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Is China posing real threat for Bitcoin through cryptocurrency ratings index and government-backed cryptocurrency?
Before moving on, let’s just rewind to the reminiscence of cryptocurrency markets, could we even forget Chinese impact on cryptocurrencies last year, Bitcoin price tumbled from the highs of $4,970 to $2,980 levels when China planned to shut down local crypto-currency exchanges followed by the ICO ban back in last September.
Despite the pessimistic standpoint from Chinese authorities last year, there has been news that Chinese government is now contemplating state-backed cryptocurrency, if this news turns out to be materialized then we reckon undoubtedly that it is most likely to be a major counterpart for the Bitcoin. Currently, the millions of Chinese citizens are still holding their digital assets despite even the prohibitions but the lingering optimism as China recently entered into a pact for a crypto regulation with South Korea.
“In a contradictory move to prohibiting Bitcoin trading, the People’s Bank of China (PBoC) initiated plans to create its own official digital currency”, the UK based financial derivatives company, IG Group (LON: IGG) claimed.
For now, the Chinese government seems to be making abuzz in the cryptocurrency industry again of-late, we all know that China’s Center for Information Industry Development (CCID) went on to release crypto rankings.
The latest edition rolls-out the top 31 cryptocurrencies till date where EOS topped the table one followed by Ethereum at 2nd place. Most surprisingly, the top-brass cryptocurrency in the market capitalization, Bitcoin found itself down in 16th position.
Pondering over all these news coming over from China, if these news turns out to be the reality, then it is going to have counterproductive effects on the Bitcoin price.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -88 levels (which is bearish), while hourly USD spot index was at -108 (bearish) while articulating (at 07:20 GMT). For more details on the index, please refer below weblink: