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China crypto news of the week (May 11 to May 17)
Highlight of the week: On May 16, the Bitcoin hashrate of the entire network plummeted, with Antpool -16%, F2pool -11%, Binancepool -14%, and Huobipool -23%. Although the rainy season is coming, the electricity bills for Chinese miners are cheaper, but the government has begun to crack down on energy-intensive mining in order to achieve the political goal of carbon neutrality.
Other important news
1. On May 15th, Xinhua News Agency, the highest-level media of the Chinese government, criticized the chaos of cryptocurrency, government need to crack down on it. Xinhua: "Since last year, the skyrocketing Bitcoin has driven the madness. Some celebrities, including Musk, have become the promoters of coins. Dogecoin and Shiba Inucoin pumb and dump because of Musk”.
2. Tencent Research Institute, China's largest Internet company, published an article calling on the central Bank of China to explore the inclusion of Bitcoin in foreign exchange reserves.
However, This article has been deleted by Tencent. Tencent and other large Chinese Internet companies are facing severe government anti-monopoly investigations. At this time, there is a greater risk of commenting on policies.
3. Huobi Ventures, China's largest exchange, launched Huobi Ventures, a $100m venture capital fund with three special funds, namely Metaverse Fund, Heco Ecological Fund and NFT Special Fund. What's interesting is huobi shown additional interest in NFT.
4. TokenPocket, the decentralized wallet that Chinese people like to use, ranked second in Hong Kong’s APP Store for two days, but the ranking fell on May 13 because of Vitalik coin selling.