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China has not “banned” Bitcoin says exchange OKEx

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China has not “banned” Bitcoin says exchange OKEx

The news that China banned bitcoin and other cryptocurrencies, is according to a press release from one of China’s biggest exchanges OKEx incorrect.

“We have been seeing a lot of rumors and misreporting”

According to OKEx, China has issued a State Council notice aimed at cracking down on crypto exchanges and mining, mainly because of the potential risks to consumers and society in China.

The press release explains that many articles written about this subject were misinformed, as China has not completely banned bitcoin. What China will do is be stricter on exchanges and mining operations, but people can still use and hold cryptocurrencies in general.

As a result of the State Council’s announcement, some miners have decided to mine elsewhere in the interim until the announcement is enforced. In addition, exchanges such as OKEx have scaled back some services and products offered only to Chinese nationals.

Chinese state media have severely criticized high- leverage futures trading

Chinese state media have severely criticized high- leverage futures trading resulting in Huobi, an exchange sensitive to China’s policy, announcing it will ban new Chinese users from using futures in response to the criticism.

BitMart also announced that it will suspend contract trading for all Chinese users due to the policy. The transaction can only be closed, but not opened, and new Chinese users can not open contract services.

Binance has changed the Chinese content of its language

It has come to the attention of the Chinese journalist Colin Wu that Binance has chosen simplified Chinese as the language for the Binance Announcement Center, but all the content related to “leverage, contract” and so on has become traditional Chinese.

Simplified Chinese is used in mainland China, and traditional Chinese is used by Chinese in that live in Taiwan, Hong Kong and other regions. The reason they decided to change the language of Chinese content related to contracts and leverage to traditional Chinese is because Binance is concerned about mainland China’s regulations related to leverage and derivatives trading, he says.

Chinese traders aren’t leaving crypto behind them 

Despite these restrictions, Chinese traders still are a significant force. After some exchanges shut down their trading services, Chinese traders moved to bitcoin platforms owned by Chinese exchanges overseas. While these exchanges are not licensed to operate on the mainland, they allow investors to trade if they upload their Chinese identity card. This is the reason why the share of RNB decreased significantly from the crypto market, but the Chinese share did not. These exchanges do not allow the use of RNB or Yuan. They only permit trading in cryptocurrency pairs, for example, bitcoin and tether.

Thailand SEC wants to regulate the decentralized finance space

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    underratedcrypto
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    Thailand SEC wants to regulate the decentralized finance space

    The Thailand Securities and Exchange Commission is seeking to regulate the decentralized finance (DeFi) space as activities pick up in the country.

    Thai SEC wants to regulate the DeFi sector

    Financial regulators in various parts of the world have cast their glances towards the cryptocurrency space as the market grows. The DeFi sector is one of the fastest-growing areas in the cryptocurrency industry, and the Thai SEC wants to regulate it.

    According to the Bangkok Post, the SEC is seeking to regulate the DeFi space following the launch of the DeFi farming platform Tuktuk Finance. Tuktuk launched on Bitkub Chain during the weekend, with the price rising to several hundred US dollars before declining to $1 within a few minutes.

    Although the SEC wants to regulate the DeFi sector, it is unclear which regulatory agency would oversee DeFi transactions in Thailand. “The issuance of digital tokens must be authorized and overseen by the Securities and Exchange Commission, and the issuer is required to disclose information and offer the coins through the token portals licensed under the Digital Asset Decree,” the SEC added.

    How enforceable are regulations in censorship-resistant environments?

    While the Thai SEC and several regulatory agencies worldwide have discussed the need to regulate the DeFi sector, it is unclear how they intend to do so. One of the key problems is how to enforce regulations in censorship-resistant environments.

    DeFi and other decentralized sectors were designed solely to avoid censorship from governments and control from single entities. Hence, making it tough for the government to regulate the DeFi space. DeFi projects have become popular, with decentralized lending and borrowing providing better deals for users via smart contracts instead of using intermediaries like the traditional financial firms.

    Central banks have also started looking into regulating the cryptocurrency market. Several central bank heads have talked about the need to regulate the growing market. Stefan Ingves, the governor of Riksbank — Sweden’s central bank, is the latest to weigh in on the matter. According to Ingves, the size of the cryptocurrency means that it needs to be regulated. He believes that since consumer interests and money laundering are now in play, the regulation of the market would happen.

