China's key news of the week (March 29 to April 4)

Highlights of the week: The madness of Filecoin

As we all know, the main VCs, miners and investors of Filecoin are all from China. This week, Filecoin has reached the highest market value of 230 USD and the top ten market value. The trading volume of Filecoin on China's largest exchange, Huobi , is more than three times that of the second-place ETH.

There are several reasons:

1. Bitcoin and Ethereum mining machines are in short supply, and many Chinese mining investors turn to Filecoin. Many Chinese listed companies are investing in Filecoin because it can be combined with traditional Chinese data centers.

2. Filecoin's first round of VC funds will be released over in April and output will decrease.

But Filecoin does not seem to have real value yet, and no projects use it as storage. From the perspective of value investment, some people say that Filecoin is a subtle Ponzi scheme.

This project, which is completely promoted by the Chinese, is a wonderful story, but it has not yet been applied. But it is true that these Filecoin miners and VCs who have made a lot of money are hoping to invest in some applications.

Recommended reading, Google translation required

https://mp.weixin.qq.com/s/tYo7Fb-GIQrCfa1bVOFekg

Other interesting news

1. China’s favorite stable currency, USDT, has a 3% premium, but USDT/USD does not have a premium. This shows that new users are entering the Chinese market. However, there are also views that the Chinese government’s crackdown on cryptocurrency OTC merchants involved in gambling and fraud related.

Reference: https://c2c.huobi.com/en-us/trade/buy-usdt

2. Glassnode data shows that after a long period of selling, miners once again started the Bitcoin hoarding and savings model. CyptoQuant data has shown that from January 13 to January 31, a total of about 109,715 bitcoins flowed out of the f2pool. It is suspected that the big players are selling, but there are also views that it is data error.

Reference:

Wu Blockchain @WuBlockchain

Glassnode data shows that after a long period of selling, bitcoin miners once again started the Bitcoin hoarding and savings model. CyptoQuant data has shown that from January 13 to January 31, a total of about 109,715 bitcoins flowed out of f2pool.

3. Conflux, one of the most outstanding public chains in China, logs into Binance. As one of the most outstanding projects and ecosystems in China, it is worthy of attention.

Reference: https://twitter.com/Conflux_Network

4. Huobi, China's largest exchange, launched a node campaign to promote the price of HT. Huobi's HECO is currently the only exchange public chain that can compete with Binance BSC.

Reference: https://www.hecochain.com/

5. China’s largest art auction company Yongle plans a NFT exhibition in 2021 spring auction, because “Chinese young cryptocurrency investors have enough wealth, they have willingness to collect, and are accustomed to trade and collect with cryptocurrencies."

Reference: https://news.artron.net/20210403/n1093611.html

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