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Chinese crackdown: Huobi closes new registries in the country and government seizes 10,000 mining machines

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The Huobi exchange announced on Sunday (26) that it is no longer accepting registered accounts in China and will close existing ones by December 31st. Meanwhile, in the Mongolian region, authorities have seized more than 10,000 mining equipment.

Huobi has announced through its website that it will no longer accept accounts from China and will terminate existing accounts by December 31 to “comply with local laws and regulations”.

The company said it will gradually close the accounts and will inform customers of the arrangements for completing the services via email.

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But the effects are already being felt: Huobi Tech, an affiliate of Huobi Global, had a drop of more than 30% of its shares in the opening of the market on Monday (27), according to a report by Reuters.

In a statement made to the news agency, Du Jun, co-founder of Huobi, said that “on the same day we saw the news [de que o governo chinês passou a classificar como ilegais as criptomoedas], we started to take corrective measures”.

The executive did not reveal the total number of users affected and said only that Huobi has been expanding into the Southwest Asia and Europe market for some time.

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On its website, Huobi said, “It has always been dedicated to offering trading in digital assets and ensuring the safety of consumers’ assets, while following all local laws. We apologize for any inconvenience caused and appreciate your understanding and support!”.

Mining in Mongolia

According to a report on the Coindesk portal, Chinese authorities seized more than 10,000 cryptocurrency mining machines in an operation in the interior of Mongolia.

This particular mining was consuming 1,104 kilowatts according to the local press, and was done in Pioneer Park, which is located within the Economic and Technological Development Zone of the city of Baotou.

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According to the Xinhua government news agency, authorities have so far closed 45 mining operations in Mongolia, saving the province 6.58 billion kilowatts of electricity, equivalent to 2 million tons of coal.

China vs Bitcoin

The cryptocurrency market collapsed on the 24th after the government of China announced new plans to combat mining and declared all trading activities with bitcoin and cryptocurrencies illegal.

In an official publication, the Central Bank of China stated that Chinese people and companies that provide technology, marketing and payment services to exchanges that operate outside the country, act illegally and will be investigated in accordance with the law.

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The People’s Bank of China, together with the country’s main financial regulators, released on the 24th a document called “Notice on the Prevention and Elimination of Risks in Virtual Currency Transactions” in which it announces the tightening of measures to repress Bitcoin and other trading cryptocurrencies in the Asian country.

The point that draws most attention in the document is a new understanding that any person or company that facilitates the negotiation of bitcoin and other cryptocurrencies in the country is breaking the law.

The text states that “the provision of services to foreign exchanges to Chinese residents via the internet is an illegal financial activity” and those who engage in this activity will be investigated in accordance with the law.

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In addition, the text orders electricity providers to stop serving miners through hotlines and increase the cost of energy to $0.05 per kilowatt-hour for identified miners.

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Litecoin price analysis: LTC marks a higher low at $193, as bulls regain control

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litecoin-ltc
  • Litecoin price analysis is bullish today.
  • Resistance is present at $196.7.
  • Support is evidently strong at $189.

The Litecoin price analysis is on the bullish side as the price shows recovery after a bearish trial for the past two days. LTC/USD observed a monthly high on Wednesday 20th October, when it broke above $200, $207 to be exact, but could not sustain the position and reverted back to $196 the next day, followed by another low of $190 yesterday. But LTC/USD rejected further downside, as bulls regain control over the price function, and an increase in price is observed today. The next resistance for LTC bulls is present at $196.

LTC/USD 1-day price chart: Price moves up after a loss

The 1-day price chart for Litecoin price analysis shows the price has been uplifted to $193 at the time of writing, as bulls covered an upwards range from $190.7 to $193 today. LTC/USD is still at a loss of 3.5 percent over the last 24 hours due to the bearish trend for the last two days. But the cryptocurrency reports a gain of 1.9 percent over the course of the past seven days. The trading volume shows a decline of 18 percent, taking the market cap down by 3 percent.

Litecoin price analysis: LTC marks a higher low at $193, as bulls regain control 1

The volatility is mild for LTC/USD pair, and the Bollinger bands show an upwards movement with its upper band at $201, representing resistance, and the lower band at $164. The mean average of the indicator is below the price level representing support for LTC at $183.

The relative strength index (RSI) is in the upper half of the neutral zone at index 57, trading on a slight upwards curve, indicating a buying activity in the market but not very intense. However, there is quite a leeway for buyers to practice their skills.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows a bearish return as the price shows a small deficit recently. The price breakup was upwards at the start of today’s session and continued to increase for the first four hours, but recently some selling pressure has been observed, which reduced the price to the current level of $193. The deficit is quite small but has provided a hindrance for the further upside.

