Bitcoin ban in China is the subject of Galaxy digital research

Galaxy Digital is paying attention to what the crypto firm calls “China’s Crypto Raid”.

The conglomerate’s institutional investment division, Galaxy Digital Research, posted an updated research note to hedge funds, family offices, and other large clients last week. The company has also tried to hire new employees and expand its reach.

Highlights, according to Alex Thorn, Head of Corporate Research at Galaxy, and Karim Hemly, who holds the title of Research Associate for the company:

  • “China’s ongoing crackdown on Bitcoin shows that the country does not control Bitcoin.”
  • Last week, “the largest liquidation volumes on the futures exchanges since May 23rd were recorded, although open interest remains at a lower level that has not been seen since February”.
  • “Stablecoin’s issuance has largely stabilized, with Tether making its first burn since March 19th.”

The advantage: China’s pessimistic attitude towards cryptocurrencies continued to open up opportunities for other jurisdictions to make progress in cryptocurrency trading and mining at the institutional level – according to Galaxy also via OTC desks.

Standing to benefit from an influx of miners when they play their regulatory cards right: Kazakhstan, Russia, Pakistan and North America, write Thorn and Hemly.

Galaxy Digital is paying attention to what the crypto firm calls “China’s Crypto Raid”.

The conglomerate’s institutional investment division, Galaxy Digital Research, posted an updated research note to hedge funds, family offices, and other large clients last week. The company has also tried to hire new employees and expand its reach. Subscribe to the full article

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