Ethereum
“A Very Big Opportunity”: Crypto Suddenly Bracing for a “Huge” Earthquake in China After Bitcoin, Ethereum, and XRP Prices Surge
Updated 06/10 below. This article was originally published on June 8
Bitcoin Swung Hugely This Week like US President Joe Biden and former President Donald Trump were warned that there was “only one way to save the dollar.”
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The price of Bitcoin has surpassed its previous high in recent months, climbing above $70,000 per Bitcoin, helping the price of Ethereum triple and Ripple’s XRP.
XRP
to add nearly 50% from their 2022 lows…as Ripple CEO releases ‘inevitable’ new crypto exchange-traded fund (ETF) prediction after success of Wall Street’s spot bitcoin ETFs.
NOW, with the Federal Reserve quietly admitting that gold is replacing the US dollarbitcoin and crypto investor Brock Pierce says it’s only a matter of time before China reopens its digital doors to crypto after its 2021 crackdown sent the price of bitcoin plummeting.
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Chinese President Xi Jinping has overseen a crackdown on Bitcoin and crypto in China that has weighed… [+] the price of Bitcoin, Ethereum, XRP and other major cryptocurrencies.
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“Will China open up? [to crypto]? …I would say it’s inevitable,” Pierce, a former child actor who co-founded Tether, the USDT dollar-pegged stablecoin issuer.
Attached
in Hong Kong ten years ago, said the South China Morning Post. “The question is not so much if, but rather when.”
Pierce, who is also the president of Bitcoin
Bitcoin
Foundation, teased a new Hong Kong-based venture for SCMP, saying it is “excited about what’s happening in Hong Kong,” a special administrative region of China that recently green-lighted a handful of spot Bitcoin ETFs and Ethereum, following Wall Street’s announcement. footprint.
Updated 10/06: This week, G7 leaders plan to warn small Chinese banks about their ties to Russia after sanctions “fueled the use of clandestine financing channels or banned cryptocurrency.” reported by Reuters.
At the G7 meeting of wealthy democracies in Italy this week, leaders are expected to send a stern new warning to small Chinese banks to stop helping Russia evade Western sanctions. The meetings are expected to focus on the threat that booming Sino-Russian trade poses to the war. in Ukraine.
In April, it was reported that after large Chinese banks withdrew from financing Russia-related transactions, some Chinese companies turned to smaller banks on the border and to cryptocurrency.
“Our concern is that China is increasingly the factory of the Russian war machine. It can be called the arsenal of autocracy considering that Russia’s military ambitions obviously threaten the existence of Ukraine, but increasingly European security, NATO and transatlantic security,” said Daleep Singh. , deputy national security adviser for international economics, was quoted by Reuters.
Following the implementation of US-led Western sanctions against Russia following its invasion of Ukraine, bitcoin and crypto have been touted by some as a potential way to escape strict financial rules .
Last month, attendees at a Bitcoin conference in Hong Kong has sparked speculation that Hong Kong’s high-profile bitcoin spot ETFs could eventually be opened to mainland Chinese investors.
“I think Hong Kong is ahead in many ways,” Pierce said. “I think the biggest opportunity in Hong Kong lies in [traditional finance]and this is where a digital Hong Kong dollar stablecoin has huge potential.
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The price of Bitcoin has soared over the past year, boosting Ethereum, XRP and… [+] crypto market.
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Pierce added that China’s supply chain advantage means “there is clearly a very big opportunity that exists.” [in Hong Kong]”.
This week, new signs emerged of Hong Kong and China gradually reaccustoming themselves to bitcoin and crypto, with Dubai-based crypto exchange Bybit announcing it will allow Chinese nationals living abroad to open accounts and exchange cryptos.
“Bybit, one of the world’s top three crypto exchanges by volume, is pleased to announce the expansion of our service offerings to the overseas Chinese community,” the company said in a statement. “This move responds to the growing demand for secure, reliable and user-friendly cryptocurrency trading platforms among Chinese expatriates and international Chinese communities.”