Bitcoin Price Charges towards $300 as China Cracks Down on Underground Banks
Bitcoin price and market value have been less than volatile for the majority of 2015, but a Bitcoin bull market run has been started in China recently. The last two weeks have seen price values increase as much as 20%, peaking at US$295 on Sunday. This coincides with recent currency market manipulations of the Chinese Yuan/Reminbi by the Chinese government. In the West, speculation of why Bitcoin has been on a “bull run” have centered around the recent EU VAT tax ruling in Bitcoin’s favor, but nothing correlates directly to the spike like the moves made in China. Provided by ZeroHedge in....
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China has shut down many underground cryptocurrency apps. A total of 13 underground trading applications have shut down after putting a ban on them for almost one year. As suggested by reports, China, which happens to be the world’s second-largest economy, has called crypto-related transactions illegal. China regulators have taken down 23 crypto-media websites and […]
China is tightening its capital controls. Faced with an outflux of money resulting from a depreciating yuan, Chinese officials are restricting the flow of money into foreign currencies such as the US dollar, causing severe complications to businesses with a large portion of international operations. Further, officials are limiting purchases of insurance products in Hong Kong by mainland residents to a $4,600 policy cap. Underground banks. While these capital controls can can make it significantly more complicated to transfer funds out of the country, ways around them do still exist. For....
Today we are starting a new feature, The Alt-Cracks. With a near endless stream of altcoins on the market, altcoin related stories are similarly endless. The Alt-Cracks, and yes, we realize the name is a little funny, will be an attempt to pick up all the stories in the altcoin space that either didn't necessitate their own story or for another reason, fell through the cracks. By no means is it intended as a comprehensive list. The altcoin space is endless. We will miss some stories, and we welcome any leads by altcoin devs, community leaders or users. Likewise, stories covered in their....
The Agricultural Bank of China, one of the Big Four Chinese Banks, has begun notifying its Bitcoin Exchange clients of upcoming changes to policy. The other 3 “Big Four” banks in China are: The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China. By market capitalization, the Industrial and Commercial Bank of China is the largest bank in the entire world, according to Relbanks 2013 statistics on largest banks in the world. The Agricultural Bank of China is the 6th largest bank in the world by the same measure, outstripping all American Banks besides Wells....
The U. S. Attorney for the Southern District of New York filed charges against two men from Florida for allegedly operating an unlicensed bitcoin exchange. This comes weeks after the state rolled out its BitLicense framework covering the digital currency industry and requiring bitcoin companies to secure licenses for their services and products. The filing indicated that Anthony R. Murgio and Yuri Lebedev had been running an underground bitcoin exchange online since 2013. Their service, which is called Coin.mx, had apparently been in violation of the Fed's anti-money laundering regulation.....