AVA Trading Labs

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Source: THINK b/Adobe
China’s ride-sharing giant Didi Chuxing has unveiled a new digital yuan service that will let citizens in 250 parts of the nation use their CBDC coins to rent motorcycles.
Per the Xi’an Business News Network, the move involves the Didi Chuxing affiliate Didi Qingjue, which operates an app-powered motorcycle-sharing service.
Previous developments have seen Didi Chuxing affiliates offer digital yuan-holding customers CBDC payment options for bicycles and Uber-like ride-hailing services.
Users in the pilot zone will now be able to choose the e-CNY as a payment option in the Didi Chuxing app, as well as launching quick CBDC payment options on mobile widgets when hiring motorbikes.

A selection of bikes, electric cycles, and motorbikes from the ride-sharing operator Didi. (Source: yangli20067/Weibo)
Didi was one of the first private sector transport operators to join the e-CNY project, launching a bicycle-sharing pilot back in June 2020.
The firm formed a “strategic cooperation agreement” with the Digital Currency Research Institute, the central People’s Bank of China’s CBDC arm.
At the time, the parties agreed to “jointly study and explore the application of the digital yuan in the field of smart travel.”
China’s Didi Exploring Digital Yuan Pay Options
Didi said its latest move would help boost adoption and provide more payment options for its customers, adding that it would “continue to promote the application of the digital yuan in the travel sector.”

Source: N509FZ (CC BY-SA 4.0)
Chinese state-run public transport operators have been among the country’s most active CBDC adopters: Some of the very first “real-world” e-CNY transactions were made by civil servants on public bus routes.
In recent years, adoption has expanded to city metro systems, rail networks, and highway toll booths. In the city of Jinan, the entire bus network now accepts digital yuan payments.
Some inter-city rail networks have also been adapted to accept e-CNY pay, particularly in the parts of the nation that hosted the Asian Games earlier this month.
In the B2B world, meanwhile, Chinese banks have been creating digital yuan-powered supply chain financing solutions that make use of e-CNY smart contract technology.

Source: AdobeStock / Nuthawut
Google searches for ‘buy Bitcoin’ have gone up more than 800% in a single week in the UK, but Google Trends show multiple spikes in interest this quarter alone globally.
Bitcoin has witnessed a massive rise in interest during the last week across the world, but the trend has been noticeably led by the United Kingdom. The country has seen searches for buying bitcoin jump 826% in this short time frame. This is according to data from Cryptogambling.tv, as reported by Cointelegraph.
“The remarkable surge in ‘buy Bitcoin’ searches in the UK, combined with the cryptocurrency’s resurgence, underscores the growing interest and potential impact of traditional financial institutions’ involvement in the world of digital assets,” a spokesperson from Cryptogambling.tv was quoted as saying.
Google Trends data show that ‘buy Bitcoin’ today hit another value of 100, which is the peak popularity for the term in a particular time frame. Zooming further out, the spike in searches has been noticeable, starting over the last weekend.
But notably, it is not an isolated event. There have been several significant spikes in the UK over the last month alone. If we zoom out to the 90-day range, allowing more data into the chart, we find even higher spikes in late August and mid-September.
‘Buy Bitcoin’ chart, UK, 90 days

Source: trends.google.com
The situation, however, is slightly different when observing global searches for the same term. Let’s focus on the 7-day range first: while the UK saw its highest point just today, worldwide, the trend went downwards over the past couple of days, reaching a value of just 29 today. Its 100 – the highest popularity seen in this time period – was hit on Tuesday.
Now zooming out to 30 days, the situation is a lot less ‘spikey’ – it is relatively stable across this time frame. October 20 and 23 were the days when people worldwide searched ‘buy Bitcoin’ the most in this time period, with values of 100 and 99, respectively. The lowest was, interestingly, on October 22, with a value of 72.
Over the 90 days, late August was the time when people globally were the most interested in this search term, followed by early September – similar to what the UK saw – while they were the least interested in late September and early October.
‘Buy Bitcoin’ chart, worldwide, 90 days

Source: trends.google.com
Searches for ‘should i buy bitcoin now’ spiked worldwide in the last week, reaching their highest on October 25. Zooming out to observe the entire last year, this spike was just a third of the interest shown in mid-November 2022. This should not take away from the fact that this latest increase was a massive one compared to the week prior, jumping from 0 to 100, literally.
‘Bitcoin’ on its own has been by far more searched term than the two above. This week’s ‘bitcoin’ searches were the highest both for the 7-day and 30-day periods.
Over the past 90 days, this week’s searches of ‘bitcoin’ were the second-highest, behind mid-August, while November 2022 holds the highest spot over the 12-month period.
‘Bitcoin’ (blue), ‘buy Bitcoin’ (red), and ‘should i buy bitcoin’ (yellow) chart, worldwide, 90 days

Source: trends.google.com
This latest global spike in the renewed interest in crypto and purchasing BTC naturally coincided with the latest rally.
At the time of writing, on Friday morning (9:40 UTC), BTC traded at $34,125, down 1% in a day. It was up 15% in a week, and double that – 30% – over the past month.
It began its rally over the last weekend and reached just below $35,000 on Wednesday, according to CoinGecko.
BTC 7-day price chart:

Source: coingecko.com
Another factor in the latest rally is the ongoing discussion surrounding bitcoin spot exchange-traded funds (ETFs) and the potential positive effect it would have on the world’s first crypto.

HTX, the crypto exchange formerly known as Huobi Global and owned by Chinese blockchain personality Justin Sun, has announced a profit of $98 million for the third quarter of 2023.

In a recent post on X (formerly Twitter), Sun claimed that HTX generated $202 million in revenues during the quarter, with expenses totaling $104 million.
Despite the challenging market conditions in the third quarter, including the impact of the United States Federal Reserve’s high interest rates, HTX managed to maintain its revenue growth rate, the crypto veteran said.
Sun also expressed optimism about the fourth quarter, citing a market recovery and projecting $190 million in revenue and $88 million in expenses for an estimated profit of $104 million.
Sun believes that the crypto bear market is nearing its end, anticipating a spring recovery in the market in Q4 2023 and Q1 2024.
He expressed confidence in the overall improvement of financial indicators during this period.
“The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative.”

HTX Faces Operational Challenges
However, HTX has faced operational challenges in recent months.
During the Token2049 event in Singapore, Edward Chen, managing director of HTX Ventures, revealed that the exchange had reduced its staff count from 2,500 earlier in the year to 900 in response to falling revenues.
In January, HTX faced an employee revolt when salaries were cut and bonuses removed due to financial difficulties.
Furthermore, HTX experienced a security breach in late September that resulted in the loss of $8 million worth of crypto assets.
The breach involved the draining of 5,000 ETH from one of HTX’s hot wallets.
Following the hack, HTX promptly reached out to the hacker and claimed to have identified their identity.
The efforts to recover the stolen funds eventually turned out to be successful and the exchange regained the funds earlier this month.
HTX Targeted By UK Financial Watchdog
In another blow to HTX, the exchange has been added to the FCA’s warning list, which includes some crypto platforms categorized as “non-authorized firms” that citizens “should avoid.”
The FCA’s decision to add these exchanges stems from concerns about their operation without the necessary license or compliance with UK regulations, potentially putting customers at risk.
Consequently, they strongly advise against engaging with any firm on the warning list, as it may expose individuals to fraud or other financial losses.
Exchanges listed in this manner are prohibited from operating within the UK.
To be removed from the list, an exchange must either register with the FCA or obtain a temporary status permit allowing legal operations within the country.