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Between the crackdown on bitcoin mining in China, billionaire investor Mark Cuban’s DeFi, or decentralized finance, the investment crash, a lot has happened in crypto over the past week. .
With the major cryptocurrencies by market value remaining in the red this morning, here are seven things to know.
1. Kim Kardashian West Got Paid To Advertise A Digital Play On Instagram
Influencers, such as the D’Amelio family and Tana Mongeau, have started posting paid ads on their social media platforms for various digital coins and exchanges.
Kim Kardashian West made headlines last week after posting an ad for altcoin ethereummax on her Instagram Story on June 13 to her 228 million followers.
Followed by a short clip of her talking to her Ethereummax camera with “#ad” written at the bottom of the screen, Kardashian West posted a text: “Do you like crypto ???”
“This is not financial advice but a sharing of what my friends told me about the ethereum max token!” the post read. She again added different hashtags, including #ad, which is needed to reveal that her post is paid.
2. Chinese bitcoin miners migrate
In May, Beijing called for a harsh crackdown on bitcoin mining. This has caused what is called “the great mining migration” by those in the crypto world to places like Texas.
Texas appears to be a great destination for miners due to its deregulated power grid and pro-crypto political environment.
“You are going to witness a dramatic change in the next few months,” Brandon Arvanaghi, formerly a security engineer at the Gemini crypto exchange, told CNBC. “We have governors like Greg Abbott in Texas promoting mining. It’s going to become a real industry in the United States, which is going to be amazing.”
China on Sunday extended its crackdown to southwestern Sichuan province, where many mines have reportedly been closed. Overall, actions in China appear to have resulted in a significant drop in bitcoin’s hash rate, or processing power.
The price of Bitcoin fell to $ 31,760 on Monday morning, CNBC reported, falling below $ 32,000 for the first time since June 8.
3. Maxine Waters Forms “Digital Assets Working Group”
At an internal financial services hearing on central bank digital currencies (CBDCs), committee chair and congressman Maxine Waters, D-Calif., Announced the creation of a “working group on digital assets “.
“As cryptocurrencies, central bank digital currencies and other digital assets enter the mainstream, the committee will examine how digital assets have started to enter many aspects of our lives … and consider how to design. legislation to support responsible innovation that protects consumers and investors while promoting greater financial inclusion, ”Waters said Tuesday.
Members of the working group will also work on issues related to the possible establishment of a CBDC in the United States, she said.
4. The World Bank refuses to help El Salvador implement the legal tender of bitcoin
El Salvador passed a new law to adopt bitcoin as legal tender on June 9, becoming the first country to do so. But the World Bank will not help El Salvador implement it, Reuters reported on Wednesday.
“We are committed to helping El Salvador in many ways, including currency transparency and regulatory processes,” a World Bank spokesperson told Reuters. “Although the government has contacted us for help on bitcoin, this is not something the World Bank can support given the gaps in environment and transparency.”
Earlier Wednesday, El Salvador’s Finance Minister Alejandro Zelaya said the country had requested technical assistance from the World Bank.
5.Mark Cuban calls for regulation after his DeFi token investment crashed
Mark Cuban revealed on Wednesday night that he was trading a DeFi, or decentralized finance, token from Iron Finance called titan that ended up collapsing to zero in one day.
“I was touched like everyone else,” Cuban, owner of the Dallas Mavericks and investor in “Shark Tank” on ABC, tweeted Wednesday.
At first, some in the crypto world speculated that this was the result of an arug pull, which is a type of scam where developers abandon a project and walk away with funds from investors. Iron Finance denied the claims, writing in a blog post that the crash was due to a “bank run”, or panic sell, and the token’s algorithmic code.
Nonetheless, after this experience, Cuban called for more regulation within the space.
“[I]If you’re looking for a lesson learned, the real question is regulation, ”Cuban told Bloomberg on Thursday. “There should be a regulation to define what a stable part is and what warranty is acceptable. “
6. Goldman Sachs speeds up bitcoin trading
Goldman Sachs is trading bitcoin futures with Galaxy Digital, the crypto investment bank founded by Mike Novogratz, CNBC reported on Friday.
“Our goal is to provide our clients with the best execution prices and secure access to the assets they wish to trade,” said Max Minton, head of digital assets for Goldman’s Asia-Pacific region, in a statement. . “In 2021 this now includes crypto, and we are delighted to have found a partner with a wide range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem.”
7. MicroStrategy Now Has Over 100,000 Bitcoins Worth About $ 3 Billion
Disclosure: CNBC owns the exclusive rights to the off-grid cable of “Shark Tank”.
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