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Crypto

Bitcoin and Ether are struggling, today’s cryptocurrency prices

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Cryptocurrencies stay low for the past 24 hours. As bitcoin starts recovering all the other famous cryptocurrencies dropped.

Cryptocurrencies stay low for the past 24 hours. As bitcoin starts recovering all the other famous cryptocurrencies dropped.

Cryptocurrencies remained under pressure for the past 24 hours as they struggled to find support amid high volatility. Though some recovery has been observed in Bitcoin, all most other popular cryptocurrencies fell.

Cryptocurrencies stay low for the past 24 hours. As bitcoin starts recovering all the other famous cryptocurrencies dropped.

The cryptocurrency market has been harried due to a dense sell-off since Tuesday. Bitcoin was trading at $47,121.64, up 51 percent at 11:30 am. Bitcoin’s worth has dropped over $240 in the past 24 hours and its market capitalization has been greater than before slightly to $885 billion.

Ether’s valuation has also dropped over the past 24 hours. It was trading at $3,105.63, down 0.48%. Its market capitalization has fallen to $363.87 billion.

Other altcoins like XRP, Cardano, Dogecoin, Stellar, Chainlink, Polygon, and Litecoin chop down.

The present weakness in the cryptocurrency market will disappear in the near time due as digital coins observe greater adoption across the world.

Edul Patel, CEO, and Co-founder of Mudrex, a global algorithm-based crypto trading platform, after observing the weakness stated, “The past 24 hours were highly volatile for the crypto markets. Both Bitcoin and Ether made struggled to find support”

He added,

“The entire market felt the shivers of this volatility. Altcoins went under the hammer,”

He concluded,

“However, towards the end of the day, there was some recovery as Bitcoin seemed to settle around the $47,000 mark.”

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Bitcoin Depot announces the launch of its new mobile app

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Bitcoin Depot

Globally leading and fastest-growing crypto ATM network, Bitcoin Depot, publicized the launch of its new mobile phone application for iOS and Android.

The new app shows Bitcoin Depot’s assurance to provide a protected and best crypto wallet experience for customers.

Bitcoin Depot has raised up its position in the market by providing clients with a suitable crypto wallet application to purchase, sell, and exchange the world’s best cryptocurrencies within minutes.

The application also allows customers to rapidly trace the nearby Bitcoin Depot ATM through an easy procedure.

Brandon Mintz, CEO & President of Bitcoin Depot, stated,

“As Bitcoin Depot continues to expand, we’ve made it a goal to meet consumers where they are so they can make informed choices about crypto and stay in the loop on industry trends wherever and whenever,”

Mintz further said,

“We’re excited to offer an easy way for users to manage their crypto, and we’re dedicated to providing a secure, encrypted experience so that customers can buy, sell, and exchange their digital assets with peace of mind.”

The wallet provides customers a unique PIN code so that the customers can store cryptocurrency safely. It provides customers with access to unique promotions as well as useful resources such as the recent trends.

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Crypto exchange of India collaborated with Advertisement regulators

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Crypto exchange

Mumbai-based crypto exchange, CoinDCX collaborated with ASCI (Advertising Standards Council of India). The objective of the collaboration is to bring further credibility and transparency to cryptocurrency Ads.

The decision seems to determine by the new Delhi High court orders that asked publishers to put essential disclaimers on their advertisements.

The High Court’s decision was based on a petition alleging that current crypto commercials lack prominent wording warning viewers of the risks associated with these types of digital asset transactions.

The collaboration would see CoinDCX incorporate rules allotted by ASIC towards advertisement publication.

This change would develop public confidence and too benefit individuals to become more conscious of the crypto world and the possible risks related to investing in them.

CoinDCX CEO and Co-Founder, Sumit Gupta stated:

“We are honored to be a member of ASCI that safeguards consumers’ interests. The involvement reaffirms our commitment to ensuring safety and security for our users and raising the bar for advertising transparency in the crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.”

