![]() ![]() The holdings of a few of the top Chinese miners is over six digits and they are holding. “China pioneers in Bitcoin mining in the early days of Bitcoin and many of those miners have accumulated a large amount of. “If we are talking about Bitcoin, I know a number of them in Asia, especially in China,” he says. Lyu says there are plenty of whales in China. “Still, it’s pretty clear that across Asia there are urban hubs of wealth where there is strong incentives for high net worth individuals to capitalize on Bitcoin’s properties as a non-sovereign, borderless, store of value.” “But where whales are concentrated cannot easily be determined on the basis of on-chain metrics, and so to assume that whales are particularly concentrated in Asia would be unfounded anyway,” says Ben Caselin, head of Research and Strategy at the Hong Kong-based AAX. Whales are entities and individuals that hold between 1,000 and 10,000 BTC. What about all those Asian whales we hear about? Are they not all swimming out there in the Asian Pacific? ![]() In all three countries, Bitcoin gives investors an opportunity to decrease exposure and reliance on the dollar, which is not a concern in Europe or the U.S., of course. In South Korea, there are capital controls which bring in arbitrage opportunities, known as the Kimchi Premium. In China, retail trading is restricted and often done across multiple exchanges via VPN. They’re really not any more savvy than the rest of us sitting Stateside. Large Asian exchanges like AAX believe there is no use in trying to track the trading trends of China, Japan or South Korea. Korean investors are risk takers and trade the long-tail of coins,” he says. “For sure Japanese traders love XRP, and Chinese traders like to trade exchange coins and DeFi coins, among others. “I think sentiment across Asia has shifted to a more speculative nature, and ETH has been driving interest in the altcoin market,” says Jonathan Leong, CEO of BTSE, a cryptocurrency trading platform based in the British Virgin Islands. Most of these coins, other than Luna and Enjin, are top 10 coins. Chinese traders are following the latest trends closely and Filecoin (FIL) is quite popular in the Chinese market lately.” “South Korean investors are more in favor of local projects like Enjin (ENJ) and Luna Coin (LUNA). “In general, the Japanese traders are more prone to invest into major tokens like XRP and Cardano (ADA), because they tend to show a relatively risk averse behavior,” Lyu says. The FTX founder still faces steep odds: Several of his top lieutenants have agreed to cooperate with the government, and prosecutors are poring over a mountain of evidence, including millions of pages of records that range from Slack messages to diaries.īankman-Fried’s lawyers are trying different tactics to challenge the charges, including a strategy that points blame at Bankman-Fried’s previous law firm, Fenwick & West, for advice it provided on FTX.Ī hearing is scheduled for Thursday morning in which Bankman-Fried’s lawyers are expected to challenge additional charges.Cryptocurrency has their own base image. Bankman-Fried’s trial for the first eight counts is scheduled for October. Bankman-Fried has not escaped the charges, however-prosecutors asked the judge to schedule a new trial for the first quarter of 2024. criminal trial on the original criminal counts, severing the additional five counts until the motion in the Bahamas is concluded. In a victory for Bankman-Fried, prosecutors said they were prepared to proceed with the U.S. ![]() government’s request-and had been granted leave to file an application for judicial review by the court-prosecutors agreed to wait for the motion to be litigated before proceeding with the additional charges. Regardless, because Bankman-Fried had filed a motion with the high Bahamian court to “make representations” to authorities on whether they should consent to the U.S. ![]()
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