China vs Crypto Evolution and the Hamster Trading Genius | Bitpanda Weekly Recap



Published
Week of October 1, 2021

Video Chapters:
00:00​ - Intro
00:19 - China vs Crypto Evolution
01:52 - Hamster Trading Genius

#China #Bitcoin #Bitpanda #Hamster

▬ Crypto Evolution vs China▬▬▬▬▬▬▬▬▬▬▬▬
In some more China related news, the Chinese government has yet again made its strict stance on cryptocurrency clear. It announced that any and all crypto related transactions or activity are being considered illegal.
This is not the first time that China has communicated this position. Since 2017 there has been heavy emphasis on the criminalisation of crypto. They maintain that since the rise of crypto, economic and financial order have been disturbed. It’s important to note that any form of selling or buying cryptocurrency is considered illegal and not just illegal practices that could be facilitated with it.
Doubling down on this position is another form of risk monitoring for China amidst the mainstream hype around cryptocurrency this year. But what does this mean for the market and avid traders?
Usually with announcements like this, Bitcoin’s value tends to drop minimally, which then sends many traders and non-traders into a worry that Bitcoin has finally met its match. Nevertheless, we have seen the prices stabilise each time. The pattern of announcements and dips can be monitored from as far as 2013 to today. A recent example of this is 2019. Following April 2019’s announcement from Beijing, where China declared their ban on cryptomining, the overall price of Bitcoin rose up to 100% in the following months.

September 24th was the day for China’s most recent declaration, where the Bitcoin price dropped $4k. Although many avid traders are speculating that this is just part of the process, as seen before.

All of this action could just be the cover China needs for preparing its own, probably less anonymous, digital currency, namely the digital Yuan. There’s speculation that this is all set up to drive its adoption by 2022. Testing for the central digital currency has been going on since April 2020, with the initial work stemming from 2014.

▬ Hamster Trading Genius▬▬▬▬▬▬▬▬▬▬▬▬
Ever been eager to know how your friend’s, boss’s or mum-in-law’s portfolio is looking these days? You’re probably not alone. I can’t say I haven’t been tempted to know if my mum HODLs or not. But have you ever wondered what a hamster’s portfolio looks like? Well, luckily, we can tell you!
The hamster wheel culture is certainly not dead for Mr. Goxx, the infamous crypto hamster that racks up better results than his human trading competitors. With a lifetime performance of 20%, Mr. Goxx is a force to be reckoned with.
The avid trader has his trading headquarters attached directly to his cage, and every morning when he runs on his “intention wheel,” his devout Twitter followers know about it and can watch him trade via Twitch.
He can select his cryptocurrency of choice with his wheel, and then choose to buy or sell depending on which cage tunnel he chooses. Each time he enters a tunnel, Mr. Groxx completes the trade through a wiring system which then communicates his decision to the computer and finishes the trade. Do you think this counts as financial advice?
If we sparked your curiosity, Mr. Goxx’s trades on reddit and twitter can be found in the links in the description:
https://twitter.com/mrgoxx


▬ About Bitpanda ▬▬▬▬▬▬▬▬▬▬▬▬
Bitpanda is a fintech based in Vienna, Austria and was founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer. Bitpanda has 3 million users and more than 500 team members. With a PSD2 payment service provider licence, state-of-the-art security and streamlined user experience, Bitpanda has grown into a popular trading platform for newbies and experts alike. The goal is to tear down the barriers to investing and personal finance through digital assets and blockchain technology like cryptocurrencies, precious metals, fractional stocks and ETFs and to bring traditional financial products into the 21st century.

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Category
Cryptocurrencies
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