China
Bitcoin’s in a bear market, but there are plenty of good reasons to keep investing
Let’s rewind the tape to the end of 2021 when Bitcoin (BTC) was trading near $47,000, which at the time was 32% lower than the all-time high. During that time, the tech-heavy Nasdaq stock market index held 15,650 points, just 3% below its highest-ever mark. Comparing the Nasdaq’s 75% gain between 2021 and 2022 to Bitcoin’s 544% positive move, one could assume that an eventual correction caused by macroeconomic tensions or a major crisis, would lead to Bitcoin’s price being disproportionately impacted than stocks. Eventually, these “macroeconomic tensions and crises” did occur and Bitcoin price plunging another 57% to $20,250. This shouldn’t be a surprise given that the Nasdaq is down 24.4% as of Sept. 2. Investors also must factor in that the index’s historical 120-day vo...
Tech giant Meitu loses over $43M of its crypto investment in bear market
Hong Kong tech giant Meitu made headlines in April last year after it reported nearly $100 million in crypto holdings. However, with the advent of the bear market, the tech firm has lost nearly half of the valuation of its crypto holdings. According to a local media report, Meitu reported an impairment loss of over 300 million yuan, approximately $43.4 million, on their crypto holdings. An impairment loss is a loss in value of an asset when it falls below the carrying value of the investment. The financial filing revealed that the impairment loss has more than doubled from the last quarter, something the firm had anticipated earlier. The tech giant has said that its crypto holdings could impact the net loss of the company by the end of the first half of the year. In a July exchan...
Billboard China Announces Partnership With Tencent Music Entertainment Group
Billboard announced on Wednesday (Aug. 31) that the company has partnered with Tencent Music Entertainment Group to develop its new Billboard China brand. As the leading online music and audio entertainment platform in China, Tencent will work with Billboard to launch the “Chinese Music Gravity Project,” a pioneering initiative that will shine a spotlight on Chinese music artists through a series of engaging content collaborations and other features. By enlisting TME, Billboard will also share its global content — authoritative charts, expert recommendations, music news coverage and more — across the platform’s many channels, including QQ Music, Kugou Music, Kuwo Music and WeSing. As of late 2020, Tencent Music, which licenses Billboard China, controlled 77% of China’s streaming ...
Beijing announces two-year Metaverse innovation and development plan
The Beijing municipal government on Aug. 23 announced a two-year (2022-2024) metaverse innovation and development plan that would require all districts to adhere to the newly released Web3 innovation plan. The development action plan refers to the Metaverse as a new generation of information technology integration and innovation that would drive the growth of the internet towards Web3. The innovation plan focuses on promoting the development of metaverse-related industries and helping Beijing build a benchmark city for the digital economy. The action plan demands that various districts build technological infrastructure at a city level and promote its use in various fields, including education and tourism. The development program would see the Integration of technical means such as 3D...
Here’s why holding $20.8K will be critical in this week’s $1B Bitcoin options expiry
Bitcoin (BTC) experienced a 16.5% correction between Aug. 15 and Aug. 19 as it tested the $20,800 support. While the drop is startling, in reality, a $4,050 price difference is relatively insignificant, especially when one accounts for Bitcoin’s 72% annualized volatility. Currently, the S&P 500’s volatility stands at 31%, which is significantly lower, yet the index traded down 9.1% between June 8 and June 13. So, comparatively speaking, the index of major U.S.-listed companies faced a more abrupt movement adjusted for the historical risk metric. At the start of this week, crypto investors’ sentiment worsened after weaker conditions in Chinese real estate markets forced the central bank to reduce its five-year loan prime rate on Aug. 21. Moreover, a Goldman Sachs investment ...
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls’ dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant. Total crypto market cap, USD billion. Source: TradingView The worsening conditions are not exclusive to crypto markets. The price of WTI oil ceded 3.6% on Aug. 22, down 28% from the $122 peak seen on June 8. The United StatesTreasuries 5-year yield, which bottomed on Aug. 1 at 2.61%, reverted the trend and is now trading at 3.16%. These are all signs that investors are feeling less confident about the central bank’s policies of requesting more money to hold those debt instruments. Recently, Goldman Sachs chief U.S. equity strategist David Ko...
