Press Releases TheBitTimes.com

Chinese police may have busted Multichain in a money laundering investigation, but many questions remain, including its CEO’s alleged fake ID. On July 14, developers of the $1.5-billion Chinese cross-chain protocol Multichain confirmed users’ worst fears. The protocol’s CEO, identified only as “Zhaojun He,” was arrested by Chinese authorities in Kunming on May 21 after months of repeated denials on official communication channels. Also allegedly arrested was Multichain’s core team, which was operating in Shanghai.  It was never disclosed why Zhaojun had been arrested or what the charges were. However, evidence suggests that Multichain funds may have been seized as part of an anti-money laundering operation in the context of a greater crackdown on crypto by Chinese authorities. In addition, an alleged fake ID used by the CEO to register Multichain’s operations only draws more questions.  Multichain co-founder Alfred Xu assured that the development team was doing “just fine” on May 24...

Social media metrics show strong retail investor sentiment behind the ongoing CFX price rally. Conflux Network (CFX) is up nearly 500% in the past week with CFX emerging as one of the best-performing crypto assets in 2023 as China appears to be warming to cryptocurrency trading.  What is Conflux Network? Interestingly, Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, is the only regulatory-compliant, public and permissionless blockchain in China. Conflux is a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake mechanism. CFX's price has rallied nearly 1,335% year-to-date (YTD) to reach $0.3254 as of Feb. 24, its highest level in fourteen months. In comparison, the combined market capitalization of crypto assets has surged approximately 45% YTD. CFX/USD daily price chart. Source: TradingView Why is Conflux Network price rallying? Strong fundamentals have primarily driven the CFX price higher in 2023. For instance, the CFX ...

The online community has expressed bewilderment over how China’s crypto ban aligns with the United States’ proclaimed principles of freedom. The cryptocurrency community has ridiculed well-known Bitcoin (BTC) critic Charlie Munger, vice chairman of Berkshire Hathaway, for calling the United States to follow in the footsteps of China and ban crypto. In an op-ed article in The Wall Street Journal, the 99-year-old investment veteran has once again slammed crypto, calling a cryptocurrency a “gambling contract with a nearly 100% edge for the house.” Munger also said that a cryptocurrency is “not a currency, not a commodity, and not a security,” adding that “obviously” the U.S. should enact a new federal law that would ban crypto. According to Munger, the best way to approach crypto is to follow the example of China, which put a blanket ban on crypto in September 2021. The Berkshire Hathaway vice chairman stated: “What should the U.S. do after a ban of cryptocurrencies is in place? Well, on...

China offers a potential leading indicator for Bitcoin price strength with U.S. economic data due next week. Bitcoin (BTC) maintained $17,000 support into Dec. 10 ahead of a critical week of macro data. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView CPI print will make Fed "slow down" Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded sideways after the close of trading on Wall Street. The pair looked set for a quiet weekend, with all eyes focused on United States inflation readings and policy updates due from Dec. 13 onward. With the Producer Price Index (PPI) November print behind it, the month’s Consumer Price Index (CPI) results took center stage. As Cointelegraph reported, expectations remain that CPI will show U.S. inflation continuing to abate, sparking renewed strength in risk assets, including crypto. “My personal expectations are that we'll be seeing CPI come in at 7.0-7.2%, Core CPI at 5.9-6.1% and that we'll hav...