Hackers have stolen over 7,000 Bitcoins from Binance, the world’s largest cryptocurrency exchange by trade volume, as reported by TNW.

CEO Binance, Changpeng Zhao in a support article on the official website wrote that a “large scale security breach” was discovered earlier on May 7. In this security breach, hackers were able to access user API keys, two-factor authentication codes and “potentially other info”, that Zhao has not disclosed until now.

Consequently, hackers were able to withdraw roughly $40.7 million in bitcoin from the exchange, according to a transaction published in the security notice. Currently, the exchange’s team is also unaware that how many accounts have been affected, though it claims that users’ funds will remain safe as the company plans to reimburse accounts affected by this breach.

The disclosure of breach comes hours after Zhao tweeted that the exchange was undertaking “some unscheduled server maintenance,” writing that “funds are #safu.” After the disclosure announcement, Zhao tweeted that the exchange would “provide a more detailed update shortly.”

The CEO of crypto exchange claims the malicious actors used a number of techniques including phishing and malware to carry out the hack. The security breach easily tackled to circumvent Binance‘s security checks, but when the company’s security team noticed this strange activity, the exchange blocked all withdrawals.

What we know so far, withdrawals are likely going to remain blocked until next week. In the meantime, Binance will carry out a security check and will also use its SAFU (Secure Asset Fund for Users) emergency insurance fund, to reimburse accounts affected by this breach.

The world’s leading digital currency by market value fell below $6,000 for the first time since June. As Bitcoin struggled, other cryptocurrencies called, “alt-coins” also dropped remarkably.

XRP and Ethereum both dropped more than 12 percent and the whole cryptocurrency market lost $19 billion within 24 hours as observed on CoinMarketCap.com.

Crypto investors are definitely under serious stress and Analyst at eToro-global investment platform, Mathew Newton says that the crypto market seems to have hit panic mode.

Ether which is the second largest cryptocurrency after Bitcoin witnessed the biggest loss among the other top five by market capitalization. It fell more than 12 percent.

Ether started above $760 this year but on Tuesday, it was trading at $260 so the digital currency is down by 65 percent.

XRP, the world’s third largest digital currency also dropped by 10 percent. Ripple was valued above $2.30 and dropped to about 90 percent this year.

Even at present, Bitcoin makes up more than half of cryptocurrency market and has also been striving to recover somewhere near $20,000 in December. This year, prices have dropped more than 56 percent.

“When the market is down, the larger players in crypto have thinner pockets for alternative coins, The market is still majority retail investors who sell on lows,” says Joe DiPasquale, CEO of Cryptocurrency fund-BitBull Capital.

Ether was launched as a fundraising effort to develop a blockchain platform Ethereum.

HTC is planning to launch Exodus, its blockchain smartphone later this year. A launch date for the end of 2018 has been confirmed by the company, which might be a technique to steer the conversation away from the phone while the company works on perfecting the phone. To further materialize their plans, HTC has launched a website that lets users sign up for future updates about the phone.

The Exodus was initially announced back in May 2018. Speaking at that time, Phil Chen, the Chief Crypto Officer of HTC said, “The Exodus is the first native blockchain phone dedicated to bringing end consumers the best-decentralized application (DApp) experiences, including a built-in secure hardware enclave, and helping underlying protocols expand their base of dedicated nodes, thus expanding the total blockchain ecosystem.”

The Exodus doubles as a node as well, which allows users to trade cryptocurrencies among each other. Details of the phone have not been revealed yet. Speaking to The Verge, Chen said that the phone’s price will be confirmed in the third quarter of 2018 while it will be released in the market by the end of this year. HTC’s Exodus is similar to Sirin Lab’s Finney, which is the world’s first blockchain smartphone. The Finney retails for $999, which should mean that the Exodus will be priced around the same point as well.

The Exodus’ main feature is the built-in cryptocurrency wallet, which is expected to ease the process of exchanging digital assets and coins by removing the need for excessive apps and tools etc. to power the sending and receiving of crypto funds.

The main advantage of a blockchain smartphone would be its security. Considering the phone is supposed to be used for financial transactions, that too for transactions conducted on the internet, security is a must. So the Exodus and its likes are the best for people with intense cybersecurity concerns.