    Coinbase Card now support Apple Pay and Google Pay

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      underratedcrypto
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      Coinbase Card now support Apple Pay and Google Pay

      Coinbase users can now use their Coinbase app with Apple Pay and Google Pay, making it easier for them to spend cryptocurrencies at home or on the go.

      Apple Pay adds support for Coinbase Card

      Coinbase Card is a Visa debit card issued by cryptocurrency exchange Coinbase. The card allows users to spend any cryptocurrency in their Coinbase portfolio and earn rewards for each purchase.

      The cryptocurrency exchange announced earlier today that its customers can now use the Coinbase Card with Apple Pay and Google Pay. “You can now use your Coinbase Card with Apple Pay and Google Pay to make it even easier to spend crypto¹ at home and on the go. Starting this week, we’ll invite select customers off the waitlist to begin earning up to 4% back in crypto rewards,” Coinbase said.

      Cryptonary reported last week that Apple Pay might be supported by Coinbase Card soon. Coinbase pointed out that its decision to support Apple Pay and Google Pay is due to the rise in mobile phone payments. Last year, mobile phone payments in the United States went up by 29%, with more people using Apple Pay and Google Pay for everyday purchases.

      The cryptocurrency exchange provided a brief tutorial on how users can add the Coinbase card to their Apple Pay and Google Pay accounts. “Using Coinbase Card with Apple Pay and Google Pay makes it even easier to spend and grow your crypto. This is just the beginning — we’ll continue to build more ways for you to maximize crypto rewards and easily use crypto in your everyday life,” Coinbase added.

      More crypto exchanges are supporting mobile phone payments

      Coinbase is the latest crypto exchange to allow users to link their cards with Apple Pay and Google Pay. In April, Gemini revealed that its users could buy bitcoins and other cryptocurrencies using Apple and Google Pay.

      However, Coinbase Card’s functionalities are better as it allows users to spend cryptocurrencies on everyday purchases. Coinbase said users could earn 1% back in Bitcoin or 4% back in Stellar Lumens if they use the Coinbase Card with Apple Pay or Google Pay.

      Tech giant Apple is getting more involved in the crypto space. Last week, the company’s job posting showed that it wants to hire a manager to serve as Apple’s chief negotiator for the alternative payments space. The manager is expected to have experience in the cryptocurrency field.

      Crypto mining blows in Argentina amid cheap energy subsidies

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        underratedcrypto
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        Crypto mining blows in Argentina amid cheap energy subsidies

        Cryptocurrency mining has become an attractive venture for Argentinians due to energy subsidies and the rising inflation levels in the country.

        Cryptocurrency mining booms in Argentina

        Cryptocurrencies have gained adoption in several parts of the world. However, some of the biggest adoptions have come from countries dealing with hyperinflation. In recent years, Argentina, Venezuela, Nigeria and Zimbabwe are some countries with high crypto adoption due to rising inflation levels.

        Argentinians have now found another way of making more money via the cryptocurrency market. Crypto mining is booming in the South American country thanks to generous electricity subsidies from the government.

        Nicolas Bourbon, an experienced cryptocurrency miner, revealed this to Bloomberg earlier today. He stated that despite the drop in Bitcoin’s price, cryptocurrency mining remains lucrative due to the cheap electricity. Argentinians are enjoying cheap electricity thanks to a policy that allows the citizens to receive substantial electricity subsidies from the government. The subsidy sees power bill for users only accounting for 2-3% of an average monthly income.

        Source: Bloomberg

        Bourbon added that although the cryptos miners generate is sold at the parallel exchange rate, they pay for energy at a subsidized rate. Hence, their revenues are very high at the moment, he concluded. Argentinians are leveraging this opportunity because electricity bills in other Latin American countries like Brazil, Colombia, or Chile are at least twice as much as Argentina.

        Inflation promotes crypto mining adoption

        The massive inflation in Argentina is a key reason why cryptocurrency mining has gained huge adoption in Argentina. The citizens are looking for alternative assets to serve as a hedge as annual inflation touches 50%.

        The low electricity charges in Argentina have seen some of the leading Bitcoin mining farms take notice. Bitfarms has previously revealed that it intends to use a local power plant in the country to draw up to 210 megawatts of electricity. Bitfarms president Geoffrey Morphy told Bloomberg that “We were looking for places that have overbuilt their electrical generation systems. Economic activity in Argentina is down, and power is not being fully utilized. So it was a win-win situation.”