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Litecoin price analysis: LTC marks a higher low at $193, as bulls regain control 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility is quite high on the 4-hour chart but now slowly decreasing as the Bollinger bands show convergence. The mean average of the Bollinger bands is at $197 on the 4-hour chart, representing resistance for LTC. The RSI is also on a downwards slope in the lower half of the neutral zone, indicating the current selling activity in the market.

Overall technical indications are still bullish because of the recent breakup of LTC above the $200 range, and almost 14 technical indicators, including the moving averages and exponential moving averages and the MACD oscillator, support the bullish side. On the contrary, two technical indicators, including the Momentum and Hull moving average, support the bearish side.

Litecoin price analysis: conclusion

The Litecoin technical analysis shows LTC/USD is finding it hard to move up near the $200 mark currently, as the LTC/USD dipped down steeply from the $209 mark, going as low as $190.7. Currently, LTC/USD is consolidating, and bulls need more consolidation for further upside.

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Garlinghouse Speaks About XRP Based ETF ! XRP Price Sees no Action!

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Ripple Price Action

The price of Ripple has been static for the previous week, disappointing investors. The price of XRP bounced between $1 (support) and $1.16 (resistance) multiple times, forming a descending triangle. 

Nonetheless, due to the compression against the downtrend resistance line, the approaching week offers more intriguing price movement. The anticipation is that price will break away from the blue apex of this formation, signalling a shift in trend.

Until then, XRP will be caught between the resistance and support levels. Due to the MACD moving to the negative side this week, the indicators predict a bearish bias. 

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However, it is too early to predict that XRP would plummet to lower levels unless the price breaks below the $1 support level. 

At the time of writing, XRP is trading at $1.08 down by 2.3% in the last 24 hours. 

An XRP based ETF?

The chief executive, while speaking to Fox Business with Charles Gasparino, among other things also spoke about the possibility of having an XRP based ETF.

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When asked about the possibility of an XRP ETF in the United States, he simply stated

Garlinghouse, on the other hand, gave an indirect response to the issue rather than explicitly answering it.

The Securities and Exchange Commission (SEC) has finally approved Bitcoin Futures ETFs in the United States. More ETFs of this type are expected to appear in the near future, according to experts. 

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According to Garlinghouse, because Bitcoin consumes so much energy, prioritising it is incompatible with the SEC Chair’s climate objective. The executive, who has often criticised Bitcoin’s energy use, believes that XRP is 100,000 times more energy efficient than Bitcoin.

Finally, Garlinghouse expressed his dissatisfaction with Gensler’s reticence on Ethereum’s regulatory status. Particularly considering Ether ETFs are expected to be popular once they are legalised. 

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Bitcoin Price Flash Crashed 87% to $8200 on Binance US

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Several flash crashes occurred in the crypto markets today, with the most considerable one being BTC dropping to $8,200 on Binance.US.

After yesterday’s new all-time high at $67,000, bitcoin corrected today with a steep decline to below $64,000. On some exchanges, though, the crash was significantly more violent as BTC dropped as low as $54,000 on Kraken and to four digits on Binance.US.

  • October 20th was a historic day for the primary cryptocurrency as it finally skyrocketed above its previous all-time high and peaked at $67,000. It happened on the wings of the recently approved Bitcoin Futures ETF in the US.
  • After a brief correction hours later, BTC was closing down on its new record earlier today, when the situation rapidly changed.
  • In a matter of minutes, bitcoin went from $66,700 to $63,600 on most exchanges (including Bitstamp).
  • On others, though, such as Kraken and FTX, the price decline was significantly more severe.
  • In an apparent flash crash event, meaning the price of the asset dumped by a large percentage and spiked back up immediately, BTC went to a low of $58,500 on FTX.
  • On the veteran US trading venue, Kraken, bitcoin dumped all the way down to $54,100 before recovering to its current level of roughly $65,000.
  • However, none had it worse than Binance.US. The American branch of the largest crypto exchange saw BTC nosediving to $8,200 – a massive 87% drop in a matter of seconds.
BTC/USD on Binance US
BTC/USD on Binance US
  • Overall, the entire market retraced in a matter of minutes. Ethereum was closing down on its own ATH at $4,400 before losing more than $200.
  • Somewhat expectedly, the enhanced volatility in a short period of time caused pain for overleveraged traders. Data from Bybt shows that the liquidations have jumped to $500 million on a 24-hour scale.
  • The largest single BTC liquidation order occurred on Bitmex and was worth $10 million.

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