China’s cryptocurrency fans losses as price drop bites

China's cryptocurrency fans losses as price drop bites

Charles Li Xiaojia, chief executive of the Hong Kong Exchanges and Clearing, recently stated that corporations are looking for to go public in the city must show constancy in their commercial models, in reply to media questions about the status of the IPO applications from the world’s major makers of cryptocurrency mining rigs Bitmain Technologies, Canaan Creative and Ebang International Holdings. Xiong Yue, 32, has a comparable, but somewhat different.

view. As per Xiong the present bear market can be the worst ever as rivalry is now brutal after a new wave of business players rose at the time of the last bull run. As per the government data gathered by China is now home to more than 5,000 companies listed with blockchain in their names, up from just 500 in 2017,.

Zhang after his new job move, the Hangzhou-based engineer, has recommenced his plan to invest numerous yuan each month in EOS as he thinks submissions like gaming and gambling are gaining impetus on the blockchain platform.

China has a prosperous crypto space, with start-ups having in everything from wallet apps to blockchain procedures. It is a place to the world’s major makers of cryptocurrency mining togs, like Bitmain Technologies, and best exchanges, such as Huobi. crypto trading still going good in the country via channels like online chat groups even after the government banned exchanges from directing local users.

The cryptocurrency crunch has begun to bite. Leading ventures like Beijing-based Bitmain Technologies, the world’s biggest maker of specialised computers used for creating new units of digital money, and Switzerland-based software production studio ConsenSys have all announced plans for lay-offs.

Wu Xing, 30, resigned from her marketing role at Huobi in September after four years with the Beijing-based firm. Since then she has been taking it easy at home with her coder boyfriend. Her daily routine includes learning new recipes to cook and walking her three-year-old Corgi.

“People say ‘a day in the crypto space equals a year on earth’,” Wu said, referring to an online meme describing the fast frenetic pace of the cryptocurrency community. “But now it’s actually ‘a day on earth equals a month in the crypto space’.”

The acquisition followed a similar move made by Chinese cryptocurrency exchange Huobi, which bought a 66 percent stake in Hong Kong-listed Pantronics Holdings for about HK$600 million in August last year.

There are no specific plans yet for Huobi to inject its own business into the acquired public company, according to Livio Weng Xiaoxi, vice-president of Huobi, in an interview earlier this month.

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