Market Color YouTube

Market Color Podcast

Episode Summary

Global effects of the Crypto crackdown in China, El Salvador grows crypto usage, & more.

  • Speaker of the US House of Representatives Nancy Pelosi as announced that the house will vote on the $1 trillion bipartisan infrastructure bill on Thursday, Sept. 30.
  • “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”
  • Decentralized derivatives exchange dYdX has seen a surge in trade activity as news of Chinese crypto crackdown.
  • “Many Chinese users will flood into the DeFi, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.”
  • Huobi Global exchange that cater to mainland China customers, will retire all China-based user accounts by 12/21/2021.
  • OKEx, has not yet made any comments about user account being suspended.
  • Exchange tokens for Huobi and OKEx have dropped more than 27% and 15% respectively.
  • Binance: Suspended new mainland China user registration through Chinese mobile phone numbers.
  • FTX has officially moved its headquarters from Hong Kong to the Bahamas.
  • China’s crackdown has sparked some retail traders into selling USDT on over the counter (OTC) markets on crypto exchanges.
  • Sparkpool one of the largest Ethereum mining pool in the world, says it will no longer serve Chinese miners.
  • President of El Salvador tweeted that 2.1 million Salvadorans are now actively using the Chivowallet.
  • Powerbridge Technologies has launched a new Singapore-based crypto mining subsidiary, Powercrypto Holdings.
  • Genesis has completed the first OTC block trade of a Basis Trade at Index Close (BTIC) transaction using Bitcoin futures contracts issued by Chicago Mercantile Exchange (CME).

CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.

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