China bans cryptocurrencies: China’s central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. China is one of the world’s largest crypto-currency markets. Fluctuations there often impact the global price of crypto-currencies. The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.
Germans still skeptical about cryptocurrencies: Germans‘ knowledge about cryptocurrencies is increasing. According to a recent study, however, this does not change the mistrust that risk-averse investors have towards Bitcoin & Co. The recent price slumps seem to confirm this attitude. A survey by digital association Bitkom shows: 69 percent of respondents have no trust in cryptocurrencies. For 68 percent, they are only something for speculators who want to make money quickly. However, 33 percent believe that cryptocurrencies are suitable for long-term investment. 21 percent even saw them as a safe alternative to the established monetary system.
Big investors increasingly turning to Ether: American multinational investment bank JPMorgan has revealed that institutional investors are starting to shy away from Bitcoin futures in favor of Ether derivatives. In a note to investors, analysts at the Wall Street bank said that Bitcoin futures on the Chicago Mercantile Exchange (CME) have traded at a discount compared to spot BTC prices during September. As a consequence, Ethereum-based products have grown in popularity as investors make the switch to the world’s second-largest crypto asset.
Greener and cheaper transactions with smart contracts: Cardano, provider of the world’s third largest blockchain by market volume, has upgraded its blockchain platform to include smart contracts. This is the first step towards an environmentally friendly alternative to current systems for financial transactions. The blockchain can address cost issues that developers face with other blockchains. In doing so, smart contracts introduce predictable transaction costs, at a fraction of the cost of energy. In the future, blockchain will play a central role in application development. This is because 61 percent of software developers consider the technology to be a game changer.
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An Ethereum user paid just under $23 million for a transaction. The Ethereum miner then refunded him almost the entire amount. DeversiFi promised to investigate the incident.
Digital Yuan instead of Bitcoin, Ethereum and Co? The Chinese government’s critical attitude towards private-sector digital currencies is well known. In response to crypto trading, China has been working on its own electronic currency – a digital yuan – for several years. Even though it’s a digital currency, in principle the e-yuan has little to do with Bitcoin, Ethereum and co. Payments are to be neither anonymous nor decentralized, but state-controlled. The digital E-Yuan is already being tested in initial field trials and is considered to be far advanced.
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China’s fight against cryptocurrencies: More than 10,000 mining devices have been seized in Inner Mongolia, an autonomous region in China. Chinese authorities were tipped off about an illegal mining operation. And indeed, during a closer investigation, they found that said mining equipment was being used by smaller and larger entrepreneurs in an SME park. To track down illegal mining activities, the Chinese authorities have set up their own reporting system. This involves the cooperation of various departments, such as public security and electricity authorities. Due to the regulations and the ban on cryptocurrencies, China has lost its position as a Bitcoin mining stronghold.
„It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.“
Tesla CEO Elon Musk said the US government should steer clear of trying to regulate the crypto market.
Fun turns serious: Dogecoin reaches unimagined heights: The universe of cryptocurrencies is full of curious coins. The fun currency Dogecoin is one such example. With the support of KISS founder Gene Simmons and Tesla boss Elon Musk, the price has reached unimagined heights.