Global Crypto Press was the first crypto news outlet to cover this story back in February when all we had was a single inside source. Three months later, our source's information seems to have been 100% accurate, as the 'rumors' from then are now part of official statements made by the government of Hong Kong.

For those just joining the story here, the important thing to know is that in 2021 China implemented a crypto trading and mining ban and ejected any company that existed for those purposes. China went from the country with the most mining power, to completely off of the top 10 list, with small countries like Malaysia and Iran now outperforming them.

You may wonder - why is that surprising? If they banned trading and mining, isn't it predictable that a sudden drop in mining hashpower coming out of China would follow? 

It's a fair question, and most people did predict the effect of a Chinese ban on crypto... at least once among the 6 times they 'banned' crypto before this, just to have its popularity continue to grow. 

But the 2021 ban was unlike any of their previous attempts, it was backed with enforcement as businesses that continued to leave their bitcoin miners running found themselves being raided, and their hardware seized. Now, with the choice to risk being next or relocate, companies either moved to other countries or simply sold their mining hardware to a company that was.

This is how the situation remained, until now.

Now, crypto appears to be on the verge of returning to China via Hong Kong...

Hong Kong is a unique situation, once fully independent of China, they are now officially 'part of China' - but unlike any other area of the country they maintain the ability to pass their own laws and remain economically independent from the federal government.  

It's with these additional freedoms that Hong Kong has just announced they will begin issuing permits to crypto based businesses beginning June 1st.

3 Things We Will Likely See Happen Almost Immediately...

- First, an increase in the overall demand for cryptocurrencies. China has one of the largest economies in the world, and if a significant portion of its population begins investing in or using cryptocurrencies, it could drive up the price of these digital assets. This could potentially lead to a new bull market in cryptocurrencies, benefiting investors and businesses in the sector.

This is why Binance CEO CZ tweeted that historically news like this is followed by a bull run. 

- Secondly, increased innovation in the crypto space. China is known for its technological prowess, and if Chinese companies are allowed to operate in the crypto space, it could lead to new technological advancements and applications for blockchain technology. 

Unfortunately, Chinese technological advances are often the result of stolen data as the nation infamously targets tech companies around the globe with the intent of recreating propritaty tech.

- Third likely impact we'll see is this decision influencing other countries' policies towards crypto. If China, once a staunch opponent of cryptocurrencies, reverses this to allow them  it could encourage other countries that have been hesitant about cryptocurrencies to reconsider as well.

I can't think of any examples of countries willingly staying out of a market both the US and China are in.

One Concern Remains..

While Hong Kong still maintains some independence from the rest of the Chinese Government, Laws they pass in Hong Kong can be vetoed by the ruling party.

We brought this up when speaking to our source there nearly 3 months ago, that portion of the article reads:

...we're hearing that Hong Kong leaders are NOT being met with disapproval from China's leadership in Beijing "there's nothing to indicate mainland officials don't want this to happen, and I believe we're well beyond the point where they would make their stance known" our source explained.

Beijing quietly allowing this to happen may be thanks to some of China's wealthiest business leaders, who have been complaining to officials about being restricted from a market with huge growth potential..."

At the time we published that article Hong Kong was still several steps away from this becoming a reality, now they're on the final step having announced their intention to issue permits for crypto companies to operate there starting June 1st.

It's a situation where approval from the ruling Communist Party will come in the form of silence. Hong Kong is providing a way for the ruling party to reverse their 2021 crypto ban without the President or other high ranking party leaders having to acknowledge it. 

Considering we're just 3 days away from Hong Kong officially open to issue permits for crypto companies to provide their services to citizens, we believe if Beijing disapproved they would have made that clear by now.

In our opinion, this is actually going to happen.

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Author: Adam Lee 
Asia News Desk 
Breaking Crypto News

Crypto can be moved with a level of secrecy that traditional wealth just can't match. If someone keeps their crypto on the exchange they bought it from, the process is no different than if it were a normal bank account.

But when one side of a divorcing couple believes the other is hiding crypto, full self-custody in a 'secret' wallet only they know the details of - This is where our new-age professionals, the crypto hunters, step in. 

Tether International Limited, the company behind the widely popular stablecoin USDT, dropped a (good) bombshell today by revealing its new bitcoin (BTC) investment game plan.

In a bold move, the company declared that it would allocate 15% of its profits to accumulate more bitcoin. They're not messing around when it comes to their reserve portfolio, which contains precious metals, fiat currencies, treasury bills, money market funds and crypto.

Their most recent independent audit report showed the company with a little over $79 Billion in liabilities, but owning almost $82 billion in assets.

These Bitcoin buys won't be used to back USDT, on that front they're overcollateralized...

This is Tether flexing its financial muscles and going beyond what anyone had demanded of them by beefing up their reserves.

