The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

US-China Tensions Rising – New Round of Sanctions Could Impact Bitcoin (BTC) and Cryptocurrency Markets

by 8btc
June 2, 2020
in Bitcoin
[the_ad id="93550"]

Rising tensions between the US and China could lead to a full-blown financial tussle that impacts the cryptocurrency market.

It’s likely that the US Treasury Department will impose controls on transactions and freeze assets of Chinese officials and businesses for implementing a new national security law that would curtail the rights and freedoms of Hong Kong citizens, according to Bloomberg.

Added to that is the main message from a recent interview of US Representative Brad Sherman with MarketWatch which seems to hint at efforts to get China to budge on key terms with regards to Chinese companies’ involvement in the US market.

Sherman notes that the newly-introduced Holding Foreign Companies Accountable Act is not designed to get Chinese companies delisted from the US market but rather to force them to adhere to existing standards in the capital market.

“The purpose here is not to delist or de-register; it’s to demand that China do what every other country has done and agree that if their companies want to participate in U.S. capital markets, they agree to live by US capital-markets rules,” Sherman argued. “It’s time for China to blink first for the benefit of investors.”

[the_ad id="95413"]

As the largest economy in the world with more international trades transacted with the US dollar, a delisting of Chinese companies from the US markets could have a severe impact on China’s economy, causing Chinese investors to seek alternative assets like cryptocurrencies to hedge their portfolios.

Though Sherman called on colleagues in 2019 to outlaw cryptocurrencies on the grounds that they threaten to disempower American foreign policy and diminish the rule of law, passing the new act would add more pressure to the existing tension between the two largest economies, including causing a drawback on the recently passed trade deal.

Regardless of whether investors in China and other countries continue to add US dollar exposure to their portfolios, sustaining its strength as a global reserve currency, dollar inflation as a result of immense money printing by the Federal Reserve could also lead investors to other options like gold and cryptocurrencies, suggests author and entrepreneur, Robert Kiyosaki.

Bitcoin stands to benefit in the event that an alternative hedge is sought in the cryptocurrency space. Glassnode, which provides advanced Bitcoin and crypto charts, data and insights for investors indicates that 60% of the Bitcoin supply currently has not moved in over a year. This suggests an increased investor holding behavior that was last seen at these levels right before the top cryptocurrency’s bull market in 2017, which pushed its price to almost $20,000.

Another key Bitcoin advantage: the cryptocurrency venture run by the Winklevoss brothers has partnered with Samsung Electronics to allow its users to more easily trade and store digital assets on mobile phones. Gemini is now the first crypto exchange that allows users in the US and Canada to access Samsung’s blockchain wallet to view balances in their wallet app, bypassing the user’s need to go through another log-in to start buying and selling.

As of the fourth quarter of 2019, Samsung’s share of the global smartphone market stood at 18%, on par with Apple, according to Counterpoint Research.


Olusegun Ogundeji

Olusegun writes mainly on technology-related issues including Bitcoin and blockchain from an end user perspective.

This article originally appeared on 8btc.com, the oldest and most influential independent platform covering Bitcoin, blockchain and cryptocurrency news in China, and has been reprinted with permission.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Nuamfolio

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,070.18
$23,070.18
0.25%
Ethereum
$1,598.27
$1,598.27
0.06%
Cardano
$0.388557
$0.388557
2.37%
XRP
$0.41294
$0.41294
0.43%
Dogecoin
$0.087107
$0.087107
0.95%

Spotlight

  • Former High-Ranking SEC Official Blasts Crypto Lender Nexo’s $45,000,000 Settlement Deal With US Regulator
    January 20, 2023
  • Little-Known Ethereum Altcoin Soars 106% After Receiving Surprise Boost From Coinbase
    January 23, 2023
  • Crypto Analyst Who Nailed Bitcoin’s 2018 Bottom Warns Binance Coin and One Ethereum Rival Primed for Pullbacks
    January 26, 2023
  • Ethereum (ETH) Rival Launches New Ecosystem Fund Amid Bullish Price Action in Crypto Markets
    January 21, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl