Could China be about to unban bitcoin?

Asia's Tech News Daily

China’s crackdown on bitcoin mining in earlier this year preceded one of the most devastating price crashes in the cryptocurrency’s history.

Could China be about to unban bitcoin?
© Getty Images

China’s crackdown on bitcoin mining and trading heavily impacted the crypto market in 2021

– Getty Images

From an all-time high above $64,000, BTC fell to below $30,000 in a matter of weeks, with some industry figures predicting a “crypto winter” that would take years to recover from.

A mass mining migration to the US, combined with other positive news like El Salvador’s Bitcoin Law, ultimately sparked a record-breaking recovery, and now speculation that China could reverse its decision has led to experts updating their forecasts. Should such a move occur, some claim it could provide the catalyst for yet another massive price rally.

Follow The Independent’s live overage of the crypto market

China’s National Development and Reform Commission (NDRC) announced last week that it is seeking public feedback on its decision to include bitcoin mining on its list of “phased-out” industries, with some claiming that it comes as a reaction to the cryptocurrency’s sky-rocketing price and the US’s new-found dominance in the space.

This public comment period will last until 21 November, at which time the country’s macroeconomic planning agency will evaluate the feedback and make a decision on its stance going forward.

“China unbanning bitcoin mining would be big news for the crypto space,” Nick Spanos, co-founder of Zap Protocol and one of the earliest bitcoin pioneers, told The Independent. “It would almost certainly act as a significant catalyst for bitcoin’s price and the crypto market as a whole.

“It has been speculated that China has repeatedly banned bitcoin to deliberately lower its price so it can purchase more BTC on the cheap, so I wouldn’t be surprised to see Beijing completely reverse their stance on crypto.”

While pro-crypto publications like Coin Telegraph described the news as hopeful, claiming that the NDRC could reverse Chinese authorities’ negative stance against bitcoin, more mainstream outlets in the region warned it could actually make things worse. The South China Morning Post described the action as potentially signalling “the final nail in the coffin of cryptocurrency mining activities in China”.

Crypto mining was initially placed in the elimination category by the agency in September, alongside a ban from the People’s Bank of China to block cryptocurrency trading and financing. These services were already inaccessible to Chinese residents, and since July, data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) shows that mining activity in China had already effectively dropped to zero.

This means there are no further moves China can make to further strengthen its stance against bitcoin, with some analysts suggesting that any market-moving news from China can now only go in one direction. Ultimately, China’s decision to remove itself from the crypto space means it no longer has a significant impact on market movements.

“The China crypto story recycles itself regularly,” said Charlie Barton, a UK-based crypto specialist at the price comparison site Finder.com.

“China has banned and unbanned crypto in some way, shape of form pretty much every year since 2014. China is one of the largest cryptocurrency markets, and, due to its political structure, the most likely to make a dramatic ruling when it comes to regulating or banning cryptocurrencies.

“While it’s tempting to believe the seemingly logical narrative that removing restrictions on crypto in the second largest market must be a good thing, ultimately there’s rarely a single narrative that can be pulled out to explain market movements.”

From news to politics, travel to sport, culture to climate – The Independent has a host of free newsletters to suit your interests. To find the stories you want to read, and more, in your inbox, click here.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Parag Milk's application under PLI scheme approved for mozzarella segment

© Provided by Zee Business Dairy firm Parag Milk Foods Ltd on Monday said its application under the Product Linked Incentive (PLI) Scheme for mozzarella cheese segment has been approved. ... Read more »

V8-Powered Tesla Model S Hits The Road And Confusion Ensues

Auto Rotation On 2021 Tesla Model S 2021 Tesla Model S 2021 Tesla Model S 2021 Tesla Model S 2021 Tesla Model S 2021 Tesla Model S 2021 Tesla Model ... Read more »

Mohali: Traffic on Airport Road hit as truckers' union blocks Chhat light-point

© Provided by Hindustan Times The truckers union protesting on Airport Road in Mohali also demanded an increase in transport rates, stating that the truckers are already suffering due to ... Read more »

Job opportunities in telecom expected to grow by 20%: TeamLease

© Provided by The Financial Express Telecom companies are tapping into both urban and rural India this year. Cities like Allahabad, Ajmer, Dharwad, Jammu, Varanasi, Bareilly are getting as much ... Read more »

Punjab Congress brings Sunil Jakhar, Partap Singh Bajwa to the fore

© Provided by The Times of India CHANDIGARH:Announcing four key panels for the Punjab assembly elections, Congress on Monday brought back to the fore former state unit chief Sunil Jakhar ... Read more »

Cop booked for thrashing another cop in Kurali

© Provided by Hindustan Times The Kurali police on Monday booked an inspector posted at Punjab police headquarters in Chandigarh for allegedly thrashing another cop on duty. (Getty Images/iStockphoto) The ... Read more »

Supreme Court to ask law panel to review dowry laws

© Provided by The Times of India NEW DELHI: The Supreme Court on Monday said legislative intervention may be needed to give teeth to existing anti-dowry laws in line with ... Read more »

