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Bitcoin [BTC] witnesses huge influx of capital via China’s fiat currency

Biraajmaan Tamuly



Bitcoin [BTC] witnesses huge influx of capital via China's fiat currency
Source: Pixabay

The cryptocurrency market grows with respect to market value and stability, when major investments come in. Bitcoin [BTC], the largest cryptocurrency in the sphere, reportedly experienced an influx of China’s fiat currency, despite the country’s ongoing trade ban.

According to data from Coinlib, Bitcoin investments in China rose as the valuation of the cryptocurrency improved. Statistics released by Coinlib showed that the capital inflow into Bitcoin, in terms of Chinese yuan [CNY] placed the fiat currency in the top fiat currencies invested in the crypto ecosystem.

Chinese yuan [CNY] was highly active in terms of cryptocurrency investment. At press time, the Chinese fiat currency registered investments of around $166.49 million in Bitcoin, and Ether witnessed a capital inflow of $75 million in the same period.

Source: Coinlib

The increased involvement placed China in the second position, behind the US dollar, in terms of fiat currency invested in the virtual currency world. The largest inflow came from the stable coin, Tether.

The crypto ecosystem in China was under the spotlight lately. Bitmain, China’s proficient Bitcoin mining company, recently announced major cost-cutting regulations, following the dawning of the crypto-winter.

However, the price valuation of Bitcoin improved recently, and traded at around $4000, at press time. The present improvement might have trigger renewed interest from Bitcoin’s former biggest investment market.

However, the cryptocurrency scenario in China remains unclear. Chinese lawmakers have not given any indication to revert or revisit a decision from 2017.

In 2017, Chinese officials decided to outlaw all legal trading options for local residents. The utilization of blockchain technology remains legal, perpetuating the practice of cryptocurrency holding.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises




Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View


The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.


The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.

Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].

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