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Busta Rhymes is owning Bitcoin and wants to be paid in it

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Busta Rhymes

Busta Rhymes an American rapper is seeking to get paid in (BTC) bitcoin. He posted a tweet, asking his fans about their favorite coins and which coins are best for investments. He gets lots of suggestions about the coins.

For the rapper, the information is not enough for him and he becomes more curious. After seeing the curiousness of the rapper about BTC, Bitcoin maximalist and Twitter CEO Jack Dorsey pointed the rapper to a website containing a black host, and then Michael Saylor of MicroStrategy drag the attention of the rapper to his own information hub; Bitcoin is Hope.

The rapper posted in which he shows gratitude for the help and constantly posting about cryptocurrency asking more about the crypto market fluctuation, and how cryptocurrencies get their rate.

He became more curious about it that why cryptocurrencies are not taught in the schools so that the children can be more aware of them.

Finally, after researching about crypto, he tweeted that he was sold out on Bitcoin, but this did not stop here, he is now looking to invest in (ETH) Ethereum. After seeing the B-Word conference, which included Jack Dorsey, Elon Musk, and Cathie Wood.

A tweet was posted by Rhymes in which he was researching about accepting payment in BTC. He elaborates that he was thinking about getting paid in BTC for his shows, and also for business dealings.

After watching the B-Word conference he now holds bitcoin. Rhymes posted on Twitter.

Accepting Bitcoin as payment for services is no longer a new thing for celebrities. The transfer of football sensation Lionel Messi to PSG included a portion of the player’s earnings being paid in cryptocurrency.

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Coinbase will buy $500M of crypto, Brian Armstrong announced

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Coinbase

As per the announcement of Coinbase, it will buy $500M of crypto and Invest 10% of all future revenues in cryptocurrency.

Through tweeter, the announcement was made by CEO Brian Armstrong.

Coinbase is one of the top crypto exchanges and in the businesses, the company has some of the great brand-name gratitude. The company is going all-in on the technology it provides, with a huge one-time expenditure as well as a major recurring investment.

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Xiaomi in Portugal denies Cryptocurrency payments

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Xiaomi

According to Xiaomi, the business was not informed of such decisions because Mi Store Portugal is a self-contained satellite, and Mi Store Portugal’s acceptance does not represent Xiaomi Corporation.

“Xiaomi Corporation would like to clarify that ‘Mi Store Portugal’ and associated social media channels are operated by a third-party store,” Xiaomi said. “While we respect and understand the legitimate operational autonomy of third-party stores, the decision to accept cryptocurrencies has no connection with the Xiaomi Corporation and was made without our knowledge or approval.’”

Earlier, the official retailer of the Chinese tech behemoth, Mi Store Portugal, made the decision to accept bitcoin payments.

Bitcoin, Ethereum, Tether, and Dash may use to purchase MI smartphones, vacuum cleaners, smartwatches, electric scooters, and other devices.

Given that Portugal is considered to become the most crypto-friendly European country because of its tax laws, it is unsurprising that Mi has chosen Portugal as a testbed for digital asset payments.

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Bitcoin family that is now storing BTC in secret vaults in 4 regions

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Bitcoin

The family of Didi Taihuttu sold all of their assets and invested in bitcoin when it was approximately $900, it was a good investment.

The majority of their crypto money is being held in underground vaults in four regions.

“I have hidden the hardware wallets across several countries so that I never have to fly very far if I need to access my cold wallet, in order to jump out of the market,” clarified Taihuttu, so-called Bitcoin Family.

The family has two different places in Europe where they hide their crypto money, 2 in Asia, 1 in South America, and 6th in Australia.

The crypto money is not buried none of the locations are underground or on a small island. But they are concealed in various ways and in multiple locations, such as self-storage sites from rented apartments and friends’ houses.

“I prefer to live in a decentralized world where I have the responsibility to protect my capital,” Taihuttu said.

