More than 420,000 merchants in Changsha, China, now accept payments in the digital yuan, China’s central bank digital currency (CBDC).

The city is located in Hunan Province and was added to the pilot in April 2021.

In February this year, Changsha authorities said that 300,000 merchants in the city were processing digital yuan payments.

But the same authorities now say that figure has leaped up above the 420,000 mark, the Changsha Evening News reported (via the Hunan Daily).

Changsha claimed that this figure comprised bricks-and-mortar businesses only.

The city said that it did not take online vendors into account.

The city stated that 22 million personal CBDC wallets have been opened in the city since the pilot began.

In addition, 800,000 “public” wallets have been opened for firms and government organs located in Changsha.

The city added that a total of 62 million transactions have been made since the pilot began.

Changsha said that the total value of these transactions was over $1.4 billion.

Located in central China, the city is one of the nation’s most populous.

Over 10 million people live in the city itself and many more reside in the surrounding Greater Changsha Metropolitan Region.

CBDC on the Rise in China: Digital Yuan Gaining Ground?

According to the data released by the central People’s Bank of China (PBoC), the “popularity” of mobile payments reached the 90% mark last year.

The PBoC has begun cross-border pilots with Hong Kong and Macau, which will allow Beijing to test the CBDC in international markets.

Although Hong Kong is officially part of China, it retains a separate economic system.

This system is linked to Western and other Asian economies.

Macau also has a separate currency and economic system.

Some Hong Kong-based securities firms have recently suggested that a digital yuan link with Mainland China could allow entities based in Chinese cities to finance initial public offerings (IPOs).

This could well allow the digital yuan to find usage cases in “international markets,” as the PBoC continues to hunt for new CBDC breakthroughs.

#Binance #crypto2023 #hongkongweb3festival2023 #yuan #bitcoin

Bitcoin Halving

Bitcoin Halving: What It Is and What it means for the Crypto Market

Bitcoin halving is an event that takes place approximately every four years and has a significant impact on the crypto market. As the name suggests, it is a process of reducing the amount of Bitcoin that is created and released into the market. It is an important event in the cryptocurrency world and has been a major factor in the price of Bitcoin in the past.

What is Bitcoin Halving?

Bitcoin halving is a process that occurs every 210,000 blocks, or approximately every four years. It is a process of reducing the amount of Bitcoin that is created and released into the market. The process is designed to reduce the rate of inflation of the cryptocurrency and ensure its value is maintained.

When Bitcoin halving occurs, the amount of new Bitcoin released into the market is reduced by half. This means that the number of new coins created each year, or the inflation rate, is reduced by 50%. This is done to ensure that the value of Bitcoin is maintained and to prevent it from becoming too volatile.

How Does Bitcoin Halving Affect the Crypto Market?

The effects of Bitcoin halving on the crypto market are far-reaching. The most significant impact is on the price of Bitcoin. As the amount of new Bitcoin released into the market is reduced, the demand for Bitcoin increases, driving up its price. This is because investors believe that the reduced supply will lead to an increase in the price of Bitcoin.

The halving also affects the mining process. As the amount of new Bitcoin created is reduced, miners are incentivized to mine more efficiently. This increases the difficulty of mining, which in turn increases the cost of mining. This can be beneficial for miners, as it can lead to higher profits.

What Is the Impact of Bitcoin Halving on the CryptoMarket?

The impact of Bitcoin halving on the crypto market is significant. As the amount of new Bitcoin created is reduced, the demand for Bitcoin increases, driving up its price. This is beneficial for investors, as it can lead to higher profits. The halving also has an effect on miners. As the difficulty of mining increases, miners are incentivized to mine more efficiently. This can lead to higher profits for miners. Overall, Bitcoin's halving is an important event in the crypto market. It helps to maintain the value of Bitcoin and can lead to higher profits for investors and miners. It is an event that should be monitored closely by those involved in the crypto market

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bnb

📈#BNB is currently trading between support and resistance levels. If the candle closes above the resistance, there is a chance that the coin may turn bullish.

👀 Keep a close eye on BNB's price action in the coming hours to see if it can break through the resistance level and potentially enter a bullish trend.

💡 Remember to always do your own research and make informed trading decisions. Happy trading!

#BTC #eth2.0 #hongkongweb3festival2023 #cpi

#ETH /USDT

$ETH short challenge account trade:

🔻 $ETH Short (Challenge Account) 🔻 Entry: $2089 Target: $1990 Stop loss: Above $2116, hard stops not more than $2122 (max risk 1.5%)

Trade explanation: Going short on $ETH with a challenge account trade. Entry at $2089 with a target of $1990. Stop loss above $2116, with hard stops not more than $2122 to limit risk to 1.5%

#eth2.0 #hongkongweb3festival2023 #cpi #fantasticdeals

10 Crypto Trading and Investing Mistakes to Avoid

With the rise of cryptocurrency investments, it is essential to be aware of the potential mistakes that can lead to significant losses. In this article, we will discuss ten common crypto trading and investing mistakes to avoid stable returns.

