Altcoin News by Thebittimes.Com

China’s real estate sector is facing a crisis as the number of vacant properties is skyrocketing. Unsold inventories are piling up leading to developers facing losses or filing for bankruptcy. The first crisis hit when China’s largest real estate firm Evergrande was ordered to liquidate $300 billion in assets by a Hong Kong court. Also Read: 10 ASEAN Countries To Ditch the U.S. Dollar Chinese households are increasingly looking to purchase homes from the secondary market rather than buying new apartments. The sales for real estate firms in China are nosediving and the situation is being reflected in the stock market. In Monday’s trading alone, stocks in China’s real estate sector dipped 3.2% leading to dissatisfaction among investors in the markets. Also Read: U.S. Stock Market Has Dominated the World For 120 Years China Injects $42 Billion To Save the Failing Real Estate Sector Source: nypost.com / Xinhua News Agency / Getty Images The pull the real estate...

BRICS members China and Russia are forging new partnerships to promote the concept and ideals of a multipolar world. Both countries are looking to reform the global financial system which is heavily concentrated and dominated by the US. Russia’s Foreign Minister Sergey Lavrov met Chinese President Xi Jinping on Tuesday and the two discussed ways to push the new financial ideals ahead. Also Read: BRICS: 2 New Countries Express Interest To Join the Alliance Both the BRICS countries China and Russia pledged to defend the ideals of a multipolar world and promote the concept across developing countries. A multipolar world , according to BRICS is to sideline the US dollar for transactions and use local currencies for trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: China & Russia Announce Plans To Reform the US-Led Financial System Source: a2zanimals.com The BRICS members explained that the US has p...

China has been the historical center of the crypto industry. Until recently, miners in China have generated more Bitcoin and Ethereum hashrate than miners in any other country. Many of the world’s largest crypto companies have generated more revenue from China than from any other country, including Bitmain, Canaan, Binance, OKCoin, Tether, Huobi, OKX, Ebang, and countless others. Ethereum has intimate and myriad ties to China. Over the years, China’s government has intermittently made digital asset business like mining and exchanges difficult. Chinese companies have sold almost all proof-of-work (PoW) machines in existence. Exchanges like Binance famously paused Chinese operations during the government’s periodic “bans.” In mid-October 2021, Chinese miners once went entirely offline to comply with an ostensible ban on PoW from Beijing. Promoters even rebranded NFTs as “digital collectibles” to placate Chinese regulators. China’s crypto crackdowns had serious effects on crypto...

CEO of CryptoQuant—Ki Young Ju—recently took to Twitter to share a “fun fact.” The executive of the on-chain data and analytics platform claimed that the Government of China was a “crypto whale.” He said, “ Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury. “ FUN FACT: Government of China🇨🇳 is a crypto whale. Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury. FWIW, MicroStrategy has 130k $BTC. pic.twitter.com/Ilqp7EnenL — Ki Young Ju (@ki_young_ju) November 2, 2022 The PlusToken scam, was a Ponzi scheme that manipulated investors by proposing to them high and risk-free returns. With over two-and-a-half million investors enticed, the scam was systematically cataloged into around 3,200 ...