Global #China

China's financial sector is facing a potential crisis, with reports suggesting that as many as 40 banks could be teetering on the brink of bankruptcy. This alarming situation stems from a confluence of factors threatening the stability of the Chinese financial system.

DWF Labs, a prominent Web3 investment firm and market maker, has announced the launch of a $20 million initiative called the Cloudbreak Fund.

Recent data reveals a surprising trend in the Bitcoin mining landscape: Chinese mining pools continue to control over 50% of the Bitcoin hashrate, despite China's ban on cryptocurrency mining in 2021.

A recent development in the cryptocurrency world has sparked speculation that China might be reconsidering its strict stance on cryptocurrencies. The rumors began when Bybit, a prominent offshore cryptocurrency exchange, unexpectedly opened registrations and authentication for users in China. This move is noteworthy because Bybit had previously banned Chinese users from accessing its platform due to the country's crypto restrictions.

Bybit, a major cryptocurrency exchange, has reportedly initiated registration and identity verification procedures for Chinese citizens residing outside China. Users can now sign up and engage in crypto trading on the platform using their Chinese national identification. However, trading cryptocurrencies while based in China appears to remain prohibited.

Recent developments in China indicate that cryptocurrencies are still being used despite the government's ban. Chinese police have conducted multiple raids, uncovering illicit transactions worth billions of dollars involving cryptocurrencies.

Despite the prolonged duration of this process, even the most vocal critics of the cryptocurrency market have begun to participate, especially during the 'crypto winter'. However, 2024 has emerged as the year of institutional adoption of cryptocurrencies.

Authorities in Sichuan province have effectively disrupted a significant underground banking operation linked to smuggling activities valued at 13.8 billion yuan, approximately $1.9 billion.

During a CNBC "Power Lunch" segment on April 11, 2024, Chris Mancini, an associate portfolio manager at Gabelli Gold Fund, discussed the intriguing dynamics in the gold market.

Beijing police have discovered a number of incidents in China involving the unlawful selling of citizen data for cryptocurrency, with a total value of over $282 million.

Rumors and provocative remarks are flying in Russia and Brazil ahead of the much-awaited BRICS Summit in October.