Considering the fact that there is a vast range of flagships available near the $1000 mark, would you go for the Exodus or would you prefer sticking to phones like the iPhone X?

Last week, Bitcoin faced a major drop in the cryptomarket plunging below $6K. However, things are now looking promising for the crypto-currency as its value reportedly increases by 2.81 percent since the last week.

According to CoinMarketCap, Bitcoin’s current value stands at $6,684.57 as of 5th July. Two days before, the value stood at $6,575 which was a 3.4 percent increase in the last 24 hours. The gradual increase in Bitcoin’s value is now expected to hit $7K in a few days.

As the Bitcoin’s value continues to increase, investors are again getting hopeful in investing in the currency. BTC’s increased market value will attract more investments, building an increased trading volume, which will eventually lead to its regained success in the digital currency market.

Lately, Bitcoin has been showing major fluctuations in the crypto market. While 2017 was a successful year for Bitcoin, 2018 did not fare well for the cryptocurrency. Since the end of January, Bitcoin has been declining continuously. Just, last month, the currency’s value experienced a major downfall as it dropped to $6,455.92, it’s lowest since May. The ever decreasing value made many investors skeptical about the currency’s success, now they are heaving a sigh of relief.

Kik Messenger will now be rewarding Kin – a cryptocurrency to its beta users.

Kin tokens can be mined by a limited amount of users by performing activities such as taking quizzes, working on tutorials and answering polls. The earned token can be used to buy premium features in the app, such as customizing new chat themes. Kin’s current value is $0.000145 and has gone up in the crypto market by 11.73 percent.

Founder and CEO of Kik and Kin, Ted Livingston wants to make Kin the most used cryptocurrency in the world. Getting it into the hands of Kik users is a critical step in achieving this. The company believes that this step will lead to the success of Kin and the messaging app, Kik as well. The Kin cryptocurrency was used to raise nearly $100 million in an initial coin offering (ICO) last year.

The company has built Kin into products that users already use. The crypto mining experience has been layered in a simple and seamless way. This integration will pave a way for other partners of the company to launch their own Kin economy in their apps.

The Kin currency is supported by an independent, nonprofit and democratic governance body, Kin Foundation, sometimes call the Kin Ecosystem. The Ecosystem is a community of partners that provides digital services and applications for the members of this community.

Kik is a mobile messaging app that gained popularity for enabling users to connect with people from all over the world whether known or unknown. People make online friends though Kik and also share media such as photos, videos, gifs etc. it is a preferably safer way to make online friends as it does not include the sharing of numbers, instead, friends are made on the basis of common likes you display on our profile.

Computers used for cryptocurrency mining consume a large amount of electrical energy. Unauthorized computers, when used for mining of such digital currencies, are easily noted when an electrical grid or powerhouse shows too much electricity consumption at one time, especially in a non-industrial area.

A man in China was arrested for stealing a massive amount of electricity on 22nd June when the power grid reported an abnormally large amount of energy consumption. The Police in east China’s Anhui Province seized more than 200 computers which were being used for mining of Bitcoin and Ethereum. The suspect, Ma, was claimed to have stolen 150,000 kW hours of electricity in more than a month.

Ma said that it was his “dream to make money through crypto mining”, at the time of his arrest by the Chinese Police. Ma had bought the computers in April but later found out that the daily power cost was more than 6,000 yuan, which resulted in a loss at the time of his arrest.

This is not the first time Chinese men have been arrested for theft related to cryptocurrency and powerhouses. In April, two cases had come forward where Chinese crypto minors were arrested for stealing power for Bitcoin mining. The Coindesk reported the news on 25th April when Bitcoin Miners were arrested for alleged power theft.

Not only that but on April 27th, a subsidiary of Sequoia Capital China sued Zhao Changpeng, the famed crypto billionaire and the founder of the world’s largest cryptocurrency exchange in terms of trading volume, Binance, in a Hong Kong lawsuit claiming the crypto exchange founder had violated terms of an exclusivity agreement by holding fundraising talks with other potential investors.

Facebook has updated its policy on 26th June to allow ads that promote cryptocurrency (previously banned) meanwhile making sure the ads are safe and from pre-approved advertisers. However, the new policy still does not favour initial coin offerings (ICO) ads.

