“It’s a Big Deal” – Cryptocurrencies suddenly brace for a massive earthquake in China after Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, Solana price fluctuations

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05/30 update below. This post was originally published on May 27

BitcoinBTC, Ethereum, and other major cryptocurrencies have struggled to regain momentum this year even though some of the world’s largest companies are quietly laying the groundwork for the next cryptocurrency price rally.

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Bitcoin’s price rally has stalled this year as concerns grow that the US may crack down on bitcoin and other major cryptocurrencies such as ethereum, BNB, XRP, cardano, dogecoin, polygon, and solana.

Now, after Tesla billionaire Elon Musk issued a surprising warning about cryptocurrency this week, Changpeng “CZ” Zhao, CEO of the world’s largest cryptocurrency exchange Binance, has speculated that China could be on the verge of launching a new bull run for Bitcoin’s price.

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Chinese President Xi Jinping oversaw a cryptocurrency crackdown in 2021 that saw bitcoin and other altcoin… [+] Smaller cryptocurrencies like etheruem, BNB, XRP, cardano, dogecoin, polygon matic and solana are banned in the country.

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“CCTV just broadcasted cryptocurrency,” the CZ posted on Twitter along with a link to a CCTV website that showed a TV clip featuring a Bitcoin ATM in Hong Kong and a sign saying “Buy Bitcoins.”

“It’s a big deal,” said CZ. “Chinese-speaking communities are noisy. Historically, coverages like this have led to bull-runs.”

China has had a fraught relationship with bitcoin, ethereum, and other cryptocurrencies over the years, which has resulted in frequent crackdowns on them. In 2021, China enacted a strict ban on cryptocurrency trading and mining so far, it has expelled all Bitcoin, Ethereum and cryptocurrency miners from the country.

Update 05/30: CZ has followed up its Twitter post of China’s announcement with comments on a new paper published by the “Beijing Government’s Technology Commission” that touted the potential of so-called Web 3 technology – commonly understood as a decentralized, blockchain-based internet that some believe could replace the web Web 2.0 centered in Silicon Valley and dominated by the likes of Google’s Alphabet and Facebook’s Meta.

“Interesting timing in this web 3.0 white paper from the Beijing government’s Technology Commission,” CZ posted on Twitter along with images of the document and adding, “It talks a lot about NFTs. [non-fungible tokens], VR, AI, metaverse, etc. It seems that ByteDance, JD, and Baidu BIDU have their own divisions. [Crypto pioneer] Gavin Wood W [digital artist] Pebble [were] also mentioned.”

Justin Sun, influential advisor to bitcoin and cryptocurrency exchange Huobi HT as well as creator of cryptocurrency tron, and co-founder and chairman of Animoca Brands Yat Siu also praised the report, according to the South China Morning Post.

Hong Kong has followed China in clamping down on bitcoin and cryptocurrency trading platforms, but recently adopted a new cryptocurrency licensing regime that will allow trading of established cryptocurrencies such as bitcoin and ethereum from June 1st.

The new rules will require all trading platforms and exchanges to apply for a license or risk fines and prison terms.

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Bitcoin’s price has fluctuated wildly in recent years, dragging the broader crypto market with it,… [+] Including Ethereum, BNB, XRP, cardano, dogecoin, polygon’s matic, and solana.

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“A large majority of respondents agreed with our proposal to allow operators of licensed trading platforms to serve retail investors,” Hong Kong’s Securities and Futures Commission (SFC) said in a statement this week.

“The SFC will implement a number of robust measures to protect these investors including ensuring adequacy in the onboarding process, good governance, enhanced token due diligence, and acceptance and disclosure standards.”

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