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Titan introduces portfolio of crytocurrency for U.S. clients

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Titan

Titan, a U.S. investment adviser introduce a modern crypto offering for U.S. investors, providing market members to access digital currencies such as ETH and BTC.

The modern Titan crypto portfolio pursues the investors to invest in cryptocurrencies that have the potential to outperform in the long run. The portfolio is overlooked by titan’s crypto team and is also available for U.S. citizens who live outside the state of New York.

Earlier, Titan has raised $75 million in total capital, including a $58 million Series B round headed by Andreessen Horowitz. Despite the fact that the funds obtained were not primarily towards Titan’s crypto firms, Cointelegraph told by a representative at the company that these funds will assist titan’s cryptocurrency offering  “well beyond the flagship coins and behaviors,” mentioning to BTC and ETH. For upcoming growth DeFi coins is one avenue, the representative recognized.

For the most successful cryptocurrency campaigns, Andreessen Horowitz has been a part of. A company that is based in California newly launched a fund that worth $2.2 billion devoted to cryptocurrency plays and blockchain, Cointelegraph reported.

Among the largest funding phases have targeted crypto exchanges and other service providers that are giving old onramps on the investments of digital currency. There is mounting evidence on the institutional front that many of the investors have been rising their experience on digital assets.

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Libya is the first Arab country to mine bitcoin

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Libya

The CBECI (Cambridge Bitcoin Electricity Consumption Index) data shows that in the Arab world, Libya ranked first with 0.13% of global mining. This followed the uproar over Bitcoin mining in Libya and its link to the country’s electrical situation.

Following is the ranking of the Arab countries:

Libya is in 1st place, with a 0.13 percent share.

UAE and Kuwait are in 2nd place with a 0.08% share for each nation.

Egypt and Jordan are in 3rd place with a 0.04% share for each nation.

Lebanon ranked 4th with a 0.01% share.

In particular, the price of Bitcoin in Libyan dinars is 192,912.13.

Bitcoin mining is the method by which new bitcoins are entered into the flow. It is also a critical factor in the maintenance and development of the blockchain ledger. It is executed using very sophisticated computers that resolve enormously complex computational math glitches.

Cryptocurrency mining is difficult, expensive, and only intermittently rewarding. However, mining has an attractive appeal for many investors involved in cryptocurrency because miners are satisfied with their work with crypto tokens. This may be for the reason that entrepreneurs see mining as “pennies from heaven”.

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Crypto Team is Being Built by PayPal in Ireland as Bitcoin Acceptance Grows

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crypto

At the time when Bitcoin and Ether are gaining popularity, the new hires are required to help PayPal expand its crypto-focused business offering.

PayPal, the global payments company, is hiring for many cryptocurrency-related posts at its Ireland headquarters, highlighting the business’s ambitions in the fast-rising digital asset sector.

PayPal is looking to fill several crypto-focused posts in compliance, anti-money laundering, and business development for its Dublin and Dundalk offices, according to the Dublin-based Irish Independent, one of the country’s most popular news outlets.

PayPal established a specialized crypto and blockchain business unit earlier this year to assist its entrance into cryptocurrencies, which took place in October 2020 with the purchase of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) by clients in the United States.

The company expanded its offering in March of this year, allowing US clients to pay for products and services with their digital asset holdings.

PayPal said two months later that clients would be able to withdraw their cryptocurrency to third-party wallets.

PayPal’s CEO, Dan Schulman, stated in April that the company’s crypto business has exceeded all expectations in its first six months of existence.

The fast adoption of digital assets like Bitcoin and Ether was accompanied by a tremendous price increase that brought the whole cryptocurrency market to a worth of about $2.6 trillion.

Crypto markets seem to have hit a bottom and are now hiking upwards again, after a significant correction between May and July.

Schulman stated on PayPal’s quarterly earnings call last week that the company’s crypto trading business would be arriving in the UK in the near future. Upgrades to allow for faster payment processing are also in the works, according to him.

