Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.
In today’s edition:
- Underground Crypto Market in China is Thriving
- Aptos’ On-Chain Data Capabilities Expand with Integration of Dune, Nansen, and More
- BitMEX Unveils New Margin+ Program
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Underground Crypto Market in China is Thriving
China’s stock market has been falling for three years. Hence, more and more Chinese investors are finding ways to own bitcoin (BTC) and other cryptocurrencies. They are looking for an investment safer than China’s “crumbling stock and property markets,” according to a crypto news report by Reuters.
One such investor saw his crypto investments increase by 45%. In early 2023, Dylan Run, a Shanghai-based finance sector executive, moved some of his money into crypto upon realizing the state of the Chinese economy. He said that “Bitcoin is a safe haven, like gold.”
Now, Run owns about 1 million yuan ($141,100) in crypto – half of his investment portfolio, compared with just 40% in Chinese equities.
Reuters found that
“Access to bitcoin isn’t that difficult on the mainland.”
Actually, the underground crypto market in China is thriving.
Michael Wang, a dealer who helps individuals buy crypto, claimed that,
“Daily volumes run into several million yuan or even dozens of millions.”
Given China’s total crypto ban, investors must operate in a grey area. They still manage to trade on crypto exchanges, including OKX and Binance, or through other over-the-counter channels. They can also open overseas bank accounts to buy crypto.
Reuters wrote that,
“As retail investors make a dash for cryptocurrencies, China’s brokers and other financial institutions aren’t far behind. Starved of growth opportunities at home, many of them are exploring crypto-related businesses in Hong Kong.”
The Hong Kong subsidiaries of Bank of China, China Asset Management, and Harvest Fund Management Co are all exploring businesses in the territory that deal in digital assets, the report said,
Aptos’ On-Chain Data Capabilities Expand with Integration of Dune, Nansen, and More
Aptos Foundation has announced “a fresh wave” of partnerships, projects, and integrations to make decentralized data more accessible for users and developers.
It is working with data providers Dune, Nansen, Space x Time, Token Terminal, DappRadar, The Tie, Flipside Crypto, and Elliptic.
The goal is that these data providers get the most out of building on Aptos, that they are able to offer a full range of data integration services to everyone in the Aptos ecosystem, and they mobilize the Move on Aptos programming language to integrate swiftly and securely.
Furthermore, these partnerships will simplify everything on Aptos, from data standardization to dapp searchability, the press release shared with Cryptonews said.
It added that,
“Aptos Foundation is already working with Web3’s top data integration companies, with plans to expand partnerships and launch new ones throughout the year.”
Bashar Lazaar, Aptos Foundation’s Head of Grants & Ecosystem, said that a key element of scaling and improving Aptos is ensuring that projects, builders, and users get the most out of the user experience while using Move and Aptos builder resources to deliver value to their communities.
“In partnering with the world’s top Web3 data integration providers, we’re enabling unparalleled opportunities for protocols and projects to shift to a multichain operation or move entirely from a previous platform onto Aptos,” Lazaar said.
BitMEX Unveils New Margin+ Program
In the latest crypto news, e BitMEX has announced the launch of Margin+. It is an exclusive program designed for advanced traders seeking enhanced collateral and increased trading capacity.
This feature responds to the growing demand from professional traders aiming to take advantage of the bullish market sentiment, the exchange said.
Margin+ offers extra tether (USDT) or bitcoin as collateral. It’s meant to help BitMEX’s top traders execute larger positions and orders without the need for additional capital. Margin+ is most suitable for non-directional traders whose strategies involve taking larger positions or placing more frequent trades to grow their PnL, it said.
Some eligible participants have received invitations to join. Further applications for the program will be subject to BitMEX approval.
Traders opting for Margin+ are required to meet specific trading obligations. This will ensure responsible trading practices, prevent margin calls, and safeguard against liquidation.
The obligations include maintaining a minimum balance and adhering to Maintenance Margin Ratio (MMR) standards. The minimum balance requirement is set at 30% of the Margin+ collateral value, falling below 125% of the collateral value triggers a margin call, whilst dropping below 110% results in liquidation.
Read the full article here
