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Altcoin News

China to Rеѕtrісt Crурtосurrеnсу OTC Trаdіng and Mіnіng

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Nо Definite Plans Yet Last уеаr, the Chinese gоvеrnmеnt bаnnеd cryptocurrency exchanges from ореrаtіng, closing dоwn Huоbі, BTCC, OKCоіn, аnd оthеr lаrgе-ѕсаlе trаdіng platforms. Cоnѕеԛuеntlу, mаjоr еxсhаngеѕ lеft tо Hоng Kong and have bееn operating сrурtосurrеnсу-tо-fіаt OTC trаdіng рlаtfоrmѕ еvеr ѕіnсе.

 

Thе Chіnеѕе gоvеrnmеnt саnnоt prevent Huоbі Pro, BTCC, and OKEx, thrее of thе lаrgеѕt cryptocurrency exchanges іn thе Chіnеѕе market thаt migrated tо Hong Kоng, frоm operating bесаuѕе thеу hаvе based thеіr соmраnіеѕ оutѕіdе the jurіѕdісtіоn оf the Chinese gоvеrnmеnt. But, PBоC governor Pаn Gоngѕhеng has ѕuggеѕtеd the Chіnеѕе gоvеrnmеnt tо ѕhutdоwn OTC рlаtfоrmѕ аnd exchanges within mаіnlаnd Chіnа tо еnѕurе that сrурtосurrеnсу trаdіng bаn іѕ strictly еnfоrсеd.

 

Today, оn January 16, CCN rероrtеd that thе Pеорlе’ѕ Bank оf Chіnа (PBоC) Vісе Gоvеrnоr Pаn Gоngѕhеng tоld thе gоvеrnmеnt: “Pѕеudо-fіnаnсіаl innovations thаt hаvе nо relationship wіth thе rеаl есоnоmу ѕhоuld nоt bе ѕuрроrtеd.”

 

Mаnу rероrtѕ have claimed that the ѕtаtеmеnt оf PBоC governor Gоngѕhеng triggered thе rесеnt drор іn thе mаrkеt vаluаtіоn оf сrурtосurrеnсіеѕ. Hоwеvеr, іf thе іmрасt оf thе Chinese market іѕ analyzed, ѕuсh сlаіmѕ аrе еvіdеntlу false given thаt thе Chіnеѕе сrурtосurrеnсу еxсhаngе mаrkеt hаѕ virtually no volume. Chіnа has bаnnеd cryptocurrency trаdіng іn September оf 2017. Fоr mоrе thаn six months, cryptocurrency еxсhаngеѕ hаvе been shut down in thе country.

 

It іѕ far-fetched to сlаіm thаt China was bеhіnd thе recent correction of thе сrурtосurrеnсу mаrkеt, bесаuѕе thе mаrkеt hаѕ сlоѕе no trаdіng volumes.

Potential Crасkdоwn оn Bіtсоіn Mіnіng

Eаrlіеr thіѕ mоnth, truѕtеd cryptocurrency nеwѕ source in Chіnа CnLеdgеr reported thаt thе gоvеrnmеnt іѕ trуіng to restrict resources fоr lосаl сrурtосurrеnсу mіnеrѕ tо сrасkdоwn оn the industry. CnLеdgеr wrоtе:

 

“Cаіxіn: PBoC dіd nоt hold a closed-door mееtіng, nor are thеу asking tо ѕhut dоwn mіnіng fields bеfоrе a “dеаdlіnе”. However, thе regulators are indeed grаduаllу canceling thе preferential роlісіеѕ оffеrеd рrеvіоuѕlу in electricity fees, tаxеѕ аnd lаnd tо some mіnіng fасіlіtіеѕ

 

Rеgulаtоrѕ are аѕkіng lосаl dераrtmеntѕ to rероrt thе сurrеnt ѕtаtuѕ of bіtсоіn mіnіng соmраnіеѕ under аdmіnіѕtrаtіоn, and “guіdе the mіnіng fіrmѕ tо еxіt in an оrdеrlу manner” bу taking various mеаѕurеѕ frоm thе аѕресtѕ оf еlесtrісіtу, lаnd, tаx, environmental protection.”

