Filecoin (FIL) price rose over 116% last week due to demand from China.
The Filecoin Foundation announced that it donated 50,000 FIL (approximately 10 million US Dollars) to the Internet Archive (archive.org).
Filecoin (FIL) has been the crypto industry’s brightest star in recent days. With a 116% price increase in the past 7 days, the FIL token has seen the highest increase by far. However, in the past 24 hours, the FIL has seen a sharp decline as prices started to rise from $ 236 to $ 182 during Beijing hours.
As reported by Wu Blockchain, the liquidation amount reached $ 228 million compared to $ 177 million for Bitcoin. Remarkably, the general market hasn’t changed much, suggesting that the FIL was affected by whales. Chinese investors or Chinese miners could be responsible, the Chinese journalist reported.
The financing rates of the three major FIL permanent contracts have declined. While Huobi remained at a relatively high level, funding rates for Binance and okex approached the 0 axis. This could mean that the FIL’s long position is mainly on Huobi.
Overall, Filecoin has received above-average attention from China in recent weeks. As reported by Wu Blockchain, China is “crazy about Filecoin.” FIL’s transaction volume was three times that of Bitcoin (BTC) and Ethereum (ETH).
China is crazy for Filecoin, with a 24h increase of more than 30%, reaching a maximum of $236. The 24h trading volume of FIL in Huobi, China's largest exchange, reached $24.2b, nearly three times the volume of the second ETH $8.8b, Bitcoin was $7.8b. pic.twitter.com/LbKlTkfBqt
— Wu Blockchain (@WuBlockchain) April 1, 2021
However, not only the retail industry but also Chinese companies have recently invested in Filecoin. For example, Chinese company Xinyuan invested nearly $ 100 million in Filecoin miners, while Ninth City, publicly traded in Nasdaq (NCTY), has spent $ 12 million on Filecoin mining since February.
Two anonymous sources, closely familiar with the Filecoin scene in China, told Decrypt: “Chinese officials have fully officially promoted Filecoin mining because the purpose of decentralized cloud storage is to use its own internet infrastructure as a defense mechanism in China’s ongoing technology Cold War. fits the building agenda. ”
Meanwhile, Filecoin has also announced numerous partnerships and new sources of liquidity in recent weeks. First, Coinbase listed the FIL token in December, and a few weeks ago Grayscale also announced the launch of a Filecoin Investment Trust.
Just yesterday, the Filecoin Foundation announced that it donated 50,000 FIL (approximately $ 10 million) to the Internet Archive (archive.org). Bagis aims to “support both organizations’ mission to protect humanity’s most valuable data and improve access to information”.