Just when you think China’s crackdown on cryptocurrencies couldn’t go any harsher, the country surprises you again. This week, Binance announced that it is taking more measures to comply with the government, by delisting the Chinese yuan from its peer-to-peer trading platform on December 13.
The announcement hit Chinese traders hard, as Binance is one of the main three crypto exchanges for Chinese traders. And just a month ago, another exchange Huobi turned its back on Chinese users. Now only leaves OKEx, without which Chinese users will have nearly nowhere to turn to.
Chinese miners and traders used to be a superpower in the bitcoin market. Is China leaving a funeral bell then? Well, this could be good news in the long-term, as investors need not to constantly worry about when the other shoe will drop. Without interference from China, bitcoin’s price could be less volatile.
Bitcoin responded to this latest news with a 2% plunge, a sign indicating that the Chinese effect had waned. China’s crackdown has been going on for years. In July, Beijing banned all the mining activity in the country and caused a 28% mining difficulty drop. But the US quickly filled in. Now the US is the largest miner in the world, contributing over 30% of the hash rate.
Jurrien Timmer, Fidelity’s director of global macro, now eyes $100,000 for bitcoin by 2023. Timber said that was just a conservative estimate based on his supply model and demand model. He also commented that he believed the regulation on cryptocurrency would be resolved over time and the market would be legitimized.
Recently, global markets are suffering due to the coming inflation and energy crisis. More and more investors turn to bitcoin in hope of hedging against inflation. In a note to investors, JP Morgan said that bitcoin could be a better hedge than gold. According to data from a crypto quant, investors are accumulating more bitcoin. On October 11 alone, more than 7000 bitcoin left exchanges. The bitcoin net flow indicator is used to measure the net number of coins leaving or being deposited into exchanges. A negative trend usually indicates that investors are bullish on cryptocurrency.
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