Facebook’s revised policy states:

“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

In January 2018 amidst the biggest bull run of Bitcoin and altcoins, Facebook created a new policy that prohibited “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

At that time Facebook asked people to explore and discover new products and service without the fear of being deceived. Facebook simply believed that these ads were not operating on right terms and good faith so they should be prohibited on its platform. However, they also gave a signal that will review the policy and will see if it would be updated or not.

Now after around 6 months Facebook decided to loosen its ropes on cryptocurrency ads by introducing some terms and conditions. For example, advertisers wanting to run ads for cryptocurrency products and services must submit an application to pass through the eligibility criteria designed by Facebook. Moreover, the advertisers have also need to submit any licenses they have obtained, and other necessary information about their business. Keeping these restrictions in mind, not everyone who wants to advertise will be able to do so on the social media platform.

In addition to Facebook, Google and Twitter also have restricted cryptocurrency ads on their respective platforms. This decision by Facebook might encourage other platforms to revisit their advertising policies related to cryptocurrency ads. It is also speculated that once the ads are on flow on Facebook, the credibility of cryptocurrency will increase and there might be a surge in their value.

Senegalese singer, songwriter, businessman, record producer and actor, Akon, wants to build his own city in Senegal and launch his own cryptocurrency, AKoin to empower Africans and economically bring the country in “the race to success” with the others. Akon promises the launch of the new cryptocurrency in two weeks.

akon

On 18th June at the Cannes Lions International Festival of Creativity, France, Akon explained the need of cryptocurrency in Africa by stating:

“I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down.”

A 2,000 acre land in Senegal was gifted to Akon by the president of Senegal to build a city solely for the purpose of crypto mining and trading, called “Akon Crypto City”. It is located within five miles of the country’s new international airport, Blaise Diagne International Airport.

This futuristic city[,] already in development, beginning with 2,000 acres of land gifted to Akon from the President of Senegal, is within 5 minutes of the new international airport, close to the coast and a short drive from Dakar, the capital city of Senegal (Akon’s homeland). Akon Crypto City blends leading Smart City planning designs with a blank canvas for cryptonizing our daily human and business exchanges, towards inventing a radical new way of existence.

The well-developed website of AKoin explains about the currency and their needs in a developing country like Africa. “AKoin is a new cryptocurrency from visionary changemaker Akon and is the foundation of the AKoin Ecosystem — a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion for youth entrepreneurs by allowing consumers to buy, hold, and spend cryptocurrency right from their smartphone through a suite of blockchain-powered apps”, according to the website.

According to the report from Page Six, Akon said that the introduction of this currency will not only boost the economy of Africa but will also provide other benefits such as high-security introduction, technological advancements, and crypto involvement of Africa. He said that AKoin “allows the people to utilize it in ways where they can advance themselves and not allow the government to do those things that are keeping them down.”

Blockchain and cryptocurrency are the buzzwords that have taken the technology industry by storm. Blockchain technology can transform the way different sectors work such as; health care, education, banks, and governance. While the applications of blockchain technology go beyond supporting cryptocurrency, it has gained recognition due to the popularity of digital currencies such as Bitcoin, which started its epic bull run last year.

Here is a list of the top influencers that you can follow to discover their journey of defining the future of blockchain technology and cryptocurrency. Further, some of them can also give you the right direction that where you should invest.

1. Andreas M. Antonopoulos

Antonopoulos is an open blockchain and Bitcoin expert. He is also a best-selling author for his work that explores the impact of cryptocurrency on human civilization. He is one of the sought out Bitcoin speakers who can explain the complex technology in user-friendly terms. Best known for his educational videos on cryptocurrency, Antonopoulos is a rare expert who measures the impact of the technology in terms of education, culture, and politics. He frequently tweets about cryptocurrency, encryption and internet security.

Follow them @aantonop.

2. Vitalik Buterin

Buterin is the Co-Founder of Ethereum, a decentralized blockchain mining network and Bitcoin Magazine that covers news and insights about various cryptocurrencies. He has also been featured on the Forbes 30 under 30 list for 2018. Buterin usually tweets about blockchain technology and Ethereum developments.

Follow them @VitalikButerin.

