Bitcoin Reached A New High of $68,000 - How Much Upside Is There?

 Bitcoin once again set a record high!

On November 9th, the Bitstamp platform quotation showed that Bitcoin reached 68065.30 US dollars per coin. And in the past 24 hours, it has briefly touched the highest at 68564.40 US dollars per coin, which refreshed the previous price record set at the end of October. Bitcoin broke through $68,000 per coin for the first time.

CoinGecko data shows that as of that day, the total market value of cryptocurrencies has exceeded the 3 trillion U.S. dollar mark, which is about 30792 billion U.S. dollars. Among them, the market value of Bitcoin is approximately $128.52 billion.

According to some industry analysts, Bitcoin will show an upward trend in the next few weeks.

A cryptocurrency trader said that Bitcoin currently stands firmly, and 66,000 USD per coin is its safe position. And on November 8, the cryptocurrency hedge fund ARK36 released a report stating that the price of $70,000 in Bitcoin "seems to be coming."

Regardless of how the Bitcoin price fluctuates, Grayscale Investments LLC is its long-term follower. On November 5th, local time, the U.S. Securities and Exchange Commission (SEC) public documents showed that Gray had formally submitted an application for the "Future Finance" ETF (code GFOF), which will track the intersection of "finance, technology, and digital assets." "The company's stock. This is Grayscale's first ETF application outside of the ETF to convert the Grayscale Bitcoin Trust Fund (GBTC), the world's largest Bitcoin fund, into an ETF.

A 77% increase in 24 hours - Shiba Inu Coin briefly surpassed Dogecoin in value

 According to Coinmarketcap data, the price of Shiba Inu coin has surged over 77.5% in the past 24 hours, and its market value once reached US$51.6 billion. Not only did it surpass Dogecoin, but also beated Ripple, Polkadot, and USD Coin to become the seventh largest cryptocurrency in the world.

As of 11:45 am Beijing time on Thursday, the price of Shiba Inu Coin has reached $0.00008748. This is the ninth time that Shiba Inu Coin has set a record high in the past two weeks. Shiba Inu coins are now the most valuable meme coin in the world, dethroning Dogecoins.

At present, the price of Shiba Inucoin has dropped and is still above $0.00007, and its market value still exceeds Dogecoin.

CryptoCurrency Mining Becomes the Only Industry to Be Eliminated since 2019

On October 21, the National Development and Reform Commission of China issued a notice on the revision of the "Industrial Structure Adjustment Guidance Catalog (2019)" for public comments. The notice stated that in accordance with the relevant work arrangements for the rectification of  cryptocurrency mining activities, revise the guidelines for industrial structure adjustment, and openly solicit opinions from the public.

China Say No to CryptoCurrency Mining

The draft for comments requires that the 7th item is added to the "I. Outdated Production Technology and Equipment" and "(18) Others" in the "Industrial Structure Adjustment Guidance Catalogue (2019 Edition)", which reads "Cryptocurrency Mining Activities".

Make It Back To $60,000 Mark. Why Bitcoin Price Rise Against Trend?

On October 16, the price of Bitcoin broke through the $60,000 mark and approached $63,000, the highest price since May this year. Ethereum broke through $3,900, approaching an all-time high.

Data from CoinGecko shows that the total market value of cryptocurrencies has exceeded US$2.6 trillion, a record high. Previously, the total market value of cryptocurrencies reached an all-time high of US$2.55 trillion on May 12. But then started to shrink for more than two months to US$1.25 trillion on July 21, a drop of more than 50%, and then the total market value gradually picked up.

As the cryptocurrency market has soared, the U.S. stocks' blockchain sector, which has continued to decline recently, has risen, too. Canaan Technology has gained 5.22% during the day, and Bit Digital has soared by 10%. Riot Blockchain rose 5.86%, the sector began to change before the opening of the US stock market.

Jiangsu China Campaigns Against Crypto Mining

Jiangsu Province takes the lead in comprehensively investigating virtual currency mining: energy consumption of mining in the province reaches up to 260,000 kWh DAILY.

China Curbs Crypto Mining

According to the official website of the Jiangsu Provincial Communications Administration, the bureau recently investigated the crypto mining activities in this province. The monitoring found that the export traffic of mining pools that carried out virtual currency activities reached 136.77 Mbps, and the total number of Internet IP addresses participating in crypto mining was 4502, which consumed more than 10 PH/s of computing power and consumed 260,000 kWh/day of electricity.

Bitcoin Mining Accounts for 0.9% of Global Carbon Emissions in 2030

 On September 22, the New York Digital Investment Group (NYDIG) published a research paper entitled "Bitcoin Net Worth" this month.

Research shows that “even in our most radical and highest-priced situation, that is, by 2030, when Bitcoin reaches 10 trillion U.S. dollars, its emissions will only account for 0.9% of the world’s total, and its energy expenditure will only account for the world’s total. 0.4%."

It is reported that this study was written by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, and discussed how the network's carbon emissions will change in the future. The influencing factors include the price of Bitcoin, the difficulty of mining, and energy consumption. fluctuation. 

Bitcoin Becomes Legal Tender, the Central American Country in Chaos

A few days ago, President Nayib Bukele of El Salvador announced the latest achievements of the "Bitcoin Experiment" on Twitter: 1.1 million Salvadorans are using Chivo e-wallets!

If you remember, Bitcoin is now legal tender in this small, poor and turbulent Central American country with a population of only 6.5 million.

From the high-risk hype "virtual gold" to the spread of payments across the country, things have not been smooth sailing. In the past two weeks, El Salvador has been in a frenzy due to the collapse of the official app, with a frantic influx of one-star negative reviews; the people are confused and distrustful, and opposition crowds took to the streets to protest, and even violently smashed and burnt Bitcoin ATMs.

Bitcoin made headlines in local newspapers in El Salvador on Sept. 7.

There are reports describing the Bitcoin experiment in El Salvador as "a farce"!
Compared with the rise and fall of Bitcoin, what is even more maddening is:
On September 7, Bitcoin officially became the legal tender of El Salvador along with the U.S. dollar. In order to encourage use, the Salvadoran government launched an e-wallet App "Chivo", and distributed $30 worth of bitcoin to each user (can only be used but not withdrawn).

China's Virtual currency regulation further intensified

 China prohibits overseas exchanges to provide Virtual currency services to domestic residents.

Four months after the voices of the three major associations, the virtual currency market has again undergone tremendous changes, and the central bank once again "proclaimed" the risks of virtual currency speculation.

On September 24, the Central Bank and other ten departments issued the "Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Hype" (hereinafter referred to as the "Notice"), clarifying the essential attributes of virtual currencies and related business activities, and establishing a sound response to the risks of virtual currency trading hype To strengthen the monitoring and early warning of the risk of virtual currency trading speculation, and build a multi-dimensional and multi-level risk prevention and disposal system.

The relevant person in charge of the People's Bank of China said in response to reporters that the "Notice" once again emphasized the virtual currency, such as Bitcoin, Ethereum, etc., that have the characteristics of being issued by non-monetary authorities, using encryption technology, distributed accounts or similar technologies, and existing in digital form. The so-called stablecoins, including TEDA coins, do not have the same legal status as legal tender, and cannot be circulated in the market as currency. The "Notice" clearly stated that virtual currency exchange, virtual currency trading as a central counterparty, provision of matching services for virtual currency transactions, token issuance financing, and virtual currency derivative transactions are all illegal financial activities and are strictly prohibited. , Resolutely banned in accordance with the law; overseas virtual currency exchanges to provide services to Chinese residents through the Internet are also illegal financial activities.

As of press time, the price of virtual currency has plummeted again. Within 24 hours, Bitcoin fell 4.24% and Ethereum fell 8.29%.

NDRC Lists CryptoCurrency "Mining" as Industry to Eliminate

Virtual currency "mining" activities refer to the process of calculating and producing virtual currency through special "mining machines". On September 24, the official website of the National Development and Reform Commission issued the "Notice of the National Development and Reform Commission and Other Departments on Regulating Virtual Currency "Mining" Activities." 

CryptoCurrency Mining: More Negative than Possitive

The energy consumption and carbon emissions by cryptocurrency mining are large, while the contribution to the national economy is very low. And the driving effect on industrial development and technological progress is limited. In addition, the risks derived from virtual currency production and trading are becoming more prominent, and its blind and disorderly. Development of cryptocurrency mining will have an adverse impact on the promotion of high-quality economic and social development and energy conservation and emission reduction. Remediation of crypto currency "mining" activities is of great significance to promote the optimization of my country's industrial structure, promote energy conservation and emission reduction, and achieve the goal of carbon peak and carbon neutrality on schedule.

Strengthen the dual control of energy consumption in the newly-added virtual currency "mining" project. Incorporate the prohibition of new virtual currency "mining" projects into the energy consumption dual control assessment system, strictly implement the energy management and control responsibilities of local governments, and conduct energy dual control assessments in areas where new virtual currency "mining" projects are discovered and verified Calculate energy consumption by doubling the energy consumption of new projects.

Chinese Central Bank Defines Cryptocurrency Business as Illegal

 Recently, ten China's governmental departments including the People's Bank of China issued the "Notice on Further Preventing and Disposing of the Risks of Hype in Virtual Currency Transactions" (hereinafter referred to as the "Notice"). The relevant person in charge of the People's Bank of China answered reporters' questions on related issues.

1. What is the context of the "Notice"?

In recent years, Bitcoin and other virtual currency trading hype activities have become widespread, disrupting economic and financial order, breeding money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities, seriously endangering the safety of people's property. In accordance with the decision and deployment of the Party Central Committee and the State Council, the People’s Bank of China, in conjunction with relevant departments, has issued a series of policies and measures to clarify that virtual currencies do not have legal tender status, prohibit financial institutions from developing and participating in virtual currency-related businesses, and clean up and ban domestic virtual currency transactions and token issuance financing The platform continued to carry out risk warning and financial consumer education, and achieved positive results. In order to establish a normalized work mechanism and always maintain a high-pressure crackdown on virtual currency trading activities, the People's Bank of China and other departments have combined the new risk situation and drafted the "Notice" based on the previous work experience.

2. How does the "Notice" characterize virtual currencies and related business activities?