29th November 2024 > > The pro-crypto China pivot is just getting going.

tl;dr

CoinStats is a great tool that comes heartily recommended. The repeal of that China ban on cryptos takes another two steps forward. The US is going full-on crypto.too.

Market Snap

Market Wrap

Of late, every day sees some specific alts going on a tear. SPA is up 50% in the last twenty-four hours, SCRT a measly 20% in comparison. This is retail driven sourced from a combination of recycling profits from BTC and increasing involvement by individuals who became disillusioned during the last bear market. Playing with alts can be fun, but it is pure speculation even for the projects with sound business ideas. The CC Treasury has been offloading some of the more volatile alts of late – there is never any harm done in banking profits from alts, even at the start of the biggest bull run ever seen in cryptos.

Curious Cryptos’ meme corner

Just looking at that photo gives me a panicky feeling garlanded with an added bout of anxiety.

On the upside, I can confirm that CoinStats is a great tool. Get the free version here:

https://coinstats.app/portfolio/dashboard/

Curious Cryptos’ Commentary – That China ban on cryptos part 1

We have more evidence that China is poised for its own pro-crypto pivot à la US after its successful trialling of crypto products within Hong Kong. A Shanghai court has come to a judgement that personal ownership of cryptos is not illegal in China. If this judicial opinion had not been supported and approved by upper echelon party apparatchiks, it would never have been handed down, let alone publicised.

As the CCC stated just three days ago in relation to our well-founded belief in the retraction of that China ban on cryptos signalled by the developments in Hong Kong:

“(This) will open up the (crypto) market to billions of new retail customers, a raft of huge companies that will look to BTC to bolster the balance sheet, struggling pension funds desperate to cover losses from illiquid real estate assets marked at par but worth much less than that (fake valuation), and a cohort of billionaires itching to get involved, mostly because cryptos are the very definition of transferable wealth.

My suspicion is that this all happens rather more quickly than some might surmise.”

Not even the CCC research team expected the pro-crypto pivot on the mainland to start within seventy-two hours of that comment. It just goes to show that once again the CCC is always ahead of the game.

Curious Cryptos’ Commentary – That China ban on cryptos part 2

The FT, whose reputation as a crypto naysayer has never been in doubt, reports that Hong Kong is planning to exempt cryptocurrency gains from taxes.

Now, that is one effective way of attracting legitimate business to your sphere of influence. Lower taxes always result in more activity, more jobs, more opportunities, and more of what you want. This new development meets with the approval of the decision makers in Beijing.

The Chinese mainland pro-crypto pivot is on, big-time.

Curious Cryptos’ Commentary – US politics

Scott Bessent is Trump’s pick for Treasury secretary. Given Republican control of both houses, he looks a shoo-in. Scott talks our language:

"I think everything is on the table with Bitcoin and, to me, one of the most exciting things about Bitcoin is for a generation of investors — who maybe, post the great financial crisis, maybe have been looking for investment opportunities and soured on markets — crypto is bringing in young people and the people who have not participated in markets."

2025 is going to be the year that really kick-started crypto adoption, led by the US, supported by China.

Bring it on!