According to a report from the Chinese government, there is actually a plan to erase crypto mining in the country as an industry. In our bitcoin news today we will read more about the report issued by the National Development and Reform Commission (NDRC).
Though the report is still in the development stage, it is still horrifying to think that if it comes in force, the bitcoin rally will be stopped immediately. Bitcoin increased by 27 percent in the past two weeks and hit a 2019 high after a long time. It is now hovering above the $5,200 price point. The proposed mining ban in China could have a tremendous impact on the value of the cryptocurrency and its market cap.
The NDRC report further lists about 400 activities that the country should enact limit or put up a ban completely. More specifically, it underlines the industrial activities that have a negative impact on the Chinese environment.
The public will be able to comment on the report until the 7th of May. At that time, the report will likely be finalized by that time and will be put into force.
National Development and Reform Commission is a government entity that derives from the State Council and is a part of the Central People’s government. The proposed mining ban by the commission could have a massive negative effect on the price of the number one cryptocurrency.
China has a very important role as the host of the largest bitcoin mining pools on the planet including F2Pool, Antpool, and BTC.com. In the past seven days, all of the mining pools reported more than 50 percent of the total BTC mining hash rate. Chinese mining companies were responsible for more than 70 percent of the BTC hash rate during the BTC all-time high. If the pools were stopped then, the BTC network would have lost a huge part of its hash power which could have slowed down the transaction time.
If China continues to throw punches like these to the crypto industry, it could kill the industry in the country.
New 2019 Bitcoin High Puts BTC At $8,939
"$BTC now in bull market territory after an intraday blow-off top. R: 7000, 8000 S: 6400, 6000 Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance. Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18."https://twitter.com/krugermacro/status/1127114577504874496 This has led the Bitcoin price to recover to $7,000 on May 11. Since then and in only three weeks, we are seeing a new 2019 Bitcoin high in which the price of BTC has added nearly $2,000 and rose by 27% during this period. As analysts show, the stunning recovery of Bitcoin can be mainly attributed to three factors which include:
- The bull market territory made the price rise from $3,000 to $7,000 which also raised momentum
- The volume on regulated platforms such as CME is surging, indicating a significant increase in institutional investors and their money
- The volume on exchanges and Google Trends popularity for the keyword "Bitcoin" as another factor behind the new 2019 Bitcoin high
Bitcoin Trademark Has Its Origins From The Escobar Family
“To avoid abandonment of applicant’s trademark application, the USPTO must receive applicant’s complete response to this letter within 6 months of the issue/mailing date below.”There was not a single reply so Craig Wright declared himself as the real Satoshi Nakamoto. Coin Legal Ltd’s original claim on bitcoin noted:
“Financial services, namely, providing a virtual currency for use by members of an on-line community via a global computer network.”Wright claim goes further:
“Cryptocurrency, namely, providing a digital currency or digital token for use by members of an on-line community via a global computer network; Cryptocurrency, namely, a digital currency or digital token, incorporating cryptographic protocols, used to operate and build applications and blockchains on a decentralized computer platform and as a method of payment for goods and services.”
Bitcoin Will Disappear: Craig Wright’s Hot New Manifesto
‘’I designed Bitcoin to be a system that worked within the rules. Bitcoin needs to act within the rules. If it doesn’t, then the exchange and systems that allow people to use bitcoin act to stop it being widely used and disseminated and criminalise all of those in the system.’’He also noted that every other monetary system such as BTC seeks to operate outside the rules, it becomes an outlaw system. Wright wrote:
‘’The majority of people want rules. They don’t want to fight in a world of uncertainty, and want to know the contract that they have conducted will remain valid not just now, but throughout the term of the exchange-for which we need rules.’’Also, as explained in the latest cryptocurrency news, Wright thinks that crypto exchanges are criminal enterprises and that they are the ones responsible for money laundering. He says that they will go out of business since ‘’crime always fails.’’ He even accused Bitfinex and Binance of lying to their customers because they are not decentralized. Wright explained that this is one of the reasons why bitcoin will disappear since many people tend to use decentralized exchanges so they can hide or launder money.
Stock Market Outperformed By Bitcoin By 10 Times This Year
‘’At this point, a $200 move in the price of Bitcoin could easily lead to a move of $2,000.’’The billionaire venture capitalist Tim Draper, spoke to CNBC and pointed out that the newly established brands which go public such as Uber, aren’t going to experience huge price growths. Instead, he expects that the stock market and its value will increase by 10 to 20 percent. Bitcoin bulls, on the other hand, don’t get a headache for the top-ranked cryptocurrency since BTC has so far remained close to the $8,000 price point despite the recent downturns. Mary Yusko, the Managing Director of Morgan Creek Capital Management, stated in an interview with one of the best cryptocurrency news sites and described BTC as a great investment portfolio diversifier. Many other commentators have stated previously that BTC will constitute at least one percent of every investment portfolio. Yusko also expressed his opinions similar to Pompliano’s saying that BTC is always a better investment than stocks. Back in 2019, Yusko spoke about the potential of the cryptocurrency saying it was the greatest wealth opportunity of our time. Bitcoin’s stock would be a great investment portfolio diversifier that could come into more significant prominence during a market decline. According to Yusko, the Federal Reserve and their comments on slashing interest rates show the awakening of the economic weakness. Central banks across the world are also on considering adding similar monetary policies. The history of price precedence shows that the rate cuts can lead to market weakness as it was in 2001 or 2008. For some people such as the bitcoin bull Max Keiser and Travis Kling, Bitcoin is a hedge against the fallback from the ‘’irresponsible’’ central bank policies.
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