        Argentina could become a crypto mining hub, especially with Iran banning crypto mining activities for four months. China is also looking to crack down on cryptocurrency mining activities. As such, crypto mining companies could move to countries with favorable regulation and cheap power.

        Here’s What’s Coming for Cardano and Six Altcoins, According to Trader Michaël van de Poppe

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        underratedcrypto
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        Here’s What’s Coming for Cardano and Six Altcoins, According to Trader Michaël van de Poppe

        Crypto trader and analyst Michaël van de Poppe is highlighting what he thinks is next for Cardano (ADA) and six other altcoins.

        In a new video, the trader says Cardano is looking strong relative to other crypto assets during the market correction, consistently making higher lows in its price action. According to him, the next target for ADA is in the $3.35 level, before a potential rocket to $5.00.

        “If we do have this break above $1.80 you can use the Fibonacci extension to derive the next target zones which is $3.35 and $5.00. If we get this break into the upside, if Bitcoin is going to find its bottom formation here, we can start targeting to these two target zones here, so there’s upside to be expected, and not everything is bad in the markets.”

        Van de Poppe has also got his eye on six cryptos, number one being SXP, the native token on crypto wallet Swipe. According to the trader, a bullish breakout could be established once SXP breaks above the 100-day moving average (MA) against Bitcoin (SXP/BTC).

        “This one is consolidating between the MAs here, through which a bullish trigger can be formed if it breaks back above the 100-Day MA.

        New impulse wave trigger if accumulation resistance breaks.”

        Source: Van de Poppe/Twitter

        Next on Van de Poppe’s radar is smart contract platform Avalanche against Bitcoin (AVAX/BTC), which he notes “got crushed” compared to other altcoins during the correction. If AVAX/BTC can break above the 0.00061 area, which is about a 22% move from its current value of 0.00049 he says the coin can resume its bullish momentum.

        Next up is interoperable blockchain protocol Cosmos (ATOM), which Van de Poppe says may have a bullish continuation against Bitcoin once it breaks the 200-day moving average, currently around 0.0004.

        “This one is consolidating in a range here, through which it’s also acting between the crucial MA’s.

        If a break above the 200-Day MA happens, I’m assuming continuation is likely.

        Green zones are critical to hold.”

        Source: Van de Poppe/Twitter

        The closely-followed trader also says that ONE, native token on decentralized application (DApps) platform Harmony, has a chance to blast off for new highs if ONE/BTC can hold the critical level of 200 satoshis or 0.000002.

        Another crypto that Van de Poppe’s keeping a close watch on is decentralized oracle network Chainlink in its Bitcoin pair (LINK/BTC). He says it’s a good sign that the LINK/BTC managed to climb back above its crucial moving averages, and if they hold, a 42% rally from its current price of 0.00083 to 0.00118 may be in the cards.

        “Dropped below the 100-Day & 200-Day MA.

        Bounced back immediately, now back above.

        Holding those and I’m expecting bullish continuation to occur on this one.

        Doesn’t look bad.”

        Source: Van de Poppe/Twitter

        The last coin on Van de Poppe’s radar is RSR, the native token on stablecoin platform Reserve Rights. According to the analyst, RSR/BTC could be eyeing a 70% rally from 0.00000088 to 0.0000015 to test the next major resistance area.

        “This one shows the same as AVAX and ATOM.

        Heavy breakdown, through which a range is getting constructed.

        Green area is critical to hold. If that holds, new tests at red seem likely.”

        Source: Van de Poppe/Twitter

        Ripple DLT Decacorn Has Unlocked Another Billion Of XRP Tokens Despite All The Recent Turmoil With The SEC Lawsuit

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          underratedcrypto
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          Ripple DLT Decacorn Has Unlocked Another Billion Of XRP Tokens Despite All The Recent Turmoil With The SEC Lawsuit

          Traditionally every month, on the 1st of every month, blockchain behemoth Ripple lets a staggering 1 billion XRP tokens out of escrow.

          The release was made in two transfers, 500 million coins each. It is executed on the first day of each month, has been for several years already.

          At the current XRP price of $ 1.05, up to 18% in the last 24 hours.