3. Tyler H. Winklevoss

Winklevoss is the co-founder of the world’s first licensed Ether exchange, Gemini Exchange. He co-founded the digital currency exchanger with his twin brother. An entrepreneur and an early Bitcoin investor, he is also the founder of Winklevoss Capital Management. He ranks fourth at the Forbes Crypto Rich List with a net worth between $900 million to $1.1 billion. Winklevoss regularly tweets explore the themes of regulating cryptocurrency and monitoring crypto market for scams.

Follow them @tylerwinklevoss.

4. Balaji S. Srinivasan

Srinivasan is the Chief Technology Officer of Coinbase, a digital currency wallet, and platform that allows cryptocurrency traders and consumers to buy and sell digital currencies such as Bitcoin, Ethereum, and Litecoin. He also serves as the Board Partner of Andreessen Horowitz. Srinivasan previously led Earn.com, service that uses digital currency to send and receive paid microtask. as the Chief Executive Officer. The service which was later acquired by Coinbase. In his tweets, Srinivasan talks about the ups and downs of crypto trading and all the happenings at Coinbase.

Follow them @balajis.

5. Naval Ravikant

Calling himself the Venture Hacker, Ravikant is a serial investor and the CEO & Founder of AngelList. He also serves on the board of the Zcash Foundation. The previous year, he influenced the blockchain circuit by backing a crypto index fund and also a hedge fund that uses a cryptocurrency called Numeraire. He has also worked towards building CoinList and Republic Crypto as part of the AngelList family. While CoinList a platform that holds initial coin offerings compliant to laws, Republic Crypto enables ICOs that are also compliant with laws and inclusive to all kinds of investors. Naval’s tweets challenge norms and conventions associated with cryptocurrency.

Follow them @naval.

6. Marie Wieck

Wieck is the General Manager of IBM Blockchain. She is working towards open ecosystem growth of the Hyperledger Project and aims at delivering enterprise blockchain solutions that have the potential to transform business processes and transactions. She tweets about the initiatives running under IBM Blockchain and supports gender diversity in technology fields.

Follow them at @mwieck.

7. Brian Armstrong

Armstrong is the Chief Executive Officer and Co-Founder of CoinBase. He is working towards building an inclusive open financial system for the world. Known for introducing America and the world to cryptocurrency, he leads the world’s largest exchange for trading digital currency. Armstrong is also known to own more Ether than Bitcoin. His tweets are focused on crypto trading and also explore the social good aspect of cryptocurrency.

Follow them @brian_armstrong.

8. Tim Draper

Tim Draper is the founder of DFJ Venture Capital, Draper Associates and Draper University. The Draper University runs executive programs focusing on Blockchain, ICO Strategies, and Token Offerings. Draper believes that blockchain technology holds more potential than the internet itself to transform all sectors of banking, real estate, insurance, healthcare, venture capital and government itself. His tweets revolve around similar themes with a focus on Bitcoin trading.

Follow them @TimDraper.

9. Anthony Pompliano

Pomp is a crypto capitalist and the Managing Partner of Full Tilt Capital, an early stage venture capital investment company. Along with other crypto experts, he is also introducing a one of its kind crypto newsletter called, Off The Chain. He passionately tweets about the potential of cryptocurrency as the virus is spreading!

Follow them @APompliano.

10. John McAfee

The cybersecurity influencer, John McAfee ventured into cryptocurrency in 2016. He served as the Chief Executive Officer of MGT Capital Investments, a technology holding company. He later made the company venture into incorporating blockchain technology for cryptocurrency mining. While his tweets may seem brazen sometimes, he continues to influence the cryptocurrency circuit with predictions and indications of the potential of blockchain technology.

Follow them @officialmcafee.

A crypto startup by the name of “Modern Tech” has gone dark after duping 32,000 people of an estimated $660 million dollars in relation to two fake cryptocurrency projects and their initial coin offerings (ICOs). The company had claimed to be the authorized Vietnamese representative of two cryptocurrencies, Ifan and Pincoin. Modern Tech was responsible for conducting two initial coin offerings (ICOs) on their behalf.

The owner of the building where Modern Tech was initially headquartered told the reports that the company had cleared out its office about a month prior to the events. Many angry investors gathered in front of Modern Tech’s headquarters in the business district of Ho Chi Minh City, Vietnam as a protest against the company’s Ponzi scheme.

