Cryptocurrency

China's New Forex Rules Impact on Crypto Activities

Wednesday. January 1 at 5:00 PM

1 min. read

China's recent forex regulations mandate Chinese banks to monitor identity, fund sources, and trading frequencies to control cross-border crypto transactions. The new rules require banks to flag risky trades involving crypto assets, making it harder for residents to purchase digital assets. Banks must report and monitor risky forex activities, including cross-border gambling and illegal financial activities related to crypto assets. The regulations also necessitate tracking individuals and institutions involved, fund sources, and trade frequencies. The rules aim to provide a basis for penalizing crypto trading and signal a tightening regulatory stance on crypto in China. Despite the country's ban on crypto transactions since 2019, China holds the second-largest amount of Bitcoin globally, primarily acquired through asset seizures from illicit activities. Former Binance CEO CZ Zhao believes China may adopt a Bitcoin reserve strategy in the future.

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BlackRock's Bitcoin ETF Records Largest Outflow Since Launch

Saturday. January 4 at 9:00 AM

BlackRock's iShares Bitcoin Trust (IBIT) recently experienced its biggest outflow since its inception a year ago, with a record $332.6 million leaving the spot Bitcoin exchange-traded fund on Jan. 2. This marks the third consecutive day of outflows for the product, totaling $392.6 million over the past week. Despite this, BlackRock remains a top contender in the ETF market, ranking third for inflows in the US in 2024. While competitors like Bitwise and Fidelity saw inflows on Jan. 2, BlackRock canceled out these gains with a total outflow of $242 million. Looking ahead, ETF Store president Nate Geraci predicts significant developments in crypto ETFs for 2025, including combined spot BTC and ETH ETFs, options trading for spot ETH ETFs, and the approval of a spot Solana ETF.

Cryptocurrency

India Collaborates with Tech Giants to Combat Crypto Scams

Saturday. January 4 at 8:00 AM

India has stepped up efforts to tackle crypto scams by teaming up with tech giants Google and Meta (formerly Facebook). The Ministry of Home Affairs' 2024 annual report highlighted the partnership aimed at fighting the growing menace of 'pig butchering' scams. These fraudulent schemes target vulnerable groups like unemployed youth, housewives, and students, promising high returns on crypto investments. Scammers use social media and search engines to lure victims, resulting in losses of $3.6 billion in 2024. To counter this, the Indian Cyber Crime Coordination Centre (I4C) collaborates with Google and Meta to identify and remove malicious content swiftly. Additionally, training programs on blockchain analysis have been initiated to enhance law enforcement's investigative capabilities. The National Cybercrime Reporting Portal (NCRP) facilitates quick resolution of crypto scam cases. India's active involvement in international efforts, including cooperation with the FATF, aims to strengthen global standards against crypto-related crimes.

Cryptocurrency

CZ's Optimistic Outlook for 2025

Saturday. January 4 at 3:00 AM

Former Binance CEO Changpeng Zhao, known as CZ, predicts a positive year ahead for the crypto industry in 2025. Despite facing challenges in 2024, including a brief prison stint, CZ remains hopeful for the future. He recently shared his New Year's resolution from 2023, emphasizing the importance of ignoring negativity and staying optimistic. CZ's positive attitude is reflected in his belief that 2025 will be a 'send it' year, signaling potential growth and success for Binance and the broader crypto community. With new leadership at Binance and promising developments on the horizon, CZ's return to the industry has generated excitement. The platform's user base continues to expand, and CZ's influence remains strong, as seen in the recent surge of Travala's AVA token. Despite challenges and uncertainties, CZ's outlook for 2025 remains optimistic, setting the stage for a prosperous year in the crypto space.

Cryptocurrency

Potential Turbulence Ahead for Solana Due to Grayscale Effect

Saturday. January 4 at 2:00 AM

Data researcher Ben Lilly warns of potential turbulence in the crypto market, especially for Solana (SOL), due to the 'Grayscale Effect.' This effect is linked to scheduled share unlocks from the Grayscale Solana Trust in 2025, which could lead to price pressure on SOL. Similar to past experiences with the Grayscale Bitcoin Trust, these unlocks may result in increased selling pressure, price declines, and market turbulence. Lilly suggests that the upcoming unlocks in January and July 2025 could have a significant impact on SOL prices. Investors are advised to be cautious during these periods and consider strategies like hedging or diversification to manage risks. Despite SOL's recent price surge, the Grayscale Effect poses a clear risk for the cryptocurrency and highlights concerns about institutional products' influence on market stability.

Cryptocurrency