The Silicon Valley venture capital firm Andreessen Horowitz (a16z) released a report on Tuesday covering the current state of crypto adoption. It highlights Ethereum as the leading blockchain network for developer support but contains very little mention of Bitcoin’s growth. The Potential of Web 3 The VC firm broke boiled down its report into five key takeaways about the current state of crypto. It began by suggesting that the industry is in the middle of its fourth ‘price innovation’ cycle.…
Crypto users in mainland China may not have access to the two most popular crypto market data sites.
Users of the two sites started to notice signs of blockage early morning (China time) on Tuesday. It is not clear when these sites became inaccessible. TM Lee, the co-founder of CoinGecko, told The Block that they didn’t proactively block the site. They did not cut their IP access in China. It appears that this was a move by the China internet censorship agency.
This censorship is part of the move by China to force out crypto companies with roots and services. They are limiting information on the market to users in their country.
Crypto Users in China Have a Solution
Users can get around the firewall and access these two sites. They can do this through virtual private networks (VPN). There is a rise in the use of VPNs by the Chinese crypto community. That comes even after the People’s Bank of China intensified its crackdown on mining and trading activities. They released stringent measures last Friday.
Administrators of many chat rooms have changed their user names in fear of the government. Others have dissolved their groups and migrated to Telegram. Here, they can share tutorials on how to set up VPNs and discuss crypto-related information safely.
Alibaba Plans to Block Crypto Mining Equipment Sales
Alibaba, the Chinese e-commerce giant, announced they would halt sales of cryptocurrency mining equipment. The exercise will begin on October 8.
The announcement comes after an announcement by the China Central Bank and other oversight bodies. The Government also renewed crackdown measures on cryptocurrency activities. Alibaba said it would stop two sales categories related to mining.
”After a thorough evaluation, taking into account the instability of laws and regulations on virtual currencies and relevant products in various international markets, Alibaba.com will prohibit the sale of virtual currency miners. In addition to the prohibition against selling virtual currencies such as Bitcoin, Litecoin, and Ethereum….”
The crackdown in China started early this year. It led to the exit of some mining firms from the country. There has also been a shut down of Hangzhou-based Sparkpool. The entity is an Ethereum mining pool company. Binance and Huobi exchanges have restricted service access in the wake of the crackdown.
The global crypto community and some Chinese crypto investors are unbothered by this FUD. Some investors view these policies as a buy signal.