THINGS ARE GETTING HUGE IN CHINA

The chappella update was one of the most recent network upgrade that Ethereum made available. The surge staking activity for the Ethereum blockchain has significantly increased since this upgrade made it possible for users to withdraw their staked ETH rewards. causing the withdrawal of over 1 million ethereum, which, as you are aware, may not sound like the best news in the world, but as a result, there was a massive influx of new Ethereum stakes. At this time, there are more than 580,000 active Ethereum investors, which is a record high for the past 2.5 years.

---

I became generally bullish on Ethereum after reading this narrative. People can now see that they may securely stake their cryptocurrency, withdraw it at any moment, and unstake it, which demonstrates that they are earning passive income. This, in my opinion, will boost people's faith in this asset. Even with this news, the price movement of Ethereum hasn't changed, but that is only because Ethereum continues to follow Bitcoin's lead and Bitcoin's lead is being followed by the stock market, which in turn is responding to what the government is doing.

---

Things are currently getting quite big in China. Only a few days until Hong Kong opens the doors to retail cryptocurrency trading, which might bring a significant amount of Mainland money through Hong Kong. A white paper on cryptocurrency was recently produced by the Beijing government's Tech Committee. The NFTS, virtual reality, augmented reality, and the metaverse are all discussed in this white paper. They also discuss programmers like Gavin Wood of the Polka Dots. For instance, this document also includes references to important Chinese tech firms. This article continues by stating that Beijing is developing a number of major platforms and applications for web3 blockchain and cryptocurrency technology. China is one of the main players in the cryptocurrency markets, for better or worse. Even now, Chinese citizens are enthusiastic about cryptocurrencies.

---

China has completely failed to control crypto domestically, despite an unprecedented Crackdown on cryptocurrency in 2021. For instance, the 2021 Bitcoin mine saw a severe crackdown. It was outlawed and had a brief impact in China. The hash rate decreased from 40% to 0% and then returned to 20% around a year later. The Chinese authorities were unable to stifle domestic Bitcoin mining. Chinese black market cryptocurrency traders have been successful for a long time. We've been getting all these tiny reports out of China little by little. First, they announced the state-run NFT platform, followed by a city-run metaverse, several city-run metaverses, the ability for Hong Kong to list cryptocurrency ETF products, and finally the ability for Hong Kong to sell 16 different cryptocurrencies to retail traders.