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Kevin O’Leary claims that investing in Dogecoin is worse than gambling

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Kevin O'Leary

Investors should be aware of the hazards of investing in a crypto asset with no inherent value, such as Dogecoin, according to Kevin O’Leary.

Investing in a meme coin such as Dogecoin is like betting on red or black at a casino, according to Kevin O’Leary, a well-known investor. In a recent interview, he went even further, claiming that it had no intrinsic worth and should be considered pure speculation.

The meme token, which was created in 2013, grew in popularity in 2021 as a result of regular social media engagements by Elon Musk at first, and afterward from other celebrities. However, as its price soared to an all-time high of $0.75, critics warned that it was nothing more than a speculative bubble that would bust soon.

Kevin O’Leary, a Canadian businessman, and author who is perhaps best known as one of the hosts of the reality TV show Shark Tank appears to embrace the second narrative.

He explained the contrasts between Dogecoin and other blockchain initiatives with intrinsic value, such as Etheruem, Solana, and Bitcoin, to CNBC.

He feels that investing is a significant part of a game of speculation, but that there are other components to it. For example, if people invest their money in stocks, they “speculate that the earnings estimates will be met.”

He said, “When you speculate on something like Dogecoin – that’s no different than going to Las Vegas and putting your money on red or black – it’s a pure speculation.”

He also described it as “entertainment” as DOGE has “no inherent value other than what people want to do as they speculate.” As such, he came to the conclusion that neither he nor his team owns any part of the meme coin.

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PayPal Teases a Future With “Interesting DeFi Apps”

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PayPal

PayPal provided investors with an update on the progress of its new consumer wallet “super app,” as well as a suggestion that smart contracts could be used for “interesting DeFi applications.”

PayPal may begin to integrate DeFi in the future.

The payments giant revealed details about its new consumer wallet “super app” in development during its Q2 earnings call on Wednesday. According to the company’s president and CEO Dan Schulman, the new wallet will contain high-yield savings, improved bill pay capability, and other crypto possibilities.

PayPal has announced various steps to help integrate cryptocurrencies into its platform in recent months. The company started allowing customers to pay using crypto money at over 29 million retailers in March. Recently, the corporation revealed that cryptocurrency withdrawals to off-site wallets will be possible. PayPal teases additional crypto capabilities in its forthcoming “super app,” but no details have been confirmed.

PayPal’s earnings call, however, revealed that the business is studying decentralized financing in relation to its products, in addition to outlining its new crypto-friendly wallet. Schulman responded when asked how the company plans to expand its engagement with the crypto ecosystem:

“We are clearly thinking about what the next generation of the financial system looks like… How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well.”

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India Is Still In Cryptocurrency Denial Mode

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India

Cryptocurrencies are completely ignored by the government of India. Finance Minister Nirmala Sitharaman told Parliament on July 27 that the Indian government collects no data on the cryptocurrency market in response to a query from a member of parliament (MP).

She stated that the government is unaware of the precise number of cryptocurrency exchanges or investors in the country. She also stated that her ministry has received no information regarding the use of these exchanges for money laundering or drug trafficking.

In the Upper House (Rajya Sabha), an MP from her party, the BJP, had inquired if the government was aware of the number of crypto exchanges in the country. The finance minister responded by saying, “This information is not collected by the Government.”

In response to another query from the same BJP MP, Sushil Kumar Modi, she stated that cryptocurrency investors who purchased coins outside of India would not be subject to the Equalization Levy. According to Sitharaman, “Equalization levy is imposed on e-commerce operators, not on the investor.”

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Bitcoin miners in China donated generators to flood relief in Henan

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Bitcoin

Bitcoin miners in China have joined together to aid families in Henan, which was hit by a devastating flood.

Bitcoin miners have been seen in China’s Henan region providing generators and food. Despite the Chinese crypto crackdown, companies that had to relocate their operations due to the massive mining migration have turned to the Chinese crypto community for help.

