Recall that China banned interaction with cryptocurrencies at the end of September. Although the country’s authorities had made such statements almost twenty times before, now things turned out to be serious. In particular, many companies with Chinese roots have announced the termination of their activities.

For example, in mid-October exchange Binance announced that it will stop supporting the yuan on its platform for OTC-trading in 2022. In addition, the company will stop interacting with Chinese users, but in this context, the platform staff did not give an exact date.

Binance exchange chief Changpen Zhao

Huobi itself is a very popular cryptocurrency platform. In the ranking of spot cryptocurrency exchanges, that is, transactions at current prices, Huobi has third place. It is only behind Binance and Coinbase. Here is the current ranking of the platforms.

Spot cryptocurrency exchanges ranking

How China affects cryptocurrencies

Here’s a quote from Jang, in which he shares the company’s management’s view of the current situation. The replica was published by Decrypt.

Huobi is in the process of shutting down service to all Chinese users by the end of 2021. From this category of customers, our profits will drop to zero.

Accordingly, the company has approximately a month and a half to completely stop interacting with Chinese citizens. And given the strictness of the authorities in the country, we can assume that this directive will indeed be enforced.

Huobi co-founder Du Zhang

And while the platform remains a leader in Asia, Zhang expects to expand to other parts of the world. This strategy will be a new focus for the company in the near future. As a reminder, earlier this year the Chinese government launched a radical crackdown against the country’s crypto industry. Regional authorities ordered miners to completely shut down their activities, while China’s State Council listed crypto mining as an “undesirable” business.

Miners are not the only ones affected: financial companies, banks and exchanges are no longer allowed to serve anything related to Bitcoin or altcoins. Huobi has had to shut down futures and other crypto derivatives trading for the Chinese. In addition, registration of new users in the country has been completely suspended.

Bitcoin network hash rate dynamics this year

The negative news from China has had a huge impact on the Bitcoin network’s hash rate and the cryptocurrency’s price: both of these figures collapsed almost twice as much as six months ago. However, many investors saw the crisis as a good investment opportunity, and by today, BTC has already reached a new all-time high in value, while the hash rate is almost back to its pre-ban value.

We have clarified the latest data: Bitcoin's current record at the time of writing is $68,524. At the same time, the crypto's most recent high was at $67,000.

Hourly chart of Bitcoin rate

All of this was happening against the backdrop of another boom in unique tokens: NFT trading broke records for popularity several times. As a result, one of the top NFT token exchange platforms called OpenSea has now reported a rise in the total volume of transactions conducted to $10 billion.

Top 5 trading platforms for NFT

This is an impressive record, because in August alone, the volume of NFT sales and purchases reached “only” 1 billion dollars. Not only big crypto investors, but even Hollywood stars joined the HYIP. To recap, most recently, world-famous director Quentin Tarantino announced the launch of his own collection of unique tokens. Read more about what is happening in a separate article.


We think what's happening in the cryptocurrency niche right now looks very positive. Bitcoin is updating its price highs, and popular trends within the industry like those NFT tokens are still very strong. So from the looks of it, the end of 2021 could be very interesting and profitable for cryptocurrency investors indeed.


Look for even more interesting things in our millionaire cryptochat. There, we’ll talk about other topics that affect the development of the decentralised asset and financial industry.