China’s Proposed Bitcoin Mining Ban Could Snap Crypto Rally Dead

A Chinese government report has outlined a plan to kill bitcoin mining within its borders. The report, issued by the National Development and Reform Commission (NDRC), lists cryptocurrency mining as an industry that should be eliminated with immediate effect. While the report is currently in a development stage, if enacted it could stop the recent bitcoin rally in its tracks. Bitcoin surged 27% in the last week to hit a 2019 high, holding above the $ 5,000 barrier. The proposed crypto mining ban in China, however, could have a negative effect on bitcoin’s value and market capitalization.  China’s Proposed Bitcoin Mining

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Donald Trump Will Strike Back Hard on China’s ‘Spying’ Huawei For Suing the US

President Donald Trump will hit back hard as Huawei files a lawsuit against the United States government. Huawei, the largest smartphone maker in China, says Trump acted as “judge, jury and executioner” with his ban on Huawei products. The Chinese telecoms giant says the US violated its own constitution. The lawsuit, filed in Texas, is the most aggressive action yet in the ongoing dispute between Trump and Huawei. The news will anger the president as he inches closer to a trade deal with China. He will strike back with the full force of his administration and use the dispute as

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China’s Uber-Killer Didi Suffers $1.6 Billion Loss, Begins Complete Overhaul With 2,000 Layoffs

Didi Chuxing, the ride-hailing and transport service based in China, has outlined steps to commence a firm-wide layoff that is expected to affect 15% of its total workforce after suffering a reported $ 1.6 billion loss in 2018. Cheng Wei, Didi’s Chief Executive Officer, told management that the layoffs are necessary if the company is to remain profitable and ward off competition from some new entrants in the Chinese ride-hailing industry. Wei also reportedly confirmed that following the layoffs, Didi would ensure the improvement of its core mobility service, while ceasing operations in units that are considered to be “non-essential” to its

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Did China’s Wealthy Elite Secretly Move Capital Offshore via Hong Kong’s Gemstones?

There’s attention being drawn to an anomaly in China’s trade data. Compared to imports of precious gemstones from Hong Kong, it could point to China’s wealthy overpaying for said imports. A method of moving capital out of the country that bypasses China’s capital controls. An Outflow of Capital? The first trigger is an increase in … Continued

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Why China’s Economic Slowdown Could Trigger a Full-Blown Global Recession

By CCN.com: According to new figures from the International Monetary Fund (IMF), the European Central Bank (ECB), and the Chinese government, Europe and China are continuing to struggle following a poor year of growth in 2018. ECB President Mario Draghi said on January 24 that downside economic risks could pose a threat on the economy

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China’s Stocks Are on Fire Despite Slowest GDP Growth in Nearly 30 Years

Despite official 2018 GDP figures showing that the Chinese economy grew last year at its slowest pace in 28 years, some of China’s largest stocks continue to perform at market-leading levels, led by tech quartet Tencent, Baidu, Sina and Alibaba. According to the data released by Beijing on Monday, China recorded a GDP growth rate

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Falling GDP, China’s Weakening Economy Drops Crude Oil Price By 2%

China’s weakening economy is driving fears of a global slowdown and now impacting oil markets. The price of crude oil fell 2.1% today. New Data Shows a Cooling Chinese Economy The latest data on Chinese imports and exports, below expectations, dropped the Dow Jones 230 points in premarkets today. The Dow Jones recovered but failed

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China’s Position on Crypto Likely to Harden Under New PBOC Governor (news.bitcoin.com)

China’s cryptocurrency markets have witnessed a number of significant events in recent weeks, including affirmation from the People Bank of China (PBOC)’s new governor, which will likely intensify the country’s crackdown on cryptocurrency.
Also Read: Chinese Merchants in Moscow Convert Most of Their Cash to Crypto

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