Colin Wu, a Chinese journalist, posted a photo of a truck stocked with generators and food donated by BTC miners for Henan citizens. Posters on the truck expressed minor disappointment with the Chinese government as well as sympathy for Henan.

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Bitcoin climbs in Asian trade 

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Woori Bank

SINGAPORE: Cryptocurrencies popped to the top of recent ranges on Monday as short-sellers bailed out in the wake of a strong week and traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment, agencies report. In Asian trade, Bitcoin rose as far as 12.5 per cent to hit … Read more

South Korea tightens the rules on foreign crypto exchanges

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South Korea

South Korea is tightening its regulatory crackdown on unregistered international crypto exchanges, lately requesting that foreign virtual-asset service providers register with them to risk being shut down.

In April of this year, the Financial Services Commission (FSC), formerly the Financial Supervisory Commission, said that any Korean crypto exchanges that did not register with the regulatory body risked being shut down.

The FSC has now expanded its constitutional power to include international virtual-asset service providers.

The FSC said in a statement that it has issued 27 ‘warnings’ to virtual asset service providers:

“For foreign VASPs that continue to operate without registration beyond the September 24 deadline, the KoFIU will notify them of their illegal activities and take actions such as blocking access to their websites to inhibit their illegal business operations,”

The statement from South Korea went on to explain that if crypto exchanges do not register by the September deadline, they risk facing prison sentences or hefty fines:

“If foreign VASPs fail to register with the KoFIU, they shall cease their business operation targeting Koreans from September 25, 2021. They are notified of the possibility of being subject to penalties as prescribed by the Act if they continue to operate without registration.”

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Robinhood: Retail trade in cryptocurrency has slowed

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Robinhood

The boom in retail investment had begun to slow, stock trading app Robinhood, which is set to go public next week, has warned of a potential slowdown in trading revenue and new consumers.

“We expect our revenue for the three months ending September 30, 2021, to be lower, as compared to the three months ended June 30, 2021, as a result of decreased levels of trading activity relative to the record highs in trading activity, particularly in cryptocurrencies, during the three months ended June 30, 2021, and expected seasonality,” Robinhood said in an amended prospectus released Monday.

The decline is occurring after a period of rapid expansion. The Menlo Park, California-based free-trading pioneer expects sales of $546 million to $574 million in the second quarter of 2021.

This increased from $244 million in the second quarter of 2020, with a 129 percent increase. In the second quarter of 2021, however, the business expects a net loss of $537 million to $487 million, compared to a profitable first quarter in 2020.

Robinhood, which provides equities, cryptocurrency, and options trading as well as cash management accounts, benefits from its customers’ more speculative trading habits. Options trading generates around 38% of revenue, while crypto generates 17% of revenue. In addition, margin and stock lending trading levels have risen in 2021.

Stagnation in options, margin trading, and crypto — with the price of bitcoin around $30,000 — might stifle Robinhood’s development as it prepares for one of the year’s most anticipated public debuts.

Robinhood also said it anticipates the growth rate of new customers “will be lower” in the third quarter of 2021, compared to the second quarter, “due to the exceptionally strong interest in trading, particularly in cryptocurrencies, we experienced in the three months ended June 30, 2021, and seasonality in overall trading activities,” the S1 said (S-1 is an SEC registration required for U.S. companies that want to be listed on a national exchange)

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Co-Founder of Ethereum Resigns, Citing Security Concerns

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Ethereum

Anthony Di Iorio, a Canadian entrepreneur and co-founder of Ethereum, has declared that he is leaving the crypto sector for safety concerns.

Di Iorio will sell his blockchain company, Decentral Inc., and cut links with many other crypto businesses he’s been associated with since 2013. Two years ago, Di Iorio announced his departure from Decentral, leaving as a member of the advisory board.

He returned to the organization soon after to take on a management position.

Decentral is a Toronto-based innovation hub and software development business that has released some decentralized applications, including Jaxx, a digital asset wallet. There are currently over a million users on Jaxx.

