China’s Authority Over Its Cryptocurrency Market Has Become Almost Non-Existent

cryptocurrency china

It is known that more than 50% of the world’s cryptocurrency as well as the biggest mining farms is accumulated in China. Nevertheless, this country has always managed to keep it under strict control. What could possibly happen to the government of the Celestial Empire to make it loosen its grip?

The answer is quite simple: you cannot control something that you do not have. We would like to remind you that the government of PRoC has recently banned foreign ICOs, cryptocurrency exchanges, cryptocurrency-related trading transactions, mining, thereby totally shutting down the industry on the territory of the country.

Under given circumstances, most businesses had to either move to nearby Hong Kong, Singapore and Taiwan, where the atmosphere is more cryptocurrency-friendly, or stop operating at all.

That is why, it is quite expected that the Chinese cryptocurrency market dropped drastically. According to Express, the number of cryptocurrency transactions in Chinese yuan has decreased to almost nothing (1%).

Such figures might encourage Chinese officials to take action and maybe even lift its ban, at least partially. Losing such a promising industry would be an illogical decision. Jon Ostler, the creator of finder.com says the following:

China lifting its ban on cryptocurrency would likely have a significant impact on prices. It is such a big potential market that even murmurings of the ban lifting would probably push value up in the short-term.

We will be monitoring the situation at the Chinese crypto market closely and report on any changes with the ban.

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SEC Regulations and SEC Vision Are Two Completely Different Things: What Does It Mean for Ethereum?

sec and eth

The Securities and Exchanges Commission is the most influential organization in the US when it comes for crypto. If the SEC officially disapproves a project, this project is doomed. Crypto exchanges, crypto companies, ICO startups all comply with the mighty SEC.

However, it is important to distinguish when the SEC comes out with an official statement and when the SEC representatives declare their thoughts and opinions on a particular issue.

This is what the report published by Jay Clayton on the official website of the SEC is about:

Statements issued by SEC staff frequently include a disclaimer underscoring the important distinction between the Commission’s rules and regulations, on the one hand, and staff views on the other.”

This leads us to another thought. So far the crypto community was sure the SEC did not consider Ethereum a security on the official level. However, now it turns out that it was just the point of view of the abovementioned Jay Clayton.

Thus, Ethereum might still be a security after all. Hopefully, it will boost its exchange rate a little, since it hasn’t been particularly high these couple of weeks.

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McAfee Birthday Collection: Top-5 Eccentric Statements, Promises, Innovations and Scandals

john mcafee birthday compilation

The editorial board of The Coin Shark wishes happy birthday to the most unconventional crypto personality John McAfee and hopes he will thrive and please the crypto community for many more years.

For this occasion we decided to compile the loudest things that McAfee has said or done this year.

1. There is no doubt that the wildest promise of John McAfee remains his infamous claim about the price of Bitcoin in 2020. The interesting part is, of course, related to the physical tortures that McAfee is ready to face if his predictions turn out to be wrong.

2. Another loud claim of McAfee was his firm intention to run for presidency during the next election. Given the low levels of popularity that the current US President is coping with, we believe that anything might happen at this point. Politics aside, no doubt that the crypto world will be thrilled to have such a president.  

3. We could not leave out the epic with McAfee’s crypto wallet Bitfi. Was it really hacked? Was McAfee planning to give such a pricy award? We don’t know. However, what we do know is that the story brought a whole lot of attention to the wallet, so maybe it was an ultimate goal in the first place.

4. The CoinMarketCap should beware, because John McAfee is on its toes. His own site with market capitalization and cryptocurrency exchange rates is already functioning.

5. Last, but certainly not least comes the McAfee crypto challenge. Brilliant minds with innovative crypto solutions can join his team to improve and develop the crypto world together.

Anyway, even if John McAfee does not eat any parts of his body or loses the run for presidency, he will always remain one of the brightest stars of the crypto universe. Happy birthday, John!

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A Bitcoin Challenge Started Out in China: 21 Days With 0.21 BTC. Why Was It Stopped After Just 3 Days?

bitcoin challenge in china

We all have seen these shows where a person needs to survive a certain period of time with a limited amount of money in different locations. The Chinese TV decided to take it even further and add a new twist to the story.

A girl named He You Bing took up a challenge, during which she had to survive 3 weeks only having 0.21 BTC (approximately 1300 USD). That was all the money she had for food, dwelling and satisfying basic needs.

