China’s battle against the main cryptocurrency and the other cryptocurrencies can get favorable results in the current investment ecosystem, especially inside the United States, the place the local society is taking advantage of the disruptions in the markets.
Bitcoins seem to be more stable and looking for further consolidation because they are touching the $36k, a line which they have been waiting for the bullish points but then struggled to sustain.
The rise and fall of values – cryptocurrencies keep trading all day, all week long – currently keep it in a permanent fluctuator between $32k and $35k.
The quotation of the most important crypto is then transferred to the other electronic currencies.
Bryan Benson, a director of the crypto exchange platform Binance, is especially related to BTC and cryptoassets. He indicated that changes are coming globally and particularly in Latin America.
This he said in Crypto Noticias, which interviewed him at the conference held in Mexico, at the Jalisco Talent Land Digital 2021.
The Binance executive discussed the advancement of the cryptocurrency arena and how it is growing abysmally. “And it still has a long way to go,” he contributed.
He also added that there is a lot of room for growth and that still a lot of projects are in development and the stage of more widespread adoption by everyone.
These days, the most important crypto was able to dodge the blows that came from China, in a further advance by Xi Jinping’s country in its new plan that seeks to oppose cryptocurrencies.
However, bitcoin failed to avoid the blow from the U.S. Federal Reserve’s changes and the dollar.
Despite this, the last few hours are again seeing a rise that takes bitcoin above $33,000, unlike a few days ago when it was below $30,000, the lowest level since last month.
Two strikes: China and the Fed
Mike Novogratz, an investment mogul, and CEO of Galaxy Digital indicated that China’s battle against the main cryptocurrency and the other cryptocurrencies can achieve favorable results in the ecosystem, especially inside the United States, the place local society takes advantage of disruptions in the markets to buy.
Also, he thinks that the crypto world constitutes these days a sort of “ring” for the trade wars taking place between China and the U.S.
According to the expert, it is being observed how bitcoin is being sold on the Asian continent and then bought in the U.S.
He also said that the country presided over by Xi declared war on cryptocurrencies, but that what can be seen is only a tiny fraction of a much larger battle that is taking place and of which it is not known who will be the winner.
Chinese advance against bitcoin
The People’s Bank of China (PBOC) announced that it has requested the closure of a company. The company was suspected of offering software services for exchanging cryptocurrencies and restated its position against cryptocurrencies.
Thus, he again turned the focus of state regulatory bodies against the provision of services to companies that are in connection with digital currencies.
Bitcoin and the other cryptos had been indifferent in the early days of this advance. But after the Fed minutes that saw the light of day in the U.S. and the dollar strengthened globally, the trend changed and quotes reversed course.
The Fed’s report has confirmed that its asset purchases were reduced and specialists interviewed are waiting for the U.S. state entity to come out with another plan for so-called “tapering” in the coming months.
At this time, the market started to pay interest in other cryptocurrencies, specifically Ethereum.
Reports from U.S. investment bank Goldman Sachs predicted that it can take the top spot from BTC in terms of market share.
In addition, reports say that ETH today is reportedly the crypto with the most potential for practical use because the platform that owns the cryptocurrency, Ethereum, has the most useful development for smart contract-related apps.
Separately, it was learned Tuesday, July 13, that transactions on the world’s leading exchanges, Coinbase, Kraken, Binance, and Bitstamp, plunged more than 39 percent in June from the previous ms.
The data is from cryptoasset market information provider Crypto Compare.
According to the report, sharply declining prices from April and little volatility are the main causes.
Those who bought high, don’t want to sell and lose; and those who trade, can’t get in and out because virtually no significant price changes are occurring.
In short, exchanges lose, because they gain from commissions on buying, selling, and transferring bitcoin and other altcoins.
Also, the market is waiting these days for the liquidation of Grayscale’s fund shares as one of the events that could change the current market. It is about 40,000 bitcoin that, it is expected, will be put into circulation.
For his part, the co-founder of the Apple company, Steve Wozniak, again gave his support to the projects linked to bitcoin, even though he said that he is not investing in the most well-known crypto.
He said it is the closest thing to gold in a digital version, and spoke of a product that is a “true miracle of mathematics”.
Numerous analysts and industry specialists have already mentioned this comparison between bitcoin and gold, especially since these are two elements that have a supply that is not unlimited.
The self-imposed maximum for this cryptocurrency is 21,000,000 and so far 18,800,000 have been issued.
This means that there will be no more bitcoins available once all the blocks have been mined, which is expected to happen by the year 2140.