Trezeguet grabs the attention of Steven Gerrard following impressive return for Aston Villa

Trezeguet returned to an Aston Villa line-up for the first time since his horrific knee injury in April against Liverpool. Trezeguet suffered a cruciate ligament injury in the Premier League ... Read more »

Suspect nabbed in Penn Station slay of ‘gifted' soccer-playing straphanger

Akeem Loney was stabbed in the neck Street Soccer USA A 26-year-old Brooklyn man was charged with murder Monday in the fatal Penn Station slaying of a “gifted” down-on-his-luck soccer ... Read more »

Dan Walker and Nadiya Bychkova seen together for the first time

© Provided by Daily Mail MailOnline logo They were eliminated from Strictly Come Dancing on Sunday night. But Dan Walker and Nadiya Bychkova appeared in high spirits as they headed to ... Read more »

Manchester Arena attack: Bomber Salman Abedi was 'badly behaved' and 'extremely rude' at school, headteacher tells inquiry

Abedi was known as the "class clown" who smoked "a lot of cannabis" until he made a new group of friends and became "ultra-orthodox". Read more »

Be brave and we can win the Ashes down under! England captain Joe Root urges his underdogs to take the fight to the Australians ahead of first Test

Joe Root leads England into battle in the Ashes series opener on Tuesday night The visiting underdogs will look to put two miserable Ashes tours behind them And captain Root has urged his team-mates to take the fight to the Australians  Read more »

EXCLUSIVE: Small NYC business owners slam de Blasio for 'unbelievable' last-minute COVID-19 vaccine mandate for ALL private sector workers as economy suffers from worker shortage

Small New York City business owners are criticizing Mayor Bill de Blasio's last minute private sector vaccine mandateHe announced on Monday that all private office workers must get at least one dose by December 27Workers at indoor gyms, restaurants and venues - and customers aged 12 and up - were already required to have one dose; They'll now need twoSome business owners complained that the rules would shrink an already small pool of available workers Read more »

West Brom player ratings as deadly Reyes Cleary fires hat-trick to send Albion second

Red hot Reyes Cleary plundered a hat-trick as West Brom under 23s returned to winning ways in the PL2 with a hard fought win over Middlesbrough at Telford. Cleary fired ... Read more »

Australia live news update: NSW teachers and transport workers on strike; teens in hospital after Vic shark attack; calls for Aung San Suu Kyi's release

LIVE – Updated at 21:41 Follow all the day’s news. Teens in hospital after Vic shark attack 21:41 A suspected shark attack on Victoria’s Bellarine Peninsula has left two teens ... Read more »

Everton fans fail to take part in 'mass walkout' during Arsenal match

© Provided by Daily Mail MailOnline logo Angry Everton fans failed to take part in a ‘mass walkout’ during Monday’s match against Arsenal at Goodison Park.  Some fans briefly left ... Read more »

Jamie Carragher labels Everton "a joke" during brutal Farhad Moshiri rant

Jamie Carragher has branded Everton “a joke” as he slammed owner Farhad Moshiri in a passionate rant. The Toffees are winless in eight Premier League matches heading into Monday night’s ... Read more »

Thorbjorn Olesen accused of groping woman, urinating on plane seat as sexual assault trial begins

Danish golfer Thorbjorn Olesen arrives at Aldersgate House Crown Court on Dec, 2021. Getty Images, AP LONDON — Danish golfer Thorbjorn Olesen appeared in a London court on Monday facing ... Read more »

N.L. Premier Andrew Furey still mum on cyberattack details, more than a month later

OTTAWA — Newfoundland and Labrador Premier Andrew Furey is still tight-lipped about the cyberattack that took out his province’s health-care IT networks on Oct. 30. © Provided by The Canadian ... Read more »

B.C. moves to recovery management phase after floods; most military leaving province

VICTORIA — Gas rationing will continue in British Columbia as the Trans Mountain pipeline starts its transition to full service after floods and slides.   © Provided by The Canadian ... Read more »

Eddie Howe eyes big-money EFL raid as crucial Newcastle United transfer window looms

© Provided by Football League World Championship – Stoke City v Huddersfield Town Newcastle United are hoping to do a deal for Stoke City’s Tyrese Campbell in January, with the ... Read more »

Meet NASA's 'Artemis Generation': Agency inaugurates 10 new astronauts who include former members of the US military, an ex-Space medical director and Olympic track cyclist

NASA announced its 23rd group of astronauts who are set to walk in the moonThey are called the 'Artemis Generation,' which refers to NASA's Artemis program that aims to put Americans back on the moon as early as 2025This group is made up of US military, an ex-SpaceX medical director and a bioengineer who also participated in the 2020 Tokyo Olympics as a track cyclist  Read more »

South Carolina nurse faces up to 35 years in prison for 'filling out fake COVID-19 vaccine cards for people who had not received the jab'

Tammy McDonald, 53, of Columbia, South Carolina, faces up to 35 years in prison for allegedly filling out fake vaccine cardsMcDonald works as a nursing director at an unnamed nursing and rehabilitation center in ColumbiaShe is accused with filling out two fake vaccine cards, one in June and one in July, and has also been charged with lying to investigatorsThere is a budding black market for fake vaccine cards as employer vaccine mandates are becoming commonplace  Read more »

