Ethereum
Cryptocurrencies suddenly set for ‘very big’ turnaround in China after wild price swings in Bitcoin, Ethereum and XRP
Bitcoin, along with other major cryptocurrencies Ethereum and XRP,have seen significant fluctuations as ‘extreme fear’ threatens to cause the market to collapse further.
The price of bitcoin has lost nearly 20% over the past month, Bitcoin plummets from recent highs of over $70,000 per bitcoin as Federal Reserve Chairman Jerome Powell issues ‘critical’ warning.
NOW, after a tech billionaire sparked wild speculation he could follow MicroStrategy and Elon Musk’s Tesla into bitcoinCryptocurrency entrepreneur Justin Sun said China is about to embrace bitcoin and cryptocurrencies, calling his recent legal victory in China “very important.”
Register now for the free CryptoCodex—A daily five-minute newsletter for traders, investors, and the crypto-curious that will keep you up to date and ahead of the Bitcoin and cryptocurrency market bull run.
Chinese President Xi Jinping has overseen a sweeping crackdown on cryptocurrencies in recent years… [+] weighed on the price of bitcoin, ethereum, XRP and other cryptocurrencies.
Getty Images
“I think the legal victory of mainland China is very important because many rumors have spread about the misinterpretation of mainland China’s legal policy,” said Sun, founder of blockchain and cryptocurrency Tron. said The block.
Sun, who also owns cryptocurrency exchange Poloniex and is an influential advisor to the HTX exchange, won a legal victory in China against Chongqing Business Media Group last month. The court ruled that the allegations, mostly made in a March 2022 report, were false. piece in The Verge, that Sun was under investigation by the FBI and suspected of insider trading, which is “completely unfounded.”
Last week, Sun released paid advertising in crypto industry publication Blockworks to spread the news of his legal victory.
“This is a big victory not only for me but for the industry itself, because cryptocurrency has long been considered a gray area in China,” Sun said, adding that the Chinese court had given some legitimacy to cryptocurrency.
China’s 2021 bitcoin ban, which made trading and mining cryptocurrencies including Ethereum and XRP illegal, triggered a sudden drop in bitcoin’s price at the time.
Register now at CryptoCodex—A free daily newsletter for the crypto-curious
The price of bitcoin has skyrocketed over the past year, but has recently fallen, dragging the price down… [+] of Ethereum, XRP and the broader crypto market.
Forbes Digital Assets
Last month, bitcoin and cryptocurrency investor Brock Pierce predicts it’s only a matter of time before China reopens its digital doors to crypto.
“Will China open up? [to crypto]? … I would say it’s inevitable,” said Pierce, a former child actor who co-founded Tether, the dollar-pegged stablecoin issuer USDT in Hong Kong a decade ago. said The South China Morning Post. “The question is not so much if it will happen, but rather when it will happen.”
In May, attendees at a bitcoin conference in Hong Kong has sparked speculation that Hong Kong’s much-hyped spot bitcoin exchange-traded funds (ETFs) could eventually be opened to mainland Chinese investors.