China News by Thebittimes.Com

The United States crypto regulatory framework does not appear to be bothering Cathie Wood‘s ARK Invest or the European crypto investment company 21Shares. Despite being turned down twice before, the two companies asked the U.S. Securities and Exchange Commission (SEC) to permit the development of a spot Bitcoin exchange-traded fund (ETF). The SEC turned down the two firms’ initial attempt to create a spot Bitcoin ETF in April 2022. According to the regulator, the product did not meet the criteria for listing a financial instrument. The two organizations submitted a request in May 2022 again, which the SEC again turned down on Jan. 26 of this year. An ETF gives investors access to a specific asset without having to hold the underlying financial product themselves. A spot without actually owning Bitcoin, investors can still acquire indirect exposure to the digital currency by purchasing shares that follow the price of BTC in real-time. Will the SEC approve a spot Bitcoin E...

Franklin Templeton, an investment management company, announced that the Franklin OnChain U.S. Government Money Fund has surpassed $270 million in assets under management (AUM). According to Stellar’s press release, the Fund’s official record of share ownership is maintained via a blockchain-integrated system that utilizes the Stellar blockchain technology for transaction activity. Big news! Franklin Templeton's (@FTI_DA) OnChain U.S. Government Money Fund is now available on the Stellar network through the Benji Investments app. The first mutual fund to use public blockchain technology for transactions and share ownership. https://t.co/LAbSwSS7MU — Stellar (@StellarOrg) April 24, 2023 Stellar also highlighted that the Franklin OnChain U.S. Government Money Fund is the first US-registered mutual fund to process transactions and record share ownership on public blockchain technology. Moreover, Stellar pointed out that the Fund can be accessed through the Benji...

Standard Chartered says crypto winter has ended and the price of bitcoin could reach $100K per coin by the end of next year. The global bank’s analyst has identified several factors contributing to the surge in the price of the cryptocurrency, including the recent turmoil in the banking sector. Standard Chartered Bank on Bitcoin Hitting $100K Global bank Standard Chartered said Monday that “crypto winter” is over and the price of bitcoin could reach $100,000 by the end of 2024. Standard Chartered’s head of digital assets research, Geoff Kendrick, explained in a note that bitcoin stands to benefit from various factors. They include the recent turmoil in the banking sector, a stabilization of risky assets as the U.S. Federal Reserve ends its cycle of interest rate hikes, and the enhanced profitability of cryptocurrency mining. The analyst wrote: While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer. ...

1. It’s been only one year since Intel officially announced its Bitcoin-mining Blockscale ASICs, but today the company announced the end of life of its first-gen Blockscale 1000-series chips without announcing any follow-up generations for the chips. Intel recently restructured the AXG group, and Koduri left the company shortly thereafter. Intel has removed almost all landing pages and product pages for Blockscale chips from its website. On whether it plans to exit the Bitcoin ASIC business altogether, Intel said it will continue to monitor market opportunities. Read more 2. The Luxor Mining Pool article states that the US Energy Information Association (EIA) expects electricity prices to fall this year, with a 1% reduction in electricity demand in the second quarter of 2023 due to warmer weather, which could lower electricity prices in the second and third quarters of this year relative to 2022 levels, with lower electricity prices further increasing bitcoin mining margins. 3. Accordi...

Author：Lily Editor：Colin Wu 1. Hong Kong’s weekly summary 1.1 Hong Kong urged to innovate and make money by Xia Baolong link On April 16, Xia Baolong, the top leader in charge of Hong Kong in Beijing, said in Hong Kong that he hoped that Hong Kong would “hold exhibitions every day”, engage in innovation and technology, fight for the economy and make money. Hong Kong just hosted a biggest Web3 conference in recent years. 1.2 HK Bank of Communications unit works with crypto firms for account opening link The Hong Kong unit of China’s state-owned Bank of Communications is working with multiple crypto currency companies licensed in the city, and is in talks with other regulated firms about opening accounts for them, according to several crypto firms. 1.3 Hong Kong court declares crypto assets are property and can be held on trust link A Hong Kong court has for the first time declared that cryptocurrencies are property and capable of being held on trust. The confirmation that holdings of c...

The percentage of reserves held in U.S. dollars by central banks has fallen to less than half of the global total of reserves, according to a note from Eurizon SLJ Asset Management. The note states that the recent sanctions enacted by the U.S. against the Bank of Russia have eroded trust in the dollar as a reserve currency. Central Bank Dollar Reserves Hit 47% as Trust in the Currency Erodes Central banks are beginning to diversify their reserves away from the U.S. dollar. A note issued by Eurizon SLJ Asset Management on April 17 revealed that the percentage of the reserves that central banks held in dollars hit 47% during 2022, falling sharply since 2021, when dollars represented 55%. Analysts from the firm explain that this decline in just one year is “exceptional,” and marks an acceleration of the predicted erosion rate of the U.S. dollar. The cause, the report states, has to do with the wide package of sanctions that the U.S. government applied to Russia due to its i...

Ripple ’s native token XRP is hovering around the $0.47 mark after reaching a yearly high of $0.57 last month. XRP surged in price after Bitcoin and Ethereum climbed above $30,000 and $1,900 respectively. However, XRP began sliding in the indices as investors indulged in sell-offs and profit bookings this week. The cryptocurrency dipped nearly 10% in the last seven days after delivering a stellar performance for close to two weeks. XRP’s price is being held back due to the ongoing legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). In this article, we will highlight how high XRP could go by 2025 if Ripple wins the lawsuit against the SEC. Also Read: Dogecoin: ChatGPT Shows the Best Possible Way for DOGE To Reach $1 Source: Coingecko.com Here’s How High XRP Could Rise if Ripple Wins Lawsuit Against the SEC Source: Crypto News The Finder’s panel of financial experts provided two price predictions for XRP. One is how high it could go if R...