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On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that platform operators and operators within the platform shall indicate the promotional price or price promotion rules in a manner that is easy for consumers to understand, and comply with the following provisions: (1) Publicly display the promotional rules, activity period, scope of application, etc. in a prominent position on the page; (2) Accurately indicate the discount or price reduction basis; (3) If the price is offset by points, gift certificates, vouchers, coupons, prepayments, etc., the specific calculation method shall be clearly indicated.On December 20th, the "Rules on Price Behavior of Internet Platforms" were issued. The rules stipulate that platform operators and operators within the platform shall not violate Article 14, Paragraph 3 of the "Price Law of the Peoples Republic of China" by using the following means to fabricate and disseminate information about price increases, drive up prices, and promote excessive price increases of commodities: (1) fabricating and disseminating information about supply shortages or a surge in market demand; (2) fabricating and disseminating information about other operators having already raised or preparing to raise prices; (3) disseminating information containing deceptive or misleading language to inflate price expectations; (4) failing to sell commodities to external parties in a timely manner without justifiable reasons, exceeding the normal storage quantity or storage period, hoarding large quantities of commodities with tight market supply or abnormal price fluctuations, and continuing to hoard after being warned; (5) forcing customers to purchase additional goods, thereby indirectly and significantly increasing commodity prices; (6) using other means to drive up prices and promote excessively rapid and excessive price increases of commodities.On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that platform operators and operators within the platform shall not violate Article 14, Paragraph 1 of the "Price Law of the Peoples Republic of China" by colluding with each other to manipulate market prices and harm the legitimate rights and interests of other operators and consumers by using platform rules, data, and algorithms.On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that platform operators must conduct subsidy promotions fairly and impartially, and must not falsely or exaggeratedly advertise subsidy amounts or力度 (intensity/scale). When conducting subsidy promotions, platform operators must prominently display the subsidy and related promotional activity rules on the corresponding activity page of their website or application, clearly specifying information such as the subsidy recipients, subsidy methods, participation conditions, and start and end times.On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that operators within a platform who sell goods or provide services on different platforms are legally entitled to set their own prices. Platform operators are prohibited from violating Article 35 of the "E-commerce Law of the Peoples Republic of China" by taking measures such as raising fees, adding charges, deducting security deposits, reducing subsidies or discounts, restricting traffic, downgrading search rankings, lowering algorithm rankings, blocking stores, or removing goods or services from the platform to impose the following unreasonable restrictions or conditions on the pricing behavior of operators within the platform: (i) forcing or indirectly forcing operators within the platform to lower prices or promote sales through discounts, cashback, or other means; (ii) forcing or indirectly forcing operators within the platform to sell goods or provide services on the platform at prices no higher than those on other sales channels; (iii) forcing or indirectly forcing operators within the platform to activate automatic price tracking, automatic price reduction, or similar systems; (iv) other behaviors that restrict the pricing autonomy of operators within the platform.

Cryptoverse: Bitcoin’s no longer the king of the swingers

Skylar Shaw

Sep 07, 2022 16:05

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There are several names for bitcoin. buzzy, seductive, perplexing, and even false. yet never monotonous.


But lately, it's been unsettlingly subdued.


The king of the swingers has been unusually stalling at approximately $20,000 and hasn't gone much higher than that since June.


This is bad news for exchanges and traders who make money off of bitcoin's wild price swings and gives ether, its archrival cryptocurrency, a chance to step up its game by switching to a leaner, meaner blockchain.


According to Martin Leinweber, digital asset product strategist at MarketVector, "Bitcoin is not dead, it's simply uninteresting right now, therefore traders are seeking for alternatives."


According to research company Coinglass, Bitcoin's average 30-day volatility, which measures how its price changes over a certain time period, has dropped to 2.7% from above 4% in early July.


Even during the most stressful months of the "crypto winter" of low prices, that figure has remained solidly below 5% in 2022, which is a change from the previous five years, when even times of lesser volatility were followed by surges as high as 7%.


Similar to this, an indicator from CryptoCompare, which calculates how much prices are anticipated to fluctuate by using bitcoin futures contracts, is now slightly over 77, down from around 90 at the beginning of the year.


In the past, Bitcoin has seen periods of lower volatility, often during times of depressed or declining values, with its price fluctuations frequently returning as trading activity builds up.

But this dip could be unique

According to Stéphane Ouellette, CEO of cryptocurrency derivatives firm FRNT Financial, "there has been a reasonably extended period of lower volatility; it's already beyond anything we've seen in even 2019 when these levels lasted roughly a quarter to a quarter-and-a-half."

Ether in high gear

As a result of bitcoin's low volatility, Leinweber at MarketVector saw a rise in trading for ether and its derivatives.


In fact, ether's price has increased 50% since the beginning of July while bitcoin's price has remained same. Ether is the No. 2 cryptocurrency, with a market worth of around $190 billion compared to bitcoin's $380 billion.


According to analytics company Messari, ether doesn't provide more price drama since it is far less volatile, with its peak volatility being just over 2% in March 2020, during the height of the COVID market crash.


However, it is now absorbing a lot of the cryptocurrency talk as it approaches its "Merge," which is anticipated to eventually occur later this month and include a fundamental change to a system where the production of new ether tokens is far less energy-intensive.

Crypto burned me

Narrower price fluctuations may seem to be a plus for long-term investors in conventional assets like stocks or bonds. But that's not the case for the majority of investors and key players in the bitcoin and cryptocurrency industries. For example, exchanges profit by collecting fees for transactions; as volatility declines, trading activity tends to disappear.


Stabler prices also provide dwindling opportunities for profit for cryptocurrency hedge funds, which typically trade on price fluctuations.

So what's behind the decrease in volatility of bitcoin?

One is that there has been an investor exodus from the larger crypto market, which means fewer individuals are eager to exchange their currencies.


With bitcoin plunging by nearly 60% and ether by roughly 55%, cryptocurrencies have had a terrible year as investors have sold risky assets across the board in response to increasing inflation. Significant meltdowns at two large coins and the collapse of a well-known lender have significantly reduced public trust in the industry.


According to statistics from Blockchain.com, during a 7-day period, the dollar worth of bitcoin trade volumes on significant exchanges ranged between $127 million and $142 million, which is the lowest level since October 2020. In a similar vein, statistics from the Block indicated that bitcoin futures trading is at its lowest levels since November 2020.


The biggest levels of interest in cryptocurrencies generally coexist with the highest levels of volatility, said Ouellette. "People are saying, "I don't really care about crypto right now," after being burnt."

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