Cryptocurrency price

Cryptocurrency Price Check: Bitcoin Rises, Miners Leave China

Bitcoin prices increased their gains on Monday, even amid growing calls for regulation and the exodus of cryptocurrency miners from China amid the country’s continuing energy crisis.

The Biden administration is considering extensive surveillance of the cryptocurrency market to combat the growing threat from ransomware and other cybercrime, Reuters reported on Friday. The oversight could include an executive order, but the White House spokeswoman did not say whether an executive order would be part of such oversight.

“As we’ve seen time and time again, Bitcoin has recently shown the strength to break through the $ 50,000 mark amid global uncertainty and the stock market lag,” said Michal Cymbalisty, co-founder of Finances of domination.

At these prices, added Cymbalisty, “it is getting harder and harder to disprove the fact that Bitcoin has finally established itself as a risky asset, which means that in times of uncertainty investors look to it. as they did with gold “.

At the last check, Bitcoin, the world’s largest cryptocurrency, rose 3.6% to $ 57,432, according to CoinDesk. Ethereum rose nearly 1% to $ 3,573, while Dogecoin slipped 4.2% to 23 cents.

SEC Chairman Gary Gensler recently told Congress he wanted crypto platforms to be registered with the agency, saying investors do not benefit from this core market that we protect people. against fraud and manipulation.

“People are going to get hurt,” he warned.

David Lesperance Managing Partner of Immigration and Tax Advisor Lesperance & Associates, said that “the perfect regulatory storm is quickly becoming a Category 5 hurricane.”

“In response, several key players in the crypto space such as Sam Bankman-Fried, Michael Novogratz and Binance CEO Changpeng Zhao noted the wisdom of seeking a secure regulatory port,” he said.

Lesperance added “that Crypto Exchange and the other founders in this space would be wise to put a backup plan in place to avoid becoming the next Arthur Hayes in the meantime,” referring to the co-founder and former CEO of the exchange. BitMEX which faces charges. relating to the non-application of money laundering measures.

Winston Ma, former managing director and head of North America at China Investment Corp., said the exodus of Chinese crypto miners is accelerating because the Chinese National Development and Reform Commission has included the mining virtual currency as an “obsolete” industry, mainly because of its energy-intensive nature, in its recent guidance note.

“Thanks to abundant energy and a regulatory environment favorable to crypto, the United States is the most attractive region that Chinese miners are talking about these days for potential relocation,” said Ma, author of “The Digital”. War – How China’s Tech Power Shapes the Future of IA, blockchain and cyberspace. “

Ma said it may seem as simple as buying a summer house, but in overseas markets, “Chinese miners may have to deal with unknown partners, unstable power supplies, and new costs of unexpected compliance “.

“We believe that the next few months, especially with the resolution of the Evergrande crisis, will be very revealing for the future of Bitcoin,” Ma said, noting China Evergrande Group, which rocked the markets last month after the indebted real estate developer went to the brink of default.

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