Bitcoin
BTC$63 365.57

-1.97%

Ethereum
ETH$4 124.43

-1.79%

Binance Coin
BNB$491.77

1.14%

Cardano
ADA$2.19

-1.25%

Tether
USDT$1.000207

0.03%

Solana
SOL$204.52

9.96%

Bitcoin mania triggers fundraising rush by Chinese players


09 Mar 2021

#Bitcoin

Bitcoin mania has fuelled a surge in fundraising by Chinese companies seeking to expand their cryptocurrency operations or move into the red-hot sector. From large listed companies tapping public markets to smaller players raising funds from venture capitalists, a jump in cryptocurrency prices and signs of growing acceptance of the technology by mainstream institutions have fed the market boom.

Chinese bitcoin mining machine manufacturer, Ebang International Holdings (EBON.O), which debuted on Nasdaq in June, conducted two fundraising rounds in February alone, raking in $170 million, even after a previous offering in November.

Newcomer Code Chain New Continent Ltd (CCNC.O), a Chinese waste recycling company, raised $25 million in February through a share placement to fund a foray into bitcoin mining.

In private markets, “competition is white hot and filled with sharp elbows,” said Jehan Chu, managing partner at Hong Kong-based blockchain venture capital firm Kenetic Capital. “Every good-quality funding round is oversubscribed within a week of it being announced.”

The market has flourished despite complicated official attitudes towards cryptocurrencies in China. Cryptocurrency exchanges are banned and mining frowned upon, but there is strong official support for developing blockchain technology, which underpins cryptocurrencies such as bitcoin , but is also key to new innovations in areas such as trade finance, supply chain management and anti-counterfeiting.

This has contributed to the emergence of attractive crypto projects in China, say investors, although many companies still list and raise money overseas. Bitcoin , the world’s largest cryptocurrency, has surged over 300% in value since the fourth quarter of last year.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.4% 82 $63 365.57 -1.97% 6.45% $1 194 493 310 958 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 59 $4 124.43 -1.79% 9.07% $486 803 148 738 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 64 $491.77 1.14% 6.53% $82 027 720 087 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 88.4% 12 $2.19 -1.25% 1.22% $72 004 147 290 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000207 0.03% -0.02% $69 627 517 914 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 71.2% 54 $204.52 9.96% 29.69% $61 524 252 950 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 71.2% 50 $1.10 -2.42% -1.36% $51 788 239 987 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 65.6% 76 $46.10 6.03% 15.62% $45 528 763 922 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 57 $0.247098 -1.08% 8.28% $32 567 634 508 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000150 0.04% -0.03% $32 399 349 700 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 63 $44.59 9.19% 20.56% $17 908 201 379 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 72% 56 $26.72 -0.17% 3.61% $16 344 258 475 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 64 $64.96 5.89% 17.34% $14 309 797 078 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.2% 82 $63 395.16 -2.01% 6.49% $14 016 228 919 WBTC 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 68.8% 56 $198.79 -2.79% 10.12% $13 677 185 173 LTC 7 days price change

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