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ETF: The Future of Crypto Trading in the Stock Exchange

An Exchange Traded Fund (ETF) is a type of security that tracks various forms of assets that can be purchased or sold on a stock exchange, similar to a regular stock. As cryptocurrency gains more prominence in modern society, more cryptocurrency ETFs are being approved by countries; however, very few countries have approved of a Bitcoin ETF. Sweden, Canada, Germany, Switzerland, Germany, France, Netherlands, and Brazil are currently the only countries in the world that have passed Bitcoin ETFs to be traded on their exchanges. Other countries are interested in developing their platform to be able to trade many different types of cryptocurrencies while some are mainly focused on Bitcoin. 

A common problem between countries that want to trade cryptocurrency assets is the resistance from their respective security councils. The Phillipine Stock Exchange wants to become a platform for trading cryptocurrency assets but is waiting for approval from its Securities and Exchange...

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China's Romantic Relationship with Bitcoin Could Not Get Any Better

by Lewis Park

 

All research was acquired by Wolfie Zhao’s segment in TheBlock

 

We all know that Bitcoin will be around for a long time. At least, for those of us who truly believe in the technology that powers Bitcoin, we know that Bitcoin is fundamentally bullish and has been the first innovative piece of finance since the creation of the first documented ledger system in the form of double-entry bookkeeping created by the Jewish community in Roman civilization. Bitcoin’s characteristics of being censorship resistance, deflationary, limited in supply, decentralized, etc., are all factors that would enable it to be the native internet token that the world desperately needs to help even the playing field for the little guys. In fact, Bitcoin has always championed equality, and it is a no brainer for people to support its success throughout the known world. 

 

Then there’s China.

 

Recently, China has cracked down on Bitcoin mining, an...

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The First of Many: The First Country to Recognize Bitcoin as Legal Tender

By supermajority vote, 62 out of 84 possible votes in favor, El Salvador's government will recognize Bitcoin as a legal tender in the country alongside the current tender, the US dollar. Going into effect September 7, 2021, the government believes it will be beneficial to the country's economy. However, the government has received mixed feedback from the country's citizens as to whether or not this will help the country. Only 30% of citizens have access to traditional financial services which will make it difficult for many to use or access bitcoin tender. In addition, the country is heavily reliant on money sent back to the country by workers abroad with a fifth of the county’s GDP consisting of such. Many citizens of lower economic class still feel lingering trust issues from when they lost considerable purchasing power when the USD was adopted as the only legal tender in 2001. However, the government has taken that into consideration and is developing solutions to address...

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China’s Crypto Mining Rigs No More

China’s central bank views decentralized currency as a threat to the state’s economy and views it as an incentive to use it for illegal purposes. To combat the increasing popularity of cryptocurrency, China has done two things. Various Chinese provinces, including the two top crypto mining provinces, have shut down the power allotted to crypto mining businesses, resulting in the suspension of activity and relocation of these businesses. In addition, China has started to develop its own E-currency based on its standard currency, the yuan, to ensure the e-currency used in the state still has a centralized backing. Furthermore, the government has forced multiple large state-owned banks to “block payment services for any client accounts thought to be involved in cryptocurrency transactions. They were also told to cease offering other services such as account opening, registration and trading for any cryptocurrency-related activities.”

The relocation of crypto...

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Mass Decline in Bitcoin and Ethereum Miner Revenue in June

bitcoin china ethereum mining Jul 02, 2021

Bitcoin and Ethereum miner revenue declined massively in June. Bitcoin has seen the largest decrease in total mining revenue in its history as June ends. A reduction in total transactions and fees are the main contributing factors to the total value dropping 42% from May 2021 to June 2021.

Total daily transactions saw a significant drop in the month of June. Levels haven’t been this low since August 2018. June saw roughly 100,000 fewer daily transactions in comparison to the all-time high of 300,000 daily transactions occurring just a month before in May. Both total users and fee rates saw a large reduction rate, with total users dropping 62% and the share of bitcoin mining revenue from transaction fees fell to 5% in June from about 9% in May.

Bitcoin’s hash rate has seen a 50% decrease since its peak in May. China’s recent crackdown on cryptocurrencies has been the largest contributing factor with a reported 90% of Bitcoin’s mining capacity being shut down...

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