take advantage of newly enshrined exchange rules, it is clear that those left out of authorities’ latest deal are fearing the worst.

The Grass Is Not Greener

A local authority spokesman could only offer confirmation that “bitcoin mines are not introduced by the government” and that “mining is carried out by companies of their own accord.”

Yet the situation in China is a further shake-up of the mining landscape. Other locations where electricity is cheap but conditions harsh include South America, where several instances of criminal repercussions for miners have surfaced this year.

Venezuelan and most recently Bolivian police have arrested parties known to have mined bitcoin on charges ranging from draining the national grid to propagating “pyramid schemes.”

No further information has yet been received from Chinese lawmakers with regard to the practice.

What do you think about the problems faced by Chinese miners? Let us know in the comments below!

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