This week's Bitcoin (BTC) chart leaves little doubt that the symmetrical triangle pattern is breaking to the upside after constricting the price for nearly 20 days. However, derivatives metrics tell a completely different story because professional traders are unwilling to add leveraged positions and are overcharging for downside protection. Will BTC reverse course even as macroeconomic conditions crumble? Whether BTC turns the $30,000 to $31,000 level into support depends to some degree on how global markets perform. The last time U.S. stock markets faced a seven-week consecutive downtrend was over a decade ago. New home sales in the U.S. declined …

The China state-owned media outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem. In an article published May 31, the outlet detailed the collapse of TerraUSD (UST) and LUNA, explaining the workings of the algorithmic stablecoin. It used the so-called black swan event to praise the Chinese government’s decision to ban cryptocurrency. “My country has been cracking down on virtual currency trading speculation and a large number of trading platforms,” reporter Li Hualin wrote before adding, “this has effectively blocked the transmission …

According to local news outlet Shanghai Securities News, the city of Shenzhen will airdrop 30 million digital Chinese yuan (e-CNY) to local residents in an attempt to revitalize consumer spending. The airdrop is a joint effort between the city of Shenzhen and Meituan Dianping, China's leading food delivery app. As per instructions, users would need to first login to the Meituan app, sign up for the incentive, and then potentially receive the e-CNY rewards as part of a lottery draw. If chosen, the e-CNY is then dispensed to users and can be spent at more than 15,000 in-app merchant terminals …

The nonfungible token (NFT) game Stepn will ban users in mainland China in an attempt to follow Chinese regulatory requirements. The company's uncertainty has been fueled by rumors that it will be forced to leave mainland China. STEPN is a popular "move-to-earn" game based on Solana (SOL) and BNB Chain (BNB) that was created by two Chinese emigrants now living in Australia. On July 15, Stepn will clear all accounts based in mainland China for local compliance reasons. Before then, the platform advised users who planned to reside in mainland China long-term to sell their assets on the platform, if …

Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency. Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on Wednesday, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States. The bill is referred to as “Defending Americans from Authoritarian Digital Currencies Act” and proposes to prohibit the use of China’s digital currency payment system, e-CNY, for U.S. app stores and other purposes. The term “app store” covers all publicly accessible websites, software apps …

Excitement for the Metaverse and virtual/augmented reality (VR/AR) is much greater in developing countries than in high-income countries, according to a survey conducted for the World Economic Forum (WEF). Market research firm Ipsos released the results of the survey on Wednesday, showing the concept is now widely recognized: 52% of more than 21,000 adults surveyed across 29 countries are familiar with the Metaverse and 50% have positive feelings about engaging with it in daily life. China, India, Peru, Saudi Arabia and Colombia were the top five countries where two-thirds or more of respondents said they had positive feelings toward it. …

The Bitcoin (BTC) chart has formed a symmetrical triangle, which currently holds a tight range from $28,900 to $30,900. This pattern has been holding for nearly two weeks and could potentially extend for another two weeks before price makes a more decisive movement. For those unfamiliar with technical analysis, a symmetrical triangle can be either bullish or bearish. In that sense, the price converges in a series of lower peaks and higher lows. The decisive moment is the support or resistance breakthrough when the market finally decides on a new trend. Thus, the price could break out in either direction. …

The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC) mining hubs, according to a new report. China became the second-largest Bitcoin hash rate provider as of January 2022, months after the local government banned all crypto operations in the country, according to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI) shared with Cointelegraph on Tuesday. Bitcoin miners in China accounted for 21.1% of the total global BTC mining hash rate distribution as of early 2022, …

The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a lawsuit filed in a district court in October 2020 involving the recovery of a loan of 1 Bitcoin (BTC). The lower court recognized Bitcoin as having value, scarcity and disposability and, therefore, being subject to property rights and meeting the definition of virtual property. According to the Sina website, the Shanghai Baoshan District People’s Court ruled in favor of plaintiff Cheng Mou, ordering defendant Shi Moumou to return the …

Data from website traffic metric provider Similarweb shows that Deribit and OKX continue to attract significant traffic sources from China despite a blanket ban on crypto transactions and foreign exchanges last year. China has banned the use of cryptocurrencies more than a dozen times in the last decade. However, the one imposed in September last year was considered the harshest one. Several crypto exchanges including Huobi and Binance had shut doors for the Chinese traders in fear of regulatory action. The strict regulatory reforms ensured that Chinese traders mainly shifted their focus to decentralized exchanges (DEXs) and protocols. Chinese crypto …

The city of Shanghai has been in a month-long mandated quarantine, which confines its 25 million residents to their homes. Initially, the latest COVID-19 outbreak began in March of this year and developed into the worst infection zone since the beginning of the pandemic. As the virus infected hundreds of thousands of people, the extremely lockdown prevented residents from leaving their homes for weeks on end. In addition to the spike in infections, the lockdown prevented people from obtaining food and medical treatment, and introduced other austerities. This led to frustrated citizens taking to the internet for solidarity and venting. …

The total crypto market capitalization has been holding a slightly ascending trend for the past three months, and the $1.75 trillion support was most recently tested on April 27 as Bitcoin (BTC) bounced at $38,000 and Ether (ETH) at $2,800 on April 27. The crypto market’s aggregate capitalization showed a 3.5% decrease in the last seven days. Meanwhile, notable losers were an 18.8% loss from Ripple (XRP), a 10.2% loss from Cardano (ADA) and a 9.7% drop in Polkadot (DOT) price. Analyzing a broader range of altcoins provides a more balanced picture that includes 25% gains from some gaming and …