BTC prices take a deep plunge as China Executes Crackdown on Crypto

(19 hours ago)
Following China's pronouncement of the illegality of all crypto-related transactions in the country, the prices of bitcoin and several other cryptocurrencies have continued to fall, with only minor signs of recovery.

Crypto prices still on a downhill trend 

(1 day ago)
In the last 24 hours, the global cryptocurrency market has lost about 2%, slowing down slightly from Tuesday's drop of about 4% in a single day.

BTC price has dropped down below $42,000

Photo courtesy of pexels.com

Cardano, dogecoin and Ethereum, are also down by nearly 2 to 5% compared to their values 24 hours earlier.

Chinese ban on providing online services to mainland investors still hangs in the loom   
 
In a joint statement issued on Friday, ten powerful Chinese government bodies stated that overseas exchanges are prohibited from providing services to mainland investors via the internet, prompting exchanges, including Binance, to cut ties with mainland customers.

El Salvador to mine Bitcoin using Geothermal Energy from their volcanoes

​(21 hours ago)
Meanwhile, on another news,  Nayib Bukele, the president of El Salvador has posted a video of what appears to be the country's Bitcoin mining facility, which is powered by electricity generated by a volcano.

Just hours after El Salvador became the first nation ever to recognize bitcoin as legal tender in June, Bukele announced that El Salvador, through its state-owned geothermal electric company, would mine bitcoin using geothermal energy from the country's volcanoes.

In his tweet, he said, "I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋 
This is going to evolve fast!" 

Coinbase Global Announces a New Feature

(1 day ago)
Coinbase Global has a new feature, it was announced Monday. This would allow users in the United States to directly deposit their paychecks into their Coinbase Global accounts.

Users will be able to convert their paychecks into any of the more than a hundred cryptocurrencies with no transaction fees once the new feature is available, which is expected to be available in a few weeks.

“Stay in control of your money by depositing as little or as much of your paycheck as you want,” the company said.  

Pompliano echoes sentiments of longtime crypto investors 

(13 hours ago)
The Chinese government's ban on crypto trading last week, according to crypto enthusiasts and bulls, is a blessing-in-disguise to the emerging sector.

That's what Anthony Pompliano also believes. Addressing the attendees at Yahoo Finance's Crypto Investing Summit a few days ago, the crypto investor and podcaster extended the views of many veteran crypto investors like himself. He added that they should in fact be "thanking China for this." 

Second wave of Chinese exodus?
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Since China's announcement of the crackdown, reports suggest that Chinese crypto companies in violation of that prohibition are running away.  Similar to what happened to the country's crypto mining companies in May.

Binance and Huobi, two of the world's largest cryptocurrency exchanges, both had to halt new Chinese customer registrations this week.

Pompliano however, sees the crackdown as a welcome consequence, not just for the crypto industry but also for the US economy as well.

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