By the end of Q1 2023, Tether already had a cool $1.5 billion worth of bitcoin stashed away. That's a modest 2% of their reserves, though. Gold clocked in at 4%, while a hefty 85% was chilling in cold hard cash and other assets. But Tether's not satisfied with those numbers, they're thirsty for more.

Tether also announced that unlike most institutional investors who let other companies store and safeguard their bitcoins, Tether takes the "not your keys, not your bitcoin" mantra to heart. They'll be be handling their own custody. 

One year ago today, all hell broke lose. 

"Cryptocurrencies Melt Down in a ‘Perfect Storm’ of Fear and Panic" wrote the NYTimes,

"$1 Trillion Crypto Meltdown—Huge Crash Wipes Out The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Solana, Terra’s Luna And Avalanche" was the headline at Forbes.

Bitcoin would lose a total of 12% of its value on this day, and that looked good compare to Ethereum, XRP, BNB, Cardano, Solana, all which lost between 20%-30% in the same time period. 

For us, people with a sizeable portion of their net worth inside the crashing market, the popular 'swap to a stablecoin until it's over' move was followed by praying the stable coin you chose actually was stable. 

Even if you managed to minimize your own losses, it was impossible to be part of any of the main online crypto communities, from the Bitcointalk message boards, to Crypto-Twitter, and several popular crypto subreddits were filled with despair.

3 Months Later FTX's Collapse Would Overshadow This Period Forever.  But on This Date, No One in Crypto Was Receiving More Praise than Sam Bankman-Fried...

Sam was about to save the entire industry. 

Over the days ahead companies that were heavily invested in Luna and UST were struggling, or flat out collapsing. This is where Sam would step in offering hundreds of millions to companies from his pile of spare spendable cash (which today appears to have been his user's cash, that he was spending without permission).

In one interview he talks about meeting inside FTX where they determined he could spend up to $1 billion basically bailing out crypto companies if they had long term potential, and of course he would now own piece of them all. 

If You Want a Truly Surreal Experience - Read This Article from NYTimes, Published This Week One Year Ago...

There's so many parts of this article that cringe-inducing to read today that it was hard to choose a couple examples, but I think these will give you an idea of just how far Sam took his fantasy of being a high-profile successful genius, and how good he was at convincing others to believe it as well.

A little over a week before this, Sam and FTX held their first of what was supposed to be an annual conference in the Bahamas, the reporter writes "Everywhere he went, crypto entrepreneurs offered handshakes and fist bumps, patting him on the back as they pitched projects or presented him with branded swag".

I did warn you this would be cringe-inducing. 

Another interesting part is where Sam's seemingly reveals that even his... unique style and sometimes awkward behavior was a calculated move, according to the article "Before one of his first TV appearances, Andy Croghan, a colleague at Alameda and FTX, urged him to clean up his look. “I was like, ‘Sam, you’ve got to cut your hair, dude — it looks ridiculous,’” Mr. Croghan said. “And he said, ‘I honestly think it’s negative for me to cut my hair. I think it’s important for people to think I look crazy."

But the gem of the article (well, if you're looking for the strangest parts) has to be this next story which begins in the FTX offices "A few colleagues were cracking crypto-themed sex jokes in the office" I'm not kidding, that was printed by the NYTimes, I really wish they included an example.  Anyway, these naughty jokesters got Sam's attention and threw his genius mind into overdrive  - then it came to him - FTX needs their own condoms. 

Now that may sound crazy at first but there's a good reason - marketing. The article says that "Sam whirled around in his chair. He wondered, was there expected value (EV) in distributing condoms with jokes on them at an upcoming conference?" Sam decided - obviously yes. 

So what would Sam print on them? Ironically, a statement that FTX would survive the exact situation that ended up destroying it.

The condom wrapper reads “Never breaks” in large letters and underneath  “even during large liquidations.” 

Today you find people selling them on EBay as collectors items.

Good times.

------- 
Author: Justin Derbek
New York News Desk
Breaking Crypto News

We're learning of this only because PayPal's required quarterly report has now been filed with the SEC, from there you'll have to go 16 pages in before it's even mentioned.

It's rare for a company spend over $300+ million on anything without letting the public/and press know about it - but when PayPal decided to load up on crypto they clearly also decided it would be smarter to stay quiet while doing it.

Why So Secretive?

My guess is; they didn't want prices to go higher... yet. 

They did their buying over a 3 month period, and if news got out that the worlds biggest online finance company was spending so much on crypto, other companies may follow. It doesn't help them if prices go up while they're still buying.

While the report does not give the number of Bitcoins PayPal holds, it does give their total USD value of $499 million. This is based on Bitcoin's total value at the end of March, so doing the math and assuming they were paying slightly under market value by doing large OTC trades, we're estimating PayPal holds somewhere around 17,500 BTC.