Ifan ICO:

Ifan was marketed as “the most advanced social network” for artists and celebrities. Ifan promised them to connect with their fans in a much better way. The company’s initial token was intended to be used for live performances ticket purchases, downloading songs as well as albums.

Pincoin ICO:

Pincoin was a project initiated in Dubai. Pincoin was marketed simply as an “investment opportunity” which promised the investors up to 40% in monthly profit. The coin claimed to be overseen by the so-called “PIN Foundation”. The investors were told that the tokens they buy at a cheap rate, will eventually be valued much more once they hit the secondary market. Modern Tech also promised an 8% commission for every new member introduced in Pincoin project.

The investors got suspicious when Modern Tech stopped paying commissions in real money. The company started giving tokens. As for many investors could see the value of their investment rise on a daily basis in the dashboard but would never be able to withdraw them in cash. The investors took their frustration on social media and forums, some claiming they had lost a fortune investing in the alleged Ponzi schemes of Modern Tech.

Victims of the scam hold a protest sign in front of the Modern Tech headquarters

Scams in the cryptocurrency world have become quite common now. Since virtual currency has been introduced many thieves look to tap into the bitcoin world and lure naive investors into putting their life savings into the next big thing, often promising absurdly high rates of return.

SOURCE :TECH

There has been a lot of fuss about social networks and search engine giants blocking cryptocurrency ads. Twitter, in particular, was rumored to block and crack down on cryptocurrency in previous reports, but nothing was certain at that time.

As of now, Twitter has confirmed to Reuters, that they will start banning all cryptocurrency and ICO advertising effective from today, Tuesday. The report follows the recent crackdown of Google and Facebook against crypto ads.

The previous report that Twitter will ban ads for ICOs, token sales, and crypto wallets from most of the crypto exchanges, has been confirmed and initiated from today. The revised policies for these financial services related advertisements will be disclosed in next 30 days, however, some crypto exchanges will get an exception if they are listed as public companies on certain major stock markets.

There is a logic to focusing on exchanges from public firms. Companies on a major stock exchange have strict transparency rules and they give a detailed insight of the company they are working with.

According to a Twitter’s spokesperson,

“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally. We will continue to iterate and improve upon this policy as the industry evolves.”

Twitter has been struggling with serious issues like fake accounts who have been “engaging with others in a deceptive manner” as revealed in a report earlier this month.

Following this news, the crypto market has seen a certain downfall, as on CoinMarketCap. Bitcoin fell by 6% in 24 hours and is now trading to a low of $7,895 (as of writing).

Google after blocking cryptocurrency related ads has made a u-turn and is now making its own blockchain related technology to support its cloud business and lead the online industry to some new opportunities-as reported by Bloomberg.

Companies other than Google are using blockchain technology for storing digital ledgers to securely record transactions and process other data over the internet. Google could store information of millions of users on a giant network of computer servers that could power their cloud services.

Google has previously worked on many projects related to blockchain technology and has tested the blockchain technology back in 2016. Google made a team of developers to test the blockchain technology on their cloud servers.

“Like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans,” a Google spokesman said.

While Google is one of the largest holders of information in the world, the technology does bring some challenges and opportunities for Google. The network distribution over a large number of computers that run digital ledgers is less risky rather than keeping the information in a single company.

Like Google, many consumer-centric internet platforms are adopting blockchain technologies. The e-commerce platform of Alibaba is in partnership with logistics company Cainiao to adopt blockchain in its cross-border supply chain platform. We also heard Germany, headquarters of Porsche, regarding the utilization of blockchain tech. The globally renowned credit card giant, Visa has also launched the first pilot phase of B2B Connect, its blockchain-based business-to-business payments service.

‘Waves’ has released the most powerful and user-friendly blockchain platform in existence. The launch of the Waves Client 1.0. Many startups like Brave, it is a web browser, which uses blockchain technology to pay websites when people spend time there. Just like this another startup known as Presearch is also using blockchain technology to compete with the google search engines.

When companies like Google want to keep up with emerging technology, they often backup startups in the field and make small investments in their businesses to test the theory before adopting it. Google has surely tested the blockchain technology thoroughly and is now making its own masterpiece.

