Actions of Chinese Government May Reduce Bitcoin Volatility, Improve Adoption
The recent steps taken by the Chinese government with regard to Bitcoin may reduce the cryptocurrency's volatility. The best performing asset of 2016, Bitcoin has been under the weather lately. The cryptocurrency whose price had crossed the $1100 mark started losing steam, to fall as low as $767. The fall is said to be fueled by recent developments in the Chinese market. Following the initial drop, fueled by a short-lived positive performance of Chinese yuan, the government decided to review the cryptocurrency platforms. The review came amid allegations of Bitcoin fueling the capital....
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The Chinese government may be moving to suppress bitcoin adoption by limiting access to popular industry websites such as Blockchain, BTC-e and Coinbase, sources say. The reports follow the revelation that the Chinese government had sought to limit domestic media coverage ahead of last week's Beijing-based conference Global Bitcoin Summit, and that more extensive press restrictions have been implemented domestically. Speaking to CoinDesk, Bitcoin Foundation board member-elect and BTC China CEO Bobby Lee confirmed that local web users had reported difficulty accessing certain popular....
But there is more, as financial institutions will have to report international transfers exceeding 200,00 yuan. China has been imposing various degrees of curbing capital outflow throughout 2016. Not all of these attempts have been successful, but the government has come up with a new plan. Foreign currency purchases will be restricted even further moving forward. In doing so, the government aims to reduce the amount of money leaving the Chinese economy. Converting Yuan to foreign currency will become more difficult for everyone living in China. Additional information needs to be provided....
Seven years on, bitcoin still remains the largest digital currency by market capitalization. While bitcoin may have been the most volatile currency, it has since ceded that mantle to up-and-coming altcoins. The transformation of bitcoin from a volatile experiment, to a “stable” form of electronic money is illustrated in Figure 1. The graph plots the 90-day moving average market capitalization of bitcoin against its 90-day realized volatility. Volatility peaked alongside the market cap during the 2013 bubble. Over the past three years, the market cap fell substantially, then surpassed the....
China's crackdown on bitcoin threatens to undermine the industry's global economy, according to a new US government report. Drawing a contrast between the actions of domestic authorities to "investigate and regulate bitcoin without restricting its use" and the recent, restrictive steps taken by the Chinese government, the United States-China Economic and Security Review Commission report concluded: "If Chinese regulators successfully prevent Chinese users from accessing bitcoin, the global bitcoin market will face continued price declines, significantly decreased trading volumes and....
Digital wallet solutions are gaining more mainstream traction, and this industry has largely been unregulated for the most part. The Chinese government will require wallet apps to demand real-name registration Come July 1st. Chinese Wallet Apps to Require ID. Hardly anyone will be surprised to find out the Chinese government would like to know what its....