Chinese mining giant Canaan doubles profits despite the blanket crypto ban
Major Chinese cryptocurrency miner manufacturer Canaan appears to have no issues with the local ban on crypto, as the company’s overall performance has continued to grow in 2022. Canaan officially announced its financial results for the second quarter of 2022 on Thursday, reporting a 117% increase in gross profit from the same period of 2021. According to the firm, the Q2 profits amounted to 930 million renminbi (RMB), or nearly $139 million. The company’s Q2 net income was 608 million RMB, or $91 million, or a 149% increase from 425 million RMB in the same period last year. Canaan noted that foreign currency translation adjustment in Q2 was an income compared to previous losses due to the U.S. dollar appreciation against RMB during Q2. Despite posting significant profits, Canaan has ...
Bank of China unveils new e-CNY smart contract test program for school education
According to local news outlet Sohu.com, on Tuesday, the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu, located in China’s Sichuan province, will be able to enroll their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY. Under the pilot test, parents start by paying a deposit to a private educational entity for a series of lessons. Afterward, a smart contract binds each lesson on a pro-rata basis to the deposit. This way, should their children miss a lesson, the e-CNY payment is automatically credited back to their account via smart contract. ...
Bank of China unveils new e-CNY smart contract test program for school education
According to local news outlet Sohu.com, on Tuesday, the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu, located in China’s Sichuan province, will be able to enroll their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY. Under the pilot test, parents start by paying a deposit to a private educational entity for a series of lessons. Afterward, a smart contract binds each lesson on a pro-rata basis to the deposit. This way, should their children miss a lesson, the e-CNY payment is automatically credited back to their account via smart contract. ...
Built to fall? As the CBDC sun rises, stablecoins may catch a shadow
There’s a ferment brewing with regard to central bank digital currencies (CBDCs), and most people really don’t know what to expect. Varied effects seem to be bubbling up in different parts of the world. Consider this: China’s e-CNY, or digital yuan, has already been used by 200 million-plus of its citizens, and a full rollout could happen as early as February — but will a digital yuan gain traction internationally? Europe’s central bank has been exploring a digital euro for several years, and the European Union could introduce a digital euro bill in 2023. But will it come with limitations, such as a ceiling on digital euros that can be held by a single party? A United States digital dollar could be the most awaited government digital currency given that the dollar is the world’s rese...
Crypto markets bounced and sentiment improved, but retail has yet to FOMO
An ascending triangle formation has driven the total crypto market capitalization toward the $1.2 trillion level. The issue with this seven-week-long setup is the diminishing volatility, which could last until late August. From there, the pattern can break either way, but Tether and futures markets data show bulls lacking enough conviction to catalyze an upside break. Total crypto market cap, USD billion. Source: TradingView Investors cautiously await further macroeconomic data on the state of the economy as the United States Federal Reserve (FED) raises interest rates and places its asset purchase program on hold. On Aug. 12, the United Kingdom posted a gross domestic product (GDP) contraction of 0.1% year-over-year. Meanwhile, inflation in the U.K. reached 9.4% in July, the highest figur...
Billboard Expands in Asia With Launch of Billboard China
Billboard is expanding its global footprint in Asia. On Monday (Aug. 8), Billboard announced the launch of Billboard China along with plans for its rollout. “We are thrilled to announce the launch of the Billboard brand in China,” Billboard President Mike Van said in a press release announcing the news. “We look forward to providing a platform for Chinese musicians to share their art and unique sound amongst a global audience. Today marks the beginning of another exciting chapter in Billboard’s evolution and we are eager to witness the proliferation of new artists shaping pop culture.” Billboard China adds to the list of the publication’s international editions and music content in Asia, following Billboard Japan and Billboard Korea. Per the press release, Billboard will work closely with ...