Di Iorio also founded KryptoKit, a browser wallet, in 2013, and the startup has subsequently attracted some of the industry’s early developers, including Erik Voorhees, Roger Ver, and Vitalik Buterin.

Di Iorio’s early collaborations with Buterin resulted in the initial conception and crowdfunding of Ethereum’s development in 2014, as well as the eventual debut on July 30, 2015. Charles Hoskinson, Joe Lubin, Gavin Wood, Mihai Alisie, Amir Chetrit, and Jeffrey Wilcke were among the first to fund the project, and the Ethereum blockchain, as envisioned by Buterin, was born.

According to Di Iorio, he assumed that staying away from crypto would make him ‘safer.’

Di Iorio declined to elaborate further on his personal security, instead stating that one of the key reasons for his withdrawal from the crypto industry was his “risk profile.”

“It’s got a risk profile that I am not too enthused about. I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer,” he shares.

Di Iorio stated that he would now focus on a philanthropy venture, a new organisation that would address “large problems” using the same concepts he used as a crypto entrepreneur.

“I’m a crypto guy and I don’t want to be known as a crypto person,” Di Iorio shares. “I want to be known as a problem solver.” He said.

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Bank of America jumped into the Bitcoin trend

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Bank of America

Bitcoin futures trading is now available for a limited set of Bank of America clients, according to sources.

According to the reports, the financial institution is yet to make this service available to all of its customers.

Jerome Powell, the chairman of the Federal Reserve, spoke out about the importance of cryptocurrency and stablecoins in the US economy.

Investment banks intend to allow customers to invest in bitcoin products. After a three-year break, Goldman Sachs has confirmed the return of its crypto trading department.

The investment banking powerhouse had already offered cryptocurrency trading in partnership with the CME Group, and Bank of America is set to do so again for its clients.

Bitcoin trading began in 2017 at the CME Group. Since then, the platform has seen an improvement in investment and involvement.

Other banks and investment banks that sell crypto products to clients across the US are likely to follow Bank of America’s lead.

It’s interesting to note that in 2018, the American multinational investment bank banned its clients from trading in crypto-related goods, however, it has changed its stance since then.

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Cryptocurrency could be the solution for the financial problems

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cryptocurrency

Cryptocurrency is providing answers to financial issues that traditional financial systems have been unable or unwilling to address.

Transacting using crypto is, in particular, much cheaper and faster than using regular bank procedures. People can now swap their money for exact value cryptocurrency without having to pay expensive charges to middlemen.

Crypto has also improved financial transaction privacy by preventing third parties from tracking sensitive information.

As more people accept crypto, its value rises. As a result, one will have a strong grip on their wealth and be able to manage it.

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Bitcoin and Ethereum Prices Are ‘In Danger’

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bitcoin

Bitcoin and cryptocurrency prices have been falling in recent weeks as China‘s crypto crackdown has become more severe.

Bitcoin’s price collapsed in May, losing half of its worth, and has been under pressure ever since. Meanwhile, ethereum, the second-largest cryptocurrency after bitcoin, has lost more than half of its value, with the price of an ether token battling to stay over $2,000.

Analysts have cautioned that crypto prices are “in danger” following allegations that former bitcoin and ethereum miners in China have been dumping GPUs, indicating that at least some of the banned Chinese mining power may not return.

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Bitcoin is better than gold, Steve Wozniak

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bitcoin

Steve Wozniak, Apple‘s co-founder, was present at the Jalisco Talent Land Digital in 2021 on Thursday, July 8. The businessman conveyed his views on bitcoin and the blockchain in this context.

“It is something impressive that we even know who created bitcoin, it is unique and completely a mathematical formula, which is also immutable, so it is almost a miracle of technology,” he explained.

He said that bitcoin is “better than gold” because gold must be found and it is limited. Also stated that he does not have any crypto assets, he further stated that he would be investing in Bitcoin in the coming future.

Wozniak spoke about technology and advancements as well as diversity and equal pay during his participation in