 

As small as a grain of salt

IBM knows how to make computers smaller than ever. In fact, their latest product is so small, you’ll need a microscope to see it!

This new computer, which was unveiled at IBM Think 2018, has the computing power of an x86 chip from the 90s, along with hundred thousands of transistors, while being microscopic in size. To give you a perspective, the chip that is on a finger in the left photo contains *drum roll* 64 motherboards AND two tiny computers. Unbelievable, isn’t it?

As for its use, IBM said that its new computer is designed to “monitor, analyze, communicate, and even act on data.” Applications include tracking the shipment of goods, detecting fraud and non-compliance, and few AI tasks. In fact, this microscopic chip is claimed to be usable as a data source for blockchain applications!

The computer will cost less than ten cents to manufacture, and will also pack “several hundred thousand transistors,” according to the company.

Here’s an infographic explaining the components of the 1 x 1 mm computer:

There are no details as to when will IBM be mass producing these computers. As of this writing, researchers are testing the first prototype of this futuristic piece of tech.

But one thing’s for sure: The future is here. You just might need a microscope to see it.

source:unbox

 

Following China’s ban on Initial Coin Offering(ICO) and Cryptocurrency exchanges, Japan has risen above to take the top spot for the biggest Bitcoin market in the world.

According to CryptoCompare, a website which shows Bitcoin and other cryptocurrency indexes, Japan appears to have become the largest Bitcoin exchange market in the world with a 50.75% market share. While Japan has quietly risen to the top of the Bitcoin market, China has seen its share in the market drop to below 7%. Analysts are attributing this to the Cryptocurrency mess that has been going on in China for a while now.

A report titled ‘China Internet Report 2017’ by Edith Yeung, released last month, crowned China as the biggest cryptocurrency market in the world. However, since then China’s relationship with Bitcoin and other cryptocurrencies has gone down a tumultuous path shaking the entire international market. During the first week of September, China banned Initial Coin Offering – a new and effective way being used by startups to raise funds. Following that announcement, all the major cryptocurrencies went in a downward spiral after the cryptocurrency market saw an overall growth of more than 800% this year.

But that wasn’t it. China even went ahead and banned all cryptocurrency exchanges in the country, ordering them to stop operations by 30th September. As a result, traders have departed from the Chinese market, in efforts to save themselves from the unpredictable regulators in China. Their new home is clearly Japan which has surged to the top of the Bitcoin market.

It remains to be seen how long Japan lasts at the top of the table. But China, on the other hand, appears to be completely fine with its decision to ban cryptocurrency exchanges in the country.

An interesting thing to point out here would be that China is currently working on developing its own cryptocurrency so it is possible that the country is giving external cryptocurrencies the same treatment it gave to Facebook, Google, and Uber.

In an expected turn of events, Chinese regulators have announced that all Chinese cryptocurrency exchanges must stop trading to remain compliant.

China had previously expressed interest in banning cryptocurrency exchanges and today it has gone ahead and given an ultimatum to the exchanges to halt these services. Prior to taking this action, China also banned Initial Coin Offerings in the country. ICO has emerged as an alternate yet very effective way for startups to fund themselves.

How did the cryptocurrency market react to that? Badly. Just after the news that China might ban virtual currency exchanges, cryptocurrency market lost billions of dollars. At the time of writing this news, the value of a Bitcoin stands at $3000. This is the lowest value it has achieved in the past few weeks.

In other news, China’s second largest cryptocurrency exchange BTCChina just yesterday announced that it will also shut down on September 30. This is a major blow for the cryptocurrency users, traders in China and around the world.

After a flurry of negative press around Bitcoin, short term investors are also cashing out quickly to maintain the profits as the value of Bitcoin continues to decline. China is one of the biggest cryptocurrency markets and it accounts for 23% of the Bitcoin trades.

“China is practically building a cottage industry for mining and exchanging Bitcoin and other cryptocurrencies, so it is hard to believe that they intend to exit a market with so much potential upside,”

Jason English of Blockchain alliance Sweetbridge told CoinTelegraph.

“Even the apparent ban on ICOs seemed to be more of a stopgap in order to get some policies in place. If anything, this example shows the volatility of the space and that some market-makers can likely take advantage of an unclear news cycle to create a sell-off and buy back opportunity.”