Considering the prices in China and also the fact that He You Bing carried out the challenge in megalopolises like Shanghai and Shenzhen (which are even pricier), it would seem quite an impossible task to complete.

However, if we think of the situation with cryptocurrency in China, here came another trouble for the girl, which was way more serious than the little amount of money.

He You Bing simply couldn’t find establishments that accepted BTC as a means of payment. She went from place to place, but most of the times very few people even knew about Bitcoin and cryptocurrencies in general, let alone accepted it. As a result, she had to eat wild fruits from the trees, free samples from shops and sleep in 24/7 cafes.

By the end of the 3rd day the challenge had to be stopped, and He You Bing had to be taken to the hospital due to starvation symptoms – the girl was on the verge of losing consciousness.

However, she reached ones of her goal – the challenge attracted attention of the public, thus, raising cryptocurrency awareness in China. Hopefully, next time the girl will choose less radical methods to do so.

We remind you:

McAfee Cryptocurrency Challenge Is Going Live

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Do Not Sell Ethereum: Top Original Clothes Prints in Support of Cryptocurrency

Due to the latest changes in the cryptocurrency market and the news that Ethereum is dying, Vitalik Buterin is trying hard to support cryptocurrency. The Coin Shark editorial board also decided not to stay away and cheer the fans of ETH, as well as all holders of other coins. We present a selection of original things and accessories that we found on the web.

1. The Holy Vitalik

Vitalik Buterin, no doubt, has achieved incredible success in the field of cryptocurrency. Therefore, we completely agree with this image of Ethereum’s founder.


Source: https://www.redbubble.com

2. Almost Nike: JUST HODL IT

The famous slogan of the world-famous sportswear and footwear manufacturer Nike, suits the situation on the crypto market perfectly: just hodl ETH.

Source: https://www.redbubble.com

3. Do not let ETH go
It is sad to watch those selling cryptocurrency, and then, in the future, not only it restores its positions, but also grows in price. A girl with a balloon symbolizes a lost dream or, in this case, an Ethereum coin.


Source: https://www.redbubble.com

4. Time to buy Ethereum

These watches always show the right time. It’s time to buy cryptocurrency.


Source: https://www.cryptoclothe.com

5. Keep calm and hodl ETH

As you know, hodler is the slang name of an investor who buys cryptocurrencies and does not sell them, regardless of the situation on the market. This is what the well-known print reminds us of.

Source: https://www.cryptoclothe.com

Besides the images of Ethereum, various accessories, clothing and decorative objects are also produced in support of both Bitcoin and other digital coins.


Source: https://allthingsdecentral.com

 


Source: https://www.redbubble.com

 


Source: https://www.redbubble.com

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The Ex-Chinese Crypto Exchange Moves to Over 20 States of America

Okex

One of the major digital currency exchanges in the past, OKCoin had to stop operating over a year ago due to the fact that it used to be located in China, and we all know what fate awaits for crypto companies in that country.

Nevertheless, OKCoin did not give up completely. It moved to the United States and slowly started to restore its powers.

It was first only providing services in California, but recently the exchange management received green light to expand to over 20 other states.

Source: OKCoin

Although, this is a huge step for OKCoin, there is still room for improvement, since currently only the residents of California can trade digital coins in pairs with USD, the other states can only trade in cryptocurrencies.

We remind you:

How to Choose the Right Exchange? Review of the Best Cryptocurrency Exchanges

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The Gemini Dollar of Winklevoss Brothers Is Officially Approved

gemini dollar got approved

There have been multiple rumours surrounding the Winklevoss brothers and their crypto exchange Gemini. One of the most popular ones was that the twins tried to bribe a New York official to get an approval for their exchange.

We will probably never know if its true or not, but the fact remains: Gemini received an approval from the New York city administration, and now the Gemini dollar also got green light.

From now on, Gemini’s crypto will be officially backed up by the US dollar. The same happened for the standard of Paxos Trust Company.

Frankly speaking, many experts don’t see much use in having dollar-tied coins. Though they are way less volatile than the regular cryptocurrencies, it doesn’t seem a good reason to stop using a fiat dollar. Hopefully, we will see more incentives for using such coins soon.

We remind you:

Gemini Forms a Partnership With 3 Major Crypto Exchanges Including Bittrex

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