Chinese RMB stablecoin issuer’s Shanghai office reportedly deserted after police raid, and WeChat offers Bitcoin prices — but for how long?
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Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express
RMB stablecoin team allegedly arrested
On May 31, local news outlet PANewsLab reported that the developers for the offshore Chinese RMB and Hong Kong dollar stablecoin issuer CNHC had allegedly lost contact or had been taken away by law enforcement officials. A photo shows what appears to be an empty office building at CNHC’s Shanghai division with the following message posted:
“The building’s assets have been seized by law enforcement; vandalism is prohibited.”
In March, CNHC raised $10 million in its Series A, led by KuCoin Ventures, Circle, and IDG Capital. The team said back then that it planned to use the funds for “expansion in the Asia Pacific Region” and was in the process of moving its headquarters from the Cayman Islands to Hong Kong.
The reported move appears to be part of a wider crackdown on cryptocurrencies by Chinese authorities. On May 24, Asia Express reported that tokens of Singaporean inter-blockchain communications protocol Multichain had plunged 30% on a delayed backend upgrade and rumors of Chinese police arrest of its core developers.
Though Multichain says that it is still operational, it stated on June 1 that it is still “unable to contact CEO Zhaojun and obtain the necessary server access for maintenance,” and as a result, the protocol will need to suspend a number of affected cross-chain services.
Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express
Chinese RMB stablecoin issuer’s Shanghai office reportedly deserted after police raid, and WeChat offers Bitcoin prices — but for how long?
Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express
Chinese RMB stablecoin issuer’s Shanghai office reportedly deserted after police raid, and WeChat offers Bitcoin prices — but for how long?
Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express
Chinese RMB stablecoin issuer’s Shanghai office reportedly deserted after police raid, and WeChat offers Bitcoin prices — but for how long?
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Bitcoin price slips under $27K, but data shows BTC whales counter trading DXY strength
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This heat is coming in the form of the U.S. Dollar Index (DXY), which has been on a remarkable uptrend since late April, reaching levels unseen since early March’s banking crisis when the dollar wrecking ball wreaked havoc on asset prices.
This surge in the dollar has raised concerns among market participants due to its high inverse relationship with Bitcoin (BTC), a topic many macro and crypto analysts have discussed repeatedly in 2023.
The implication of this inverse correlation means that when the dollar rises, BTC falls and vice versa. The chart below showing the year-to-date performances of DXY (blue line) and BTC (orange line) underscores this relationship a step further.
Notice how Bitcoin’s 2023’s performance has been propelled by a downward dollar. Not coincidentally, the DXY reached its year-to-date low near 100.80 on April 13, nearly the exact date BTC reached its year-to-date high of just over $31,000. Since then, however, both have been trending in opposite directions.
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