They also spent another $110 million on Ethereum, and another $19 million on all other cryptocurrencies.

So Far in 2023 PayPal's Added Another $339 Million In Crypto - Bringing Total Near $1B...

PayPal began 2023 already owning over $600 million worth of cryptocurrency, but after the last 3 months of aggressive buying, they're almost able to join the small group of companies and individuals holding over a billion worth of crypto.

However, breaking $1 billion total is now within reach, and can be done without PayPal having to buy more. 

We estimate Bitcoin trading around $35k and ETH holding over $2k would be enough to put PayPal's total into the 10-digits.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

Brian Armstrong, Coinbase CEO, says the United Arab Emirates deserves "a lot of credit" for its commitment to crypto regulation.

 

CLEVELAND, OH, May 09 2023 

- With the rise in the wide adaptability of cryptocurrencies, there is an emerging need to generate ways to earn from these coins. Founded in 2016, Gbitcoins is one of the earliest companies that provide cloud mining services by taking minimum charges and giving lucrative rewards to the miners. Thus cloud mining becomes one of the vital ways to earn a variety of cryptocurrencies in 2023, and Gbitcoins plays an important role in delivering this opportunity.



What is Cloud Mining?

In cloud mining, a miner purchases hash power from the service provider and executes the mining process without buying expensive hardware. By picking the best packages, miners can minimize the mining cost and earn a substantial amount of cryptocurrencies as incentives. Even if you are not tech-savvy, you can easily participate in the mining process at a basic cost by eliminating the need for equipment maintenance and high energy cost.

Advantages Of Cloud Mining Platforms

Suitable for Beginners - If you are not technically sound with mining and unaware of mining methods and procedures, cloud mining is the best way to establish yourself as a miner. For cloud mining, you just need money and knowledge about the service-providing company you are about to associate with.

Minimal Infrastructural Requirement - For cloud mining, you won't require expensive equipment and space.

Mine Various Cryptocurrencies - Cloud mining platforms enable you to mine various cryptocurrencies.

Why Gbitcoins?

Trusted Name - With over 490k active members from 200+ countries, Gbitcoins has already established itself as one of the leading names in the market. The Gbitcoins business is continuously expanding, it provides the world's top cloud mining services and aims to cover the whole cryptocurrency industry.

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Regular Profits - The profits come consistently with Gbitcoins because of their expert team at work and are updated daily on your portal.

SSL Safety - By enabling SSL encryptions, Gbitcoins provides an extra layer of security to service seekers and protects their investment from malicious intentions.

Follow these steps to start earning

Step 1 (Sign Up)

Go to https://gbitcoins.net/Home, scroll down, and click on sign up to register yourself or create an account on Gbitcoins.

Step 2 (Select Mining Package)

Gbitcoins have a variety of mining packages in different cryptocurrencies to offer a wide-ranging option to service seekers. Some of them are:

Packages:

Step 3 (Start Earning)

After selecting the package, start receiving your daily profits in your mining account as per the contract guidelines.

Take part in the Invite Friend’s Program and earn a reward of 5.5%

Gbitcoins, the world's top cloud mining service is offering a bounty of up to 5.5% on each sign-up of your friends. Suggest Gbitcoins to your friends to earn free money through the invite friend program. You'll also get a $15 reward on your sign-up.

About GBitcoins:
GBitcoins is where everyone thinking about starting a journey as a miner in the vast world of cryptocurrencies can dive in knowing. Gbitcoins' positive reputation in the market and its large network of associates & service seekers generate a sense of trust and assures a safe cloud mining environment.
For more details please visit https://gbitcoins.net

The Bitcoin Request for Comment Protocol (BRC-20) is dominating crypto transactions, with 65% of all mined transactions yesterday being tied to the protocol - a new record.

The sudden explosion in popularity has also sparked debate;  is BRC-20 now one of crypto's 'top protocols' and should be regarded similarly to Ethereum's ERC-20 protocol?  Or, as some claim, are we seeing a temporary trend built on memecoins that are unlikely to experience any long term success?

Not the First Time the Majority of BTC Transactions Were BRC-20 Related...

While yesterday's 65% set a new record, the majority (more than 50%) of Bitcoin transactions were related to a BRC-20 transaction for 5 of the last 9 days .

BRC-20 operates on the Ordinals protocol, which is relatively new and enables the storage of various forms of information, such as images, videos, and audios, on the Bitcoin blockchain.

Fees Bring Angry Users, Happy Miners...

Unfortunately, this has led to high congestion and exorbitant fees for processing transactions on the Bitcoin network, causing frustration for regular users.

Miners, on the other hand, are reaping the rewards -  some are claiming to have "never earned this much before".