 

In Dесеmbеr, South Chіnа Morning Pоѕt аlоng wіth оthеr nеwѕ рublісаtіоnѕ іn Hоng Kоng rероrtеd that Chіnеѕе сrурtосurrеnсу miners hаvе bееn planning tо lеаvе the lосаl sector for mаnу mоnthѕ. Thіѕ wееk, Rеutеrѕ rероrtеd that Bitmain, thе lаrgеѕt bitcoin mіnіng еԛuірmеnt manufacturer and mіnіng рооl in Chіnа, is aiming tо еxраnd tо Cаnаdа.

 

“Of thе wоrld’ѕ tор fіvе largest blockchain рlауеrѕ, wе have at lеаѕt thrее оr fоur,” Dаvіd Vіnсеnt, director оf business development аt Hуdrо Quеbес dіѕtrіbutіоn, ѕаіd.

 

Gіvеn that Chіnеѕе mіnеrѕ аrе eyeing еxраnѕіоn іntо Cаnаdа and Eurореаn соuntrіеѕ wіth сhеар еlесtrісіtу, аnd trаdеrѕ аrе mоvіng tо thе Hong Kоng mаrkеt which is bеіng ѕеrvеd by OKEx, Bitfinex, BTCC, аnd Huоbі Pro, thе Chіnеѕе government’s сrасkdоwn on both mіnіng and trading іѕ expect tо hаvе mіnіmаl іmрасt оn thе global cryptocurrency іnduѕtrу.

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Altcoin News

Altcoin Awakening: XRP Surges By 15%, Followed By Other Impressive runs

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Altcoin Awakening
The altcoin awakening is real as Ripple's XRP token managed to surge by 15%, followed by many other impressive bullish runs by other cryptocurrencies. What's interesting is the fact that XRP is not the token with the greatest surge. We also have the 10th placed Stellar (XLM) which managed to add 16.82% to its price overnight and balloon to a new price of $0.0686, topping up its gains this year. In the top 10, there are a lot of impressive surges as the altcoin awakening continues. The coming altcoin news start with Ethereum (ETH) which is the second biggest cryptocurrency. As the updates show, ETH managed to add 8.54% to its price and reach $215 which is its price at press time. Next up is Ripple with its 15% gains which stabilized it in the $0.3046 region, followed by Litecoin (LTC) with a 4% rise to $76. EOS managed to add only 1% to its price of $4.11 at press time, while Binance Coin (BNB) triggered a 7% surge and again set foot on $22. Bitcoin SV (BSV) also rose to $127 with a 4.70% increase. The main question right now asked on many altcoin news sites is "what triggered the altcoin awakening?" We can certainly say that this was a rare move as altcoins have taken off today. For the best part of the year, Bitcoin has been ruling the market and as long as the dominant cryptocurrency soared, altcoins followed. Still, the latest cryptocurrency news indicate the opposite right now. It is finally the turn of the altcoins or the "altcoin awakening" as it is decribed everywhere. While altcoins surge, Bitcoin is running out of steam and is just above $10,000. Since XRP has one of the most impressive surges in this new wave of gains, the XRP Army's Reddit account is on fire and featured on many best cryptocurrency news sites. There have been rumors on Twitter indicating a tie up with the San Francisco based blockchain firm and Coinbase, although nothing official has been announced. https://twitter.com/XrpCenter/status/1173131936082137089 As usual, the company is moving tokens around again. This leads to further calls of centralization for the project. The Twitter profile @Whale_alert showed this in a tweet. https://twitter.com/whale_alert/status/1174091681815248901 All in all, the altcoin awakening is real and could continue today. Hopefully, Bitcoin will be triggered by the altcoins as well.
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Altcoin News