          The goal is to support the liquidity of the token on crypto exchanges, send some to Ripple’s partners and customers and use XRP for covering the company’s current operational expenses.

          However, the majority of the released coins, around 80% – 90%, are usually locked back later the same day. Unlike fears of some in the community in the past, these programmed XRP withdrawals from escrow do not impact the XRP price.

          These regular XRP releases have proven to have no impact on the coin’s price. The SEC lawsuit affected this aspect more as the coin failed to recover to its previous highs. However, yesterday’s good news also caused XRP to record 18% intraday, 10% weekly gains.

          Bitcoin and Ethereum fees slump to six-month low

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            underratedcrypto
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            Bitcoin and Ethereum fees slump to six-month low

            The transaction fees of Bitcoin and Ethereum have slumped to six-month lows as the markets cool after the recent crypto downturn.

            According to BitInfoCharts, the average price of performing a transaction using Bitcoin has fallen from an early-April all-time high of $62.77 to around $7.20 — an 88% drop over just six weeks.

            Bitcoin average transaction fees – BitInfoCharts

            The falling Bitcoin transaction fees appear to have been driven by a decline in overall market activity, with daily volumes evaporating from more than $67 billion on May 10 to $30 billion as of this writing, according to CoinGecko. 

            The meteoric 2021 crypto bull-run has seen the average transaction fees associated with using Bitcoin or the Ethereum mainnet frequently skyrocket to unprecedented levels in recent months.

            In February 2021, Bitcoin’s fees nearly tripled in two weeks following a Feb. 8 announcement that Tesla added $1.5 billion worth of Bitcoin to its balance sheet.

            The news sparked a surge in crypto speculation, with the price breaking its former high of $40,000 before topping out at $54,410. Data from CoinGecko shows that 24-hour volume for BTC increased by nearly double from $57 billion on Feb. 7 — the day before Tesla’s announcement — to $101 billion on Feb. 23.

            The average price of Bitcoin fees again surged into a record high of $62.77 on April 21 after the price of BTC spike to tag a local top of $64,804 on April 14. Bitcoin’s fees peaked on April 21 sparked by an increase in market activity as the markets began showing weakness, as traders raced each other to cash out near the highs.

            Bitcoin price chart – CoinGecko

            Data from YCharts also shows that average Ethereum fees have dropped from May 20’s record high of $72.21 to just $4.80, a 93% reduction in less than two weeks.

            Ethereum average transaction fees – YCharts

            Increasing adoption of Ethereum-powered decentralized finance and nonfungible tokens saw average fees increase from $3.50 at the beginning of the year to new highs of nearly $40 by the end of February.

            While developers sought to discipline the fee markets through April’s Berlin hard fork, a speculative frenzy surrounding Shiba Inu and other ERC-20 dog tokens drove further congestion on the Ethereum mainnet, again pushing fees to record highs last month. 

            Ethereum’s transaction fees last established a new all-time high of $71.21 on May 19, with Cointelegraph reporting that a rush of traders racing to exit leveraged positions on-chain amid plummeting crypto prices was responsible for the hike. 

            Complex smart contract transactions incurred fees of more than 10 times the average at the peak of the market turmoil, with CoinShares CSO, Meltem Demirors, reporting claiming to have paid more than $1,000 for a single transaction.

            Crypto Popularity of ‘Great Concern’ to Irish Central Banker

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              underratedcrypto
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              Crypto Popularity of ‘Great Concern’ to Irish Central Banker

              Irish Central Bank official Derville Rowland says the rising popularity of cryptocurrencies like Bitcoin is “of great concern.”

              “Crypto assets are quite a speculative, unregulated investment,” Central Bank of Ireland’s director-general for financial conduct said. She added that people should be “really aware they could lose the whole of that investment.” 

              Rowland has now joined a bevy of central bankers expressing their concerns over the growing prominence of cryptocurrencies. Bank of England Governor Andrew Bailey has repeatedly remarked that cryptocurrencies have no intrinsic value, referring to them as “dangerous.”

              Last week, Bank of Japan Governor Haruhiko Kuroda similarly commented on bitcoins’ exceptional volatility, saying “it’s barely used as a means of settlement.”

              Rowland’s growing influence

              In leading her department at the Central Bank of Ireland, Rowland has demonstrated gravitas, imposing fines on some of the nation’s biggest financial firms. Her attitude towards cryptocurrencies could have significant implications for the country’s greater adoption of crypto on the European front.