Three-year-old girl is caught bringing her pet fish to preschool in her SIPPY CUP - but she DRANK from it before her teacher noticed

Lauren Scanlan, from Pennsylvania, was baffled when her daughter Peyton's school called to let her know that the toddler had smuggled in her pet The toddler had put the fish in her sippy cup - with fish food - and brought it to school without Lauren noticingThe teacher realized something was up when Peyton drank from the cup during snack timeThe little girl told her mom she brought the fish because she 'loves' her pet 'so much'The story has gone viral after Lauren texted texted her cousin, Connor Hughes, about it and he shared screenshots on Twitter Read more »

Journo drops NUFC transfer update on £100k-p/w "match-winner", it'll excite fans - opinion

© Provided by Football FanCast newcastle-barkley-howe-premier-league-chelsea A transfer claim has been made on Chelsea midfielder Ross Barkley, regarding a potential move to Newcastle United. What’s the talk? Journalist Pete O’Rourke ... Read more »

Pundit ranks likely defensive exits amid mixed Liverpool messages

© PA Images Nathaniel Phillips celebrates goal with Liverpool team-mates Paul Robinson doubts if Nathaniel Phillips will be allowed to join West Ham this winter but feels he has more ... Read more »

Trump media venture gets scrutiny from US market regulators

NEW YORK (AP) — Regulators are looking into the deal that would bring Donald Trump’s new social media company to the stock market, one that has attracted both legions of ... Read more »

The Latest Updates on Jake DeBrusk

Jake DeBrusk’s recent trade request generated considerable speculation over potential destinations for the 25-year-old Boston Bruins winger. However, Bruins GM Don Sweeney intends to take his time finding the right ... Read more »

Columbia declines to punish professor for using N-word while quoting ‘8 Mile'

Columbia University will not punish Barnard College professor Jonathan Rieder for saying a racial slur in class while quoting a movie. Education Images/Universal Images Group via Getty Images Columbia University ... Read more »

An artist is selling one of her eggs as an NFT at Miami Art Basel

© Getty Images/John Parra for Jane Owen PR MIAMI, FLORIDA – DECEMBER 03: Artist Narine Arakelian poses for photos during her Exhibition At Art Miami During Art Basel on December ... Read more »

Strictly's John Whaite ‘expected more criticism' of show's first all-male couple

Photograph: Guy Levy/PA Former Great British Bake Off winner says people have been ‘very pro’ his dancing partnership with professional Johannes Radebe Strictly Come Dancing’s John Whaite – who made ... Read more »

Psaki brushes off question about ‘positive tweet' push from VP Harris' office

© Getty Images White House press secretary Jen Psaki – Getty Images White House press secretary Jen Psaki rejected the idea that the vice president’s office was engaged in a ... Read more »

Dow climbs 646 points as investors see lower threat from Omicron variant

© TIMOTHY A. CLARY/AFP via Getty Images TIMOTHY A. CLARY/AFP via Getty Images The Dow Jones Industrial Average tacked on more than 600 points Monday in a rebound from last ... Read more »

Shang-Chi 2 Is Officially Moving Forward At Marvel Thanks To A Key Hire

© Provided by CinemaBlend Shang-Chi battling Mandarin with Ten Rings in Marvel movie Aside from Scarlett Johansson’s Black Widow finally scoring her own movie more than a decade after being ... Read more »

Ireland braces for Storm Barra as people urged to stay safe

© PA Archive Blustery conditions at Tramore beach, Co Waterford (Niall Carson/PA) – PA Archive Winds of more than 130km per hour are set to batter the island on Tuesday, ... Read more »

BuzzFeed falls 11% in trading debut after going public in merger with blank check firm

© Brendan McDermid/Reuters BuzzFeed employees work at the company’s headquarters in New York on January 9, 2014. Brendan McDermid/Reuters Digital media outlet BuzzFeed began trading on Monday following its SPAC ... Read more »

Meta has a ‘moral obligation' to make its mental health research transparent, scientists say

© Illustration by Alex Castro / The Verge In an open letter to Mark Zuckerberg published Monday, a group of academics called for Meta to be more transparent about its ... Read more »

The #1 Worst Soup Habit for Weight Loss

For many, it will be months before any sign of warm weather again. So in the meantime, cozy up with all the delicious soup you can find! © Provided by ... Read more »

Heather Graham, 51, Shows Off Her Totally Toned Legs In A New IG Photo Dump

© Heather Graham/Instagram Heather Graham, 51, shows off her super sculpted legs in a sequined minidress at “The Last Son” premiere. Yoga and Pilates are her go-to workouts. Heather Graham ... Read more »

Abused pets would get their own lawyers in court under NJ bill

A proposed bill in New Jersey would allow judges to appoint lawyers for animals in abuse cases. FREDERIC J. BROWN/AFP via Getty Images Every dog in New Jersey might soon ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic