The future of blockchain technology is bright, but the future of cryptocurrency adoption is less clear. While the rise of cryptocurrencies is undeniable, China’s control of crypto mining and other regulatory issues may be slowing the mass adoption of blockchain technology. Having said that, companies like Alipay are working hard to promote the usage of blockchain technology in payments and even in entertainment. The latest example of this is Alipay’s (a subsidiary of Ant Financial) recent acquisitions of blockchain-based digital tokens for games and entertainment.
The world’s largest cryptocurrency by market cap, Bitcoin, lost a significant amount of its value in the last 24 hours, dropping below the $6,000 mark, as the world’s largest cryptocurrency by market cap, Bitcoin, lost a significant amount of value in the last 24 hours, dropping below the $6,000 mark, as a result of China’s demand for energy resources. Yesterday, China’s National Energy Administration (NEA) released details of its plan to reduce its reliance on coal, the most used form of fossil fuel in the country. The move, which was welcomed by industry experts and investors, could potentially have a significant impact on Bitcoin.
Amber, a recent addition to the cryptocurrency market, has been experiencing a meteoric climb up in price over the past few weeks. With its current price of $3.36, Amber is up nearly 1,700% from its price just last month. With a market cap of $185 million, Amber is currently the 9th largest cryptocurrency in terms of market capitalization. The company behind Amber, known as Amber Blockchain, is also making quite a splash. With a market cap of $182 million, the company has been growing its user base, and recently received a notable share of a $50 million investment from an investment firm called RDA Capital.
This weekly round-up of news from mainland China, Taiwan and Hong Kong seeks to gather key industry news, including influential projects, regulatory changes and blockchain business integrations.
So low you have to get up to touch the ground
This week in China was like a giant mining company-sized pile of FUD. This is usually a pretty good sign that the bottom is near, but you can never be too sure when it comes to downside volatility in cryptocurrencies. Canaan, one of China’s largest mining companies, has announced the establishment of a plant in neighboring Kazakhstan. This is an ideal compromise for Canaan, which can stay close to China while reducing the risk of regulation. Reading between the lines, the plan seems to be to run the company from China and ship the cars overseas.
This will give bitcoin purists, who think the crackdown is a good way to destroy China’s dominance in mining, a thrill. Just this week, a university professor in Singapore wrote in Chinese that the transition to a more decentralized network would be a blessing. This has led to some confusion over the use of a made-up word that roughly translates as de-citization, but the article carries even less weight when large mining companies like Canaan can move physical assets overseas while maintaining management control.
Too large for stamps
On the 21st. In June, Younis Yong, head of CNBC’s Beijing bureau, tweeted that a Guangzhou-based logistics company had shipped 3,000 kilograms of mining equipment to Maryland in the US. He himself admitted that the price was $9.37 per kilo. A little math shows that the total value will be less than the value of one bitcoin, at least at the time of writing.
Bitmain reaches out to
The 23rd. In June, Cointelegraph reported that mining major Bitmain would stop selling mining equipment to support oversupply in the used cryptocurrency market. According to the article, sales of hashish in China have dropped about 75% since the spring. Bitmain is also reportedly moving its operations overseas, which would be a big move for the hardware giant.
Francis Suarez, everyone’s favorite bitcoin-friendly mayor, made a big appearance on the 18th. Also in June, the announcement that all Chinese bitcoin miners can be invited to Miami. The announcement was translated and posted on Sina Finance’s Weibo account dedicated to blockchain, which garnered more than 53 responses from surprised netizens. However, most user comments were negative about Suarez and bitcoin in general. A large proportion of Weibo users view cryptocurrencies with disdain, especially those investing in China’s stagnant stock market.
Amber is the colour of your energy
Amber, a Hong Kong-based cryptocurrency service provider, has closed a Series B funding round of $100 million. Amber is known to institutions for its financial services, including wealth management, over-the-counter services and lending.
Alipay’s offensive on the NFT
Alipay, the leading payment processor, continues to promote its AntChain technology and collaborates with the Dunhuang Research Academy to launch 8,000 NFT skins. Dunhuang is famous as an ancient outpost of the Silk Road and is home to the Mogao Caves, a UNESCO heritage site. The NFT presented art inspired by the cultural site and sold out quickly. AntChain is a private blockchain developed by Alibaba’s Ant Group.
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