China's crypto holdouts: Bitcoin nodes and OTC desks struggle on
There are still a handful of Bitcoin nodes hanging on in China and OTC trading remains viable, but it may not be for long. Despite Beijing’s ever-increasing crackdown on the crypto industry, there are still some signs of life in the People’s Republic regarding the Bitcoin network and OTC trading.China intensified its clampdown on crypto last week in an effort to suppress any remaining activity related to digital assets within its borders. The regime specifically targeted crypto transactions, but as researched by Cointelegraph, this action is nothing new with at least 19 similar crackdowns....
Related News
CoinEx previously blocked access and terminated the registration of new users from mainland China in March 2019. CoinEx cryptocurrency exchange is winding down operations in mainland China to comply with local anti-crypto regulations.The company officially announced on Thursday that it was going to completely retire user accounts verified as mainland China citizens as well as those linked to a mobile phone number from mainland China.The exchange has asked mainland China-based users to withdraw their crypto assets from the platform before Oct. 31, 2021. CoinEx then plans to disable accounts....
The huge growth in Bitcoin has almost everything to do with the Chinese's recent interest in the digital currency. According to Bitnodes, it looks like China has overtaken Germany in having the second most Bitcoin nodes in the world, with just over 12,000 being the estimate. China trails behind the United States, which has close to 33,000 nodes at this time - so they've still got some catching up to do. Bitcoin nodes are critical parts of the Bitcoin network. These nodes are typically run by ordinary people or mining groups and are responsible for updating the ledger (block chain) with the....
Digital currency markets have been gathering gains again moving past the lows seen a few weeks ago. This week crypto traders have been discussing over-the-counter (OTC) desks bubbling with demand for bitcoin as the co-founder of 21st Paradigm explained, “high net worth individuals [and] institutions want your bitcoin.” Analyst Says Big Market Players ‘Want Your Bitcoin’ Most traders either use decentralized exchange (dex) platforms or centralized exchange (cex) operations to acquire bitcoin (BTC) and a myriad of other digital currencies. However, high-net-worth....
Since its launch, Bitcoin Classic's node count has steadily increased. The latest release of the alternative Bitcoin implementation even topped the charts, with almost 3,000 Bitcoin Classic 0.12 nodes reachable on the network. But a closer look at these statistics reveal some odd details. First, IP-data suggests that many Bitcoin Classic nodes might not really be many Bitcoin Classic nodes at all. Instead, a single node could use multiple IP addresses to spoof total node count. This possibility appears more likely in light of the observation that very few Bitcoin Classic nodes seem to be....
Bears have a potential $450 million lead if Bitcoin fails to hold $32,000 until June 25. Bitcoin (BTC) price dropped roughly 22% over the past 7 days, retesting the $31,700 area for the second time in June. The most pressing news for the negative performance has been China supposedly cracking down bank accounts of over-the-counter desks, according to some analysts:China cracking down on the bank accounts of #bitcoin OTC desks, this is getting serious!!!— Lark Davis (@TheCryptoLark) June 21, 2021 However, as reported by Cointelegraph, Bitcoin's hash rate dropping nearly 50% to an 8-month....