What We Know About China’s Cryptocurrency Crackdown - The Verge

The Chinese government says it’s acting now for the reason that of concerns about crypto’s volatile cost, and its prospective use for funds laundering and illegal dealings, according to Reuters. The Chinese government has been tightening the screws on Bitcoin for years - it banned banks from handling Bitcoin in 2013, and banned initial coin offerings in 2017. But low-cost electrical energy from hydro and coal, along with some legal grey places, have reportedly permitted mining to explode in the nation. Now, it seems like some miners have had sufficient. El Salvador has gone the opposite direction, becoming the very first country to make Bitcoin a legal tender. There’s also speculation that the Chinese government may be concerned about optics: crypto mining’s reputation as an environmental disaster doesn’t square with the China’s desire to be noticed as a leader in green energy, with its leader pledging that the nation will be carbon-neutral by 2060. It’s worth noting that China is also developing its personal centralized digital currency. China is not the only country that is been producing policy moves about cryptocurrencies - Iran issued a short-term ban on mining for the duration of the summer months, and India is potentially creating ownership of crypto illegal.

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These two degrees are computed for each the value causing sentiment and the sentiment causing price tag networks. Summary of the final results for the big currencies is reported in the final three columns of Table 1. One can certainly see that BTC constructive sentiment is causing rates in 15 other currencies whereas only 8 other currencies sentiment are causing BTC value. Note also that ETH constructive sentiment is the most impacted by other currencies prices and LTC cost is triggered by the largest number of other currencies good sentiment. Finally, BCH causality is driven by sentiment a great deal much more than by costs. I analyzed irrespective of whether the relative position of a currency in the price tag network has an effect on the relation between this currency and sentiment. One observes that the five main currencies are spread in a central region of the ranking with respect to the other currencies, with Bitcoin sentiment becoming among the most impactful on other currency prices but with Bitcoin price becoming the least impacted by other currency sentiment.

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