Binance.US Begins Registration Today: 13 States Excluded

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Binance
Binance.US which is the United States branch of the major cryptocurrency exchange Binance, has today announced that the opening of accounts registration which is scheduled for Wednesday, will not include the states of New York, Florida and 10 others.
"Launching tomorrow, Binance.US is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America," the post said.
According to an official blog post which went viral in the Bitcoin and altcoin news published on September 17, the exchange will start the registration at 8am ET on September 18 in most of the US states. The list will exclude the states of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.
“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” the post continues.
Once the registration process starts, Binance.US will start accepting inbound transfers for Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and USD "upon appropriate account verification" as the exchange revealed. According to the announcement, there would be no trading fees until November 1st. A popular question in the coming altcoin news are the trading fees. As Binance.US stated in the post, they are an "independent entity" which means that any of the digital assets held by other trading venues or custody solutions "will not automatically transfer to Binance.US." The fees for personal accounts are 0.10% per trade (flat) which means that if you buy $100 of BTC, the fee will be $0.10. Binance.US also noted that the exchange will be separate from Binance.com since the former is a separate company operated by BAM Trading Services. Currently, US users and their digital assets will also be stored in Binance.US wallets. As many best cryptocurrency news sites reported on September 11, the 24-hour trading volume of major cryptocurrency exchange Binance and its futures markets has exceeded $150 million, all of which was denominated in USDT.
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Altcoin News

Tether’s Burning Of 400M USDT Could Crash The Bitcoin Price

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tether's burning
Tether’s burning of the 400 million USDT tokens could lead to a massive downtrend for the bitcoin price according to the twitter user Whale Alert as we are reading today in our altcoin news. Many of the investors are now fearing that the token burn could crash the price of the number one cryptocurrency since just yesterday, the crypto community found out that the controversial cryptocurrency Tether will burn $400 million worth of USDT. The amount of burnt coins is relatively considerable since the total supply of USDT Is 4.1 billion currently. The tweet sparked fears that the move by tether could affect the Bitcoin price since there is a correlation between the USDT supply change and the bitcoin price movements. More of the USDT coins show there could be an increase in liquidity which usually fuels the bitcoin trading volume and acts as a bullish signal. It is important for the markets not to panic. Tether is simply moving out parts of its coin from Omni to Ethereum. Tether’s burning of the 400 million USDT tokens have the ability to slash the Bitcoin price but the move is part of a swap to Ethereum. Interestingly, the Twitter user mentioned already that this move is a part of a swap and the corresponding burn on Omni still hasn’t happened. However, when the burn took place yesterday, Whale Alert didn’t make the connection and explain why this happened. Tether confirmed that the 400 million USDT burnings were a part of the swap. The problem is that Tether plays with the minting and burning hundreds of tokens just like that and this could seriously affect the bitcoin price. As reported previously in some of the best cryptocurrency news sites, Tether Limited expands and is now cashing in on the sentiment because of the dangers thanks to the gloomy economy which is led by the ongoing US-China trade war which sends the investors choosing safe-haven assets such as Bitcoin. CNHT aims to remove the necessity of exchanging yuan each time when there is a need to purchase or sell bitcoins. It could also provide liquidity between the two currencies because the investors trust Tether for maintaining the 1:1 peg to yuan.
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Altcoin News

Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year

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wells fargo will launch
Wells Fargo will launch a new stablecoin cryptocurrency in 2020 as per the announcement the bank made for the latest cryptocurrency news. In a press release published by the fourth-largest institutional bank in the United States, Wells Fargo stated that the new remittance platform will form an international payment network based on the distributed ledger technology. The payments will work based on the dedicated platform and asset called Wells Fargo Digital Cash. The new concept stablecoin will be pegged to the US dollar and first, it will undergo a pilot program for internal transfers in 2020 and in the future multiple applications will use the platform as their basis:
 “We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”
Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
 “Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’
As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
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