              In July, Rowland will take on her new role as chairwoman of the European Securities and Markets Authority (ESMA) investment management standing committee. While this department focuses on preparing regulations for the funds industry, her position as the top official in a European-wide regulatory body will lend strength to her voice.

              Targeting gamification

              While concerned about crypto, Rowland’s new role will focus more on the growing gamification of investing products and services. She feels that a “gamified” approach to investing, popularized by trading apps like Robinhood. could soon become an issue in Europe.

              Critics have charged Robinhood with turning trading into a social activity, rather than approaching it more prudently. In their mind, investors using message boards to make financial decisions instead of proper investment advice could be dangerously exposed.

              Despite lacking a timeline for the adoption of any new regulation, Rowland stresses that any new rules need to be “technology-neutral.” In this, she means that “you’re not getting better protections in older paper-based processes than you are in more online processes.”

              Flare to Have its FLR Token Listed by 50+ Exchanges, Community Claims

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                underratedcrypto
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                Flare to Have its FLR Token Listed by 50+ Exchanges, Community Claims

                According to a Twitter post by an anonymous account popular in the XRP community, dozens of cryptocurrency exchanges, including some top-notch services, are ready to list FLR token after its airdrop.

                FLR may be welcomed on 50+ exchanges: community

                An anonymous advocate of the XRP cryptocurrency, @KingDoggoXRP, shared an infographic that covers the prospects of Spark (FLR), a core native asset of the Flare blockchain.

                $FLR is not live yet and it’s listed on 50+ exchanges already. That shows you how big Flare will be. pic.twitter.com/etCcHsr6NC

                FLR will be distributed between the holders of XRP who participated in the airdrop that took place on Dec. 12, 2020. Once this massive distribution is finished, more than 50 exchanges will list FLR, claimed @KingDoggoXRP.

                Binance (BNB), Huobi, OKEx, Bitfinex and Kraken are the largest exchanges on this list. Also, XRP-friendly services Uphold and Bitrue will start FLR trading from the very beginning.

                The author behind the account treats this massive support as evidence of big opportunities to be opened with the release of the new blockchain.

                Two airdrops in a row

                As covered by U.Today previously, one FLR token will be sent to every owner of one XRP as of Dec. 12, 2020. The second crucial airdrop will distribute the DFLR tokens of Flare Finance, the first-ever DeFi ecosystem on Flare (FLR).

                Flare Finance will take the snapshot of FLR accounts 30 days after its mainnet launch. One DFLR per 172 FLR ratio has been announced for the snapshot.

                According to the latest estimations, FLR airdrop will take part in June 2021, while DFLR distribution may arrive in July. Both airdrops target the XRP Army, the most passionate and aggressive community in the blockchain segment.

                Bitcoin continues to consolidate, what to expect in the next few days?

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                underratedcrypto
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                Bitcoin continues to consolidate, what to expect in the next few days?

                After Bitcoin dropped below $ 40K, we got into the same zone we were  at the beginning of the year, in the price range where BTC had no problem staying stable for more than a month.

                This situation thus confirms once again where  the real price of BTC  likely is and the price area that suits all parties and the market does not have to face increased volatility or the pump and dump scenario.

                But let’s take a look at what we can expect for the next few days.

                It is highly likely that if there is no staggering news, whether positive or negative, Bitcoin will continue to move in the corridor between $ 30K – $ 43K.

                But if such external excitement did occur, Bitcoin would have to fight resistance to $ 42K – $ 43K where it had been rejected several times. For technically skilled traders, a bullish impulse could be the RSI indicator, which is at the 1D timeframe at the oversold level. When we were last at this level in April, the BTC rose by more than $ 10K over the next few days. But when we were at that level last September, Bitcoin rose from an average price of $ 10K to $ 60K over the next few months.

                But what’s more dangerous for Bitcoin is a situation where the market would be affected by such negative news that it would not maintain support in the range of $ 28K – $ 30K. In this case, Bitcoin could drop to $ 22.5K where there is another support zone.

                Technical analysis

                • RSI at 1D – oversold (Bullish)
                • Resistance at $ 42K – $ 43K
                • Key support in the area of $ 28K – $ 30K
                • Next support at $ 22.5K
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                underratedcrypto - 0
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