Over 650 BTC (approximately $18,200,000) has already been spent on fees for the 3,755,000+ BRC-20 transactions to date.------- 
Author: Justin Derbek
New York News Desk
Breaking Crypto News

FancyCrypto Cloud Mining is seeing rapid growth as people seeking a passive income opportunity discover them. Many say they hadn't considered crypto mining before, but the platform's wide variety of options has something to accommodate virtually anyone.   

Mining has always been a promising alternative for those who shy away from the risks associated with crypto trading. However, as time passes, the process of mining has become increasingly difficult due to various reasons. Here are some factors that have contributed to this:

• Cryptocurrency mining requires high energy, making it an expensive affair.

• The cost of mining rigs and other equipment is expensive, making it unaffordable for most people.

• The inefficiencies of the Proof of Work (PoW) system are now more evident, making the process more challenging.

• The rise of mining farms and pools has turned crypto mining into fierce competition, making it increasingly difficult for small-scale miners to compete.

However, all hope is not lost, as cloud mining has emerged as a viable alternative. With cloud mining, individuals can rent mining hardware from a cloud mining service provider and receive a share of the profits generated by the mining operation. This approach eliminates the need to buy expensive equipment or worry about energy costs, making it a more accessible option for many people.

Why is cloud mining the future of crypto mining?

Who would have thought that cloud mining would take the world by storm? When it first emerged, many could see its potential. But now, it has become a game-changer in the world of crypto mining. Here's why cloud mining is such a big deal:

• It provides a hassle-free solution to crypto mining by offering comprehensive platforms that take care of all mining requirements. This means that once you sign up on a trusted platform and determine what you want to mine, everything else is taken care of. This convenience saves time and effort and makes the process much more accessible to people of all skill levels.

• You don't need to be a tech genius to participate in cloud mining. Anyone can get involved and start earning, regardless of their skill level.

• Cloud mining frees you from the burdens of maintaining uptime and connectivity, giving you more time to pursue other interests.

• Forget about the expensive equipment and high electricity bills associated with traditional crypto mining. With cloud mining, a trusted company manages everything on your behalf while you easily receive your earnings.

The growing demand for reliable cloud mining platforms is evident, and one such platform that has gained popularity is Fancy Crypto. With its reliable and secure cloud mining services, it has become a favorite among cloud mining enthusiasts.

Fancy Crypto; a user-friendly cloud mining service you can trust.

Gone are the days when users had to scour the internet for a trustworthy cloud mining service. Thanks to Fancy Crypto, a user-friendly cloud mining platform, you can now mine cryptocurrencies with ease and confidence. Fancy Crypto has quickly become a leader in the industry, boasting over 360,000 users from around the world. Its cutting-edge technology powers high-end industrial data centers from any device and almost anywhere, making cloud mining globally accessible.

What sets Fancy Crypto apart from other cloud mining platforms? Here are just a few reasons why this platform is worth your attention:

• Fancy Crypto offers an impressive 2% to 10% of the world's cloud mining hashrate, meaning you can expect higher mining returns than other platforms.

• With its rare and extensive technological expertise, Fancy Crypto is well-equipped to handle all your cloud mining needs, ensuring a seamless and hassle-free mining experience.

• Say goodbye to complicated contracts and hidden fees. Fancy Crypto offers easy and risk-free cloud mining contracts, so you can focus on earning profits.

• And speaking of profits, Fancy Crypto offers daily profits per your mining contract, so you can watch your earnings grow with each passing day.

Packages Offered

Fancy Crypto's cloud mining packages are truly one of a kind. With seven different packages available, each offering varying daily profits and contract prices, there is a package for everyone. And the best part? It settles interest within just 24 hours, making it one of the fastest cloud mining services around. Let's take a closer look at these packages:

1. Free cloud mining: This contract is valid within a fay and is priced at $10. Its fixed return is $10.15

2. Experienced project cloud mining: This contract is valid within your days and is priced at $100. It has a fixed return of $105.

3. Ethereum project cloud mining: This contract is valid for five days and priced at $300. Its fixed return is $324

4. Litecoin cloud mining: This contract is valid for ten days and is priced at $800. Its fixed return is $944

5. Dogecoin cloud mining: This contract is valid for 15 days and is priced at $1500. Its fixed return is $1938.75.

6. Ethereum classic cloud mining: This contract is valid for 30 days and is priced at $3000. It has a fixed return of $4806.

7. Bitcoin cloud mining: This contract is valid for 60 days and is priced at $5000. Its fixed return is $11580

In addition, they also offer a referral program that rewards affiliates for bringing in new users. Some of the benefits of the referral program include:

• 3% off of your referrals' purchase orders

• No need for investment to become an affiliate

• Instant payout for referral rewards

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Information Provided via Press Release
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