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It has been days after China banned bitcoin and several other cryptocurrency operations, and some nodes still remain operational. However, there are struggles and complications for the 145 nodes. Following Beijing’s ban and the overall crackdown on the crypto industry, bitcoin and altcoin struggle to thrive in mainland China.
China’s Crypto Crackdown
In the last week, China tightened its ropes on crypto activities to end virtual currencies in the country. The government’s main focus aims to destabilize digital transactions. It indicated earlier on in its 19 crackdown attempts to end digital currency throughout the decade.
According to Bitrawr data analysis in China, there are still more than 135 operational Bitcoin nodes. Bitrawr measures functional nodes by geographical location. To that end, 1.21% of the 11,262 Bitcoin nodes are working in China, but not for long. According to the reports, there could be more nodes operating behind VPN (virtual private networks).
Financial institutions are easy to ban due to their decentralized nature and government interferences. However, the crypto ecosystem has proved immune to government censorship. Bitcoin centralized exchanges such as Huobi succumbed to central pressure and made plans to withdraw from China.
Following the crackdowns, Alibaba stated that it would stop selling bitcoin mining types of equipment. The continued crackdown comes off as a hopeless time for Bitcoin users.
The Chinese network firewall goes to great lengths to hinder Tor and the aids it offers to traders. However, there are multiple alternatives in Asian nations for crypto users evading government censorship. When done correctly, this could be a way out for Chinese crypto investors.
Bitcoin Nodes
Bitcoin nodes support protocol operations as they contain historical transaction data from ledgers. Virtual currencies run on decentralized structures, making them hard to eliminate. Because of that, it makes it difficult for political regimes to end crypto activities.
However, detailed reports from mainland China indicate that OTC (over the counter) is still operational. The nature of it is opaque due to authorities’ overhaul. Last week Wu Blockchain, a local media outlet, reported panic sales. In addition, it noted RMB/USDT offered by significant exchanges was still trading.
OTC transactions operate as peer-to-peer trades eliminating the need for intermediary institutions. A recent report stated that OTC operations covered 7 million Yuan crypto trades in China. Bobby Lee, the former CEO of BTCC, predicts that China’s subsequent crackdown will target OTC desks.
In addition, he insisted that Bitcoin was up for another FOMO (fear of missing out) rally. According to him, Bitcoin is looking at another bull-run market.
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