Overconfidence

Emotional Investing

Lack of Patience

Holding all your assets in one location

Ignoring Technical Analysis

Not Using Stop-loss Orders

Not Conducting Fundamental Analysis

Lack of Crypto Knowledge

Complicated Strategies

Not Forming Your Own Opinion

Takeaways:

Always practice proper portfolio management and diversification to avoid overconfidence in investments.

Do not let emotions drive investment decisions, especially during market fluctuations.

Crypto investments require patience and a long-term view.

Store assets in multiple locations for added security.

Technical analysis can help identify trends and potential market movements.

Use stop-loss orders to protect investments during market downturns.

Conduct fundamental analysis to determine the worth of a project or token.

Learn about how crypto works before investing to avoid speculation.

Avoid complicated trading strategies if you are not familiar with the market and the tools you use.

Trust your judgment and form your own opinions based on well-thought-out decisions.

Conclusion: Crypto trading and investing can be profitable, but it is essential to avoid these ten common mistakes to ensure stable returns. By practicing proper portfolio management, conducting thorough research, and avoiding emotional investing, you can protect your investments and minimize potential losses. Remember to stay patient, diversify your portfolio, and trust your judgment based on facts and sound analysis.

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Both Shiba Inu and the Shibarium beta testnet called Puppynet are currently showcasing very strong numbers. Puppynet in particular is currently recording an incredibly rapid growth.

As Bitcoinist reported, the testnet was just relaunched on March 24 and has already recorded over 100,000 wallet addresses within the first week. And this growth continues to show no boundaries. As of yesterday, Shibarium has broken the mark of over 2.5 million transactions.

In addition, over 373,696 wallet addresses have already been created. With an average block time, 328,985 blocks have been produced.

Yesterday alone, April 11, 890,399 transactions were processed in just one day, according to Puppyscan data. Just the day before, on April 10, Puppynet reached its previous record high transaction count with 481,151 transactions.

Moreover, 71 different tokens based on Shiba Inu’s layer-2 technology have already been created, according to Shiba Inu influencer Lucie.

Shiba Inu Burns Rise Further

In the past month of March, the SHIB burns have been quite impressive. In March, 6.78 billion SHIB tokens were burned with 540 transactions. Both the absolute number of SHIB destroyed and the number of transactions thus showed a significant increase compared to the previous months.

Overall, the March burn was the highest since October 2022 when 9.05 billion SHIB were burned in 2,433 transactions. Yesterday, the SHIB Burn Tracker announced that over 34.92 million Shiba Inu (SHIB) were burned in three transactions, with 25.31 million SHIB coming from a single wallet.

This largest transaction came from the Coinbase-associated wallet “Coinbase 10,” which transferred a whopping 25,313,097 SHIB to the burn address in a single transaction. The transaction caused the total burn rate to increase by 1,108% compared to the previous day (2.93 million SHIB).

A sign of the upward trend also comes from the futures market. Since the beginning of March, Shiba Inu has seen an increase in open interest (OI). The metric is the number of active positions investors have taken in contracts.

According to CoinGlass data, the number of open futures has exceeded 2.4 trillion SHIB, equivalent to about $26.78 million. Just a month ago, OI was only around $18 million.

The increase in open interest is evidence of traders’ growing interest in SHIB. When the SHIB price hit its yearly high of $0.00001591 in early February, the OI was $47.3 million.

SHIB Price Shows Bullish Bias

At press time, the Shiba Inu price stood at $0.00001083. As discussed on NewsBTC, the SHIB price is currently trading in an ascending triangle, which is a continuation pattern.

With today’s dip to $0.00001064, SHIB has written a new higher low. Therefore, the uptrend remains intact. A final decision on whether the bulls or bears prevail could come by the end of April.

#Binance #SHIB #crypto2023 #hongkongweb3festival2023 #cpi

it can be difficult to discern which assets have the potential for growth and which do not. However, upon closer examination of $LTC , it appears that this digital asset may have a promising future.

Despite a price decline over the last two years, the On Balance Volume chart indicates a significant amount of buying pressure for $LTC as compared to $BTC . This suggests that investors are bullish on $LTC and believe that it has room for growth in the future.

Investors and traders alike should keep a close eye on $LTC and consider it as a potential addition to their portfolio. As with any investment, it is important to conduct thorough research and analysis before making any decisions. However, the indicators suggest that $LTC may be a worthwhile investment opportunity for those willing to take the risk.

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I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.

If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.

Thank you for your support, and let's continue to stay connected for more exciting content!

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#Litecoin

#SHIB /USDT 1- DAY CHART UPDATE ;

SHIB

SHIB coin has just touched the trend line and is back up! If it crosses the trend line and closes above the trend line , we could see a potential increase of up to 28% 💰📈

Make sure to keep a close eye on SHIB and set your stop losses accordingly.

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