Bitcoin
Cryptocurrencies Suddenly Brace for a ‘Very Major’ U-Turn in China After Wild Price Swings for Bitcoin, Ethereum, and XRP
Bitcoin — along with other major cryptocurrencies such as Ethereum and XRP —have swung wildly as “extreme fear” risks sending the market crashing further.
Bitcoin’s price has lost nearly 20% in the past month, falling from its recent highs of over $70,000 per bitcoin as Federal Reserve Chairman Jerome Powell issues a “critical” warning.
Now, after a tech billionaire sparked wild speculation that he could follow MicroStrategy and Elon Musk’s Tesla into bitcoinCryptocurrency entrepreneur Justin Sun says China is ready to change the course of bitcoin and cryptocurrencies, calling his recent legal victory in China “very important.”
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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.
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“I believe winning the legal battle in mainland China is very important because many rumors are spreading about misinterpretation of mainland China’s legal policy,” said Sun, who founded blockchain and cryptocurrency Tron. counted The block.
Sun, who also owns cryptocurrency exchange Poloniex and is an influential advisor to cryptocurrency exchange HTX, won a court victory in China against Chongqing Business Media Group last month. The court found allegations — most of which were made in March 2022 chunk on The Verge — that the Sun was under FBI investigation and suspected of insider trading was “totally unfounded.”
Last week, the Sun took a paid advertisement in cryptocurrency industry publication Blockworks to break the news of their legal victory.
“This is a huge victory not only for me but for the industry itself because cryptocurrencies have long been seen as a gray area in China,” Sun said, adding that the court in China has given some legitimacy to cryptocurrencies.
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.
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The price of bitcoin has soared over the past year but has fallen recently, dragging the price down… [+] of ethereum, XRP and the cryptocurrency market in general.
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Last month, bitcoin and cryptocurrency investor Brock Pierce predicted that it is only a matter of time before China reopens its digital doors to cryptocurrencies.
“China will open up [to crypto]? … I would say it’s inevitable,” Pierce, a former child actor who co-founded Hong Kong-based Tether, a USDT-pegged stablecoin issuer, a decade ago, counted the South China Morning Post. “The question is not so much if, but when.”
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.