Bitcoin

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<p>China’s state media has issued a caution to investors about the risks of cryptocurrency investments, coinciding with <a href="https://www.cryptopolitan.com/bitcoins-record-high-expectede-at-200k/">Bitcoin’s rise</a> to a near $64,000 high, marking its highest point in two years. The Economic Daily, a government-owned publication, highlighted concerns despite Bitcoin’s recent surge, urging investors to be aware of the underlying risks associated with digital assets. This warning is part of the ongoing apprehensions about the volatility and regulatory uncertainties of cryptocurrencies.</p> 
<h2 class="wp-block-heading" id="regulatory-concerns-and-investment-barriers">Regulatory concerns and investment barriers</h2> 
<p>The <a href="https://proapi.jingjiribao.cn/readnews.html?id=302096" rel="nofollow noopener" target="_blank">article referenced</a> Beijing-based lawyer Xiao Sa, who remarked on the U.S.’s approval of Bitcoin Spot ETFs, noting its potential to lower entry barriers for overseas investors, thus increasing market activity. However, Sa also pointed out that these ETFs are not accessible to Chinese citizens, emphasizing the restrictions placed on mainland residents against purchasing such financial products directly. This move aligns with China’s broader regulatory efforts to limit exposure to the volatile crypto market.</p> 
<h2 class="wp-block-heading" id="china-s-crypto-crackdown-and-binance-s-market-presence">China’s crypto crackdown and Binance’s market presence</h2> 
<p>Amid Bitcoin’s 50% increase in value this year, largely attributed to a spike in trading volumes for U.S.-listed bitcoin funds, China’s stance on cryptocurrency remains stringent. Despite the government’s ban on various crypto-related activities in September 2021, aiming to curb the use and trading of cryptocurrencies, individuals are not barred from owning digital assets like Bitcoin or Ethereum. Interestingly, despite regulatory efforts to suppress cryptocurrency trading within its borders, China has become a significant market for Binance, the world’s largest crypto exchange. In 2023, Binance reported around $90 billion in trading volume from its Chinese users, indicating a robust interest in cryptocurrencies despite governmental prohibitions.</p>

China issues warning on crypto investments as Bitcoin peaks

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