Over the past year, the cryptocurrency market took a number of heavy punches from the Chinese government. The marketplace took the hits like a warrior, but the combos took its toll in lots of cryptocurrency investors. The market lackluster performance in 2018 pales compared to its stellar thousand-percent gains in 2017.

What has happened?

Since 2013, the Chinese government have taken measures to regulate cryptocurrency, but nothing compared to that which was enforced in 2017. (Have a look at this article for a detailed analysis of the official notice issued by the Chinese government)

2017 was a banner year for the cryptocurrency market with all the attention and growth it has achieved. The extreme price volatility forced the Central bank to adopt more extreme measures, like the ban of initial coin offerings (ICOs) and clampdowns on domestic cryptocurrency exchanges. Soon after, mining factories in China were forced to close down, citing excessive electricity consumption. Many exchanges and factories have relocated overseas in order to avoid regulations but remained accessible to Chinese investors. Nonetheless, they still fail to escape the claws of the Chinese Dragon.

In Tipping Token of government-led efforts to monitor and ban cryptocurrency trading among Chinese investors, China extended its “Eagle Eye” to monitor foreign cryptocurrency exchanges. Companies and bank accounts suspected of undertaking transactions with foreign crypto-exchanges and related activities are put through measures from limiting withdrawal limits to freezing of accounts. There have even been ongoing rumors on the list of Chinese community of more extreme measures to be enforced on foreign platforms that allow trading among Chinese investors.

“As for whether you will have further regulatory measures, we will have to wait for orders from the bigger authorities.” Excerpts from an interview with team leader of the China’s Public Information Network Security Supervision agency beneath the Ministry of Public Security, 28th February

WHY WHY WHY!?

Imagine your child investing her or his savings to invest in an electronic product (in cases like this, cryptocurrency) that he or she has no method of verifying its authenticity and value. He / she could easily get lucky and strike it rich, or lose it all when the crypto-bubble burst. Now scale that to an incredible number of Chinese citizens and we have been talking about billions of Chinese Yuan.

The market is full of scams and pointless ICOs. (I’m sure you have heard news of individuals sending coins to random addresses with the promise of doubling their investments and ICOs that simply don’t make sense). Many unsavvy investors come in it your money can buy and would care less about the technology and innovation behind it. The value of many cryptocurrencies comes from market speculation. During the crypto-boom in 2017, take part in any ICO with either a famous advisor onboard, a promising team or a decent hype and you are guaranteed at least 3X your investments.

A lack of understanding of the firm and the technology behind it, combined with proliferation of ICOs, is a recipe for disaster. Members of the Central bank reports that almost 90% of the ICOs are fraudulent or involves illegal fundraising. For me, the Chinese government really wants to make sure that cryptocurrency remains ‘controllable’ and not too large to fail within the Chinese community. China is taking the right steps towards a safer, more regulated cryptocurrency world, albeit aggressive and controversial. In fact, it might be the very best move the country has had in decades.

Will China issue an ultimatum and make cryptocurrency illegal? I highly doubt so because it is pretty pointless to take action. Currently, financial institutions are banned from holding any crypto assets while individuals are allowed to but are barred from undertaking any forms of trading.

A State-run Cryptocurrency Exchange?

At the annual “Two Sessions” (Named because two major parties- National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPCC) both take part in the forum）held on the first week of March, leaders congregate to go over about the latest issues and make necessary law amendments.

Wang Pengjie, an associate of the NPCC dabbled into the prospects of a state-run digital asset trading platform along with initiate educational projects on blockchain and cryptocurrency in China. However, the proposed platform would require a authenticated account to allow trading.

“With the establishment of related regulations and the co-operation of the People’s Bank of China (PBoC) and China Securities Regulatory Commission(CSRC), a regulated and efficient cryptocurrency exchange platform would serve as a formal way for companies to improve funds (through ICOs) and investors to carry their digital assets and achieve capital appreciation” Excerpts of Wang Pengjie presentation at both Sessions.

Cryptocurrencies will be the latest ‘big thing’ in the digital world and also have now been named being area of the monetary system. In fact, enthusiasts have tagged it as ‘the revolution of money’.

In clear terms, cryptocurrencies are decentralized digital assets which might be exchanged between users without the need for a central authority, nearly all which being created via special computation techniques referred to as ‘mining’.

The acceptance of currencies, just like the US Dollar, Great British Pound and the Euro, as legal tender is basically because they have been issued by way of a central bank; digital currencies, however, such as cryptocurrencies, aren’t reliant on the confidence and trust of the general public on the issuer. Therefore, several factors determine its value.

Factors that Determine the Value of Cryptocurrencies

Principles of Free Market Economy (Mainly Supply and Demand)

Supply and demand is really a major determinant of the value of anything of value, including cryptocurrencies. This is due to if more people are willing to buy a cryptocurrency, among others are willing to sell, the price of that particular cryptocurrency increase, and vice versa.

Mass Adoption

Mass adoption of any cryptocurrency can shoot its price to the moon. That is due to many cryptocurrencies having their supply capped at a particular limit and, according to economic principles, an increase popular without a corresponding increase in supply will lead to a cost increase of that particular commodity.

Multiple cryptocurrencies have invested more resources to make sure their mass adoption, with some focusing on the applicability of their cryptocurrency to pressing personal life issues, in addition to crucial day-to-day cases, with the intention of earning them indispensable in everyday activity.

Fiat Inflation

If a fiat currency, like the USD or GBP, becomes inflated, its price rises and its own purchasing power drops. This can then cause cryptocurrencies (let’s use Bitcoin for example) to increase with respect to that fiat. The result is that you will be able to acquire more of this fiat with each bitcoin. In Tipping Token , this situation has been among the major reasons for Bitcoin’s price increase.

Scams and Cyber Attack History

Scams and hacks may also be core factors affecting the value of cryptocurrencies, as they are recognized to cause wild swings in valuations. Sometimes, the team backing a cryptocurrency could be the scammers; they’ll pump the cost of the cryptocurrency to attract unsuspecting individuals so when their hard-earned money is invested, the price is shortened by the scammers, who then disappear without a trace.

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