Iranian Students In UK Have to Rely on Bitcoin
Students in Iran who are not able to access their money on Iranian bank accounts rely on Bitcoin to bypass the sanctions. The US ordered the international payment facilitator to cut off Iran from its system in early November. While the sanctions are aimed at the Iranian economy and the state it, of course, hits innocent Iranian citizens as well. However, Bitcoin proves that it perfectly fulfills its use case of facilitating censorship-resistant transactions.
Bitcoin’s All Time High – One Year Ago
Bitcoin reached its ATH exactly one year ago today. The price, despite many news-outlets saying different, did not reach $20,000. The price shattered at the resistance and fell short at exactly $19,783 on December 17th 2018. Since that day Bitcoin underwent a correction. About two months ago, on November 14th the Bitcoin market entered the bear market by reaching below the major support line of about $6000. The price has inflated since then by 82.6% to $3436.
Hong Kong Exchange Reluctant to Approve Bitmain IPO
The Hong Kong Exchange (HKEX)has, reportedly, a hesitant stance to approve the IPOs of Chinese mining hardware producers. Bitmain, Ebang and Canaan filed their companies for an IPO throughout this year. While it seemed for a long time that the exchanges were delaying their IPOs, an anonymous spokesman of HKEX revealed now that it has been the exchange that was reluctant to approve the IPOs. The HKEX would be the first exchange in the world to approve a company in this specific sector. According to the spokesman, the exchange is concerned that the company seizes to exist in a few years from now. In which case investors would lose their money. Bitmain has not yet revealed its balances for Q3 2018. However, the company had to announce layoffs of its personal and a shutdown of a research center in Israel while rumors of further rationalizations are spread in the crypto space.
Cryptocurrency Regulations Tighten in Hong Kong
As reported by several news outlets, Hong Kong Securities and Futures Commission has moved with speed to introduce new regulations that will make it difficult for scammers to take advantage of unsuspecting clients. Notably, mainland China has less stringent cryptocurrencies rules but all commercial activities related to this new form of currency are entirely banned.
Litecoin ‘Flappened’ Bitcoin Cash
Litecoin overtook Bitcoin Cash in its market capitalization. In February this year, Lee made the bold prediction that Litecoin would ‘flappen’ Bitcoin Cash. The word is a wordplay of ‘flippen'(when any Altcoin overtakes BTC in market cap) and the popular mean ‘It’s happening’ that involves the famous libertarian congressman Ron Paul. The recent price decline of Bitcoin Cash is a consequence of the hash war and the detriment of Bitmain.