No, China Has Not Legalized Nor Put an End to Bitcoin Ban; Inaccurate Reports

Throughout the past 24 hours, several publications and public figures have misreported that China has put an end to its blanket ban on bitcoin and the cryptocurrency exchange market.

On Nov. 9, one cryptocurrency-focused publication released a story entitled "China Lifts Bitcoin Ban; Individuals and Businesses Can Now Own Cryptocurrencies Legally." The article instantly attracted many investors in the cryptocurrency market, who demonstrated optimism towards the supposed unbanning of Bitcoin.

In October, as CnLedger, a trusted news source in China reported, the Chinese court confirmed that Bitcoin is protected by law as property.

Individuals, businesses, and merchants can technically utilize cryptocurrencies like Bitcoin and Ethereum as a payment method without conflicting with local regulations.

In the previous month, CryptoSlate reported that the cryptocurrency market of China has become more active as of late, due to the acceptance of digital assets by hotels and publications.

On Oct. 1, China's oldest technology publication Beijing Sci-Tech Report announced that it would accept Bitcoin as a payment method for its subscriptions beginning early 2019, to encourage the utilization of crypto in a "Real-world setting for practical actions,".

The trading of Bitcoin and other cryptocurrencies remains strictly banned, and the areas of the cryptocurrency market that the government of China has banned remain prohibited.

Similar to Bakkt, ETF. This week, Jake Chervinsky, a government enforcement defense and securities litigation attorney at Kobre & Kim stated that Bakkt could have an actual impact on the price of Bitcoin because of its physical delivery of digital assets to investors, and if institutional investors invest in Bitcoin through the Bakkt Bitcoin futures market, it could lead to an increase in the price of BTC. However, there still exists many variables and conditions to the long-term success of Bakkt and especially given that the majority of the community believes Bakkt will act as a catalyst for the next bull run of crypto, Chervinsky emphasized the need to approach the progress of Bakkt with caution.

"In the minds of many, Bakkt's launch has become a full-fledged narrative for when & how the bear market will end. It plays the same role as bitcoin ETFs as a trusted vehicle to bring that sweet institutional money into the space, but without all the trouble of SEC approval."

"Hype aside, some people have lingering concerns about Bakkt. The big question is if Bakkt will try to financialize bitcoin in a harmful way, such as through the use of hidden leverage."