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The development of the encryption market at home and abroad is very different. The overseas market is in full swing, and the domestic market is quietly retreating. What caused this difference? Is it the cultural difference that has always dominated historical development, or the layout of foresight?

This October, let's watch the flowers from across the shore to join in the fun, and see that the overseas encryption market is in full swing, with new things, derivatives, and upgrades. Just in one October, several bitcoin-derived bitcoin futures were approved for listing, and virtual currency transactions The popularity exploded again, and Bitcoin once rose by 6%, breaking through the highest in history; in late October, ETF BITO, as the first ProShares Bitcoin futures approved by the SEC in the United States, was officially traded on the New York Stock Exchange, followed by asset management giant VanEck’s application The Bitcoin futures ETF of China has also been approved; the Valkyrie Bitcoin Strategy ETF launched by Valkyrie Investments, an encrypted asset management agency, plans to list on Nasdaq this week. Although JPMorgan Chase said that it is not users' high expectations for Bitcoin futures ETFs that are driving Bitcoin prices to record highs, but more from concerns about inflation. On its own, the launch of BITO is unlikely to trigger more new capital flows into the Bitcoin market. Although there are different opinions on the market, but in terms of such frequent movements, it is really dancing with lions and dragon lanterns-it is very lively.

On the other hand, the domestic market is different from the hustle and bustle overseas. The domestic market can be described as calm, orderly, and efficient. Although the actions are also frequent, they are extremely targeted. First, the central bank and other ten ministries and commissions jointly issued the "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Hype", which listed virtual currency-related business activities as illegal financial activities. Fraud, money laundering, and other behaviors that endanger social development derived from currency transactions; later, the National Development and Reform Commission and other departments demanded a comprehensive rectification of virtual currency "mining" activities, listing "mining" as an eliminated item, and comprehensively sorting out virtual currency " "Mining" projects, strictly prohibit new project investment and construction, and speed up the orderly exit of stock projects, so that all order can return to the right track steadily. More measures such as limited electricity and network cut off the possibility of "mining" and other activities. The two eastern provinces of Jiangsu and Zhejiang have also publicly and comprehensively investigated virtual currency "mining" activities; since May, Inner Mongolia, Yunnan, Sichuan, Bitcoin mining farms in Xinjiang and other places have basically been closed. The mines that were previously investigated were basically distributed in the central and western provinces; in early September this year, the Zhejiang Provincial Party Committee and the Provincial Government made special deployments to rectify the use of public resources to participate in virtual currency mining and trading behaviors, targeting the use of party and government agencies, state-owned enterprises Institutions, scientific research institutes and other units' public resources participate in the behavior of "mining", and special rectification work is carried out across the province.

At the same time as multiple crackdowns on governance policies, domestic platforms have withdrawn in a calm and orderly manner. More than 30 currency-related institutions have announced that they will close their Chinese user service business in response to regulatory requirements. Among them, the well-known trading platform OKEX stated that it will continue to maintain the policy of withdrawing from the mainland China market and will not set up offices or teams in mainland China; , switched to a cash-only mode; Bitmain stopped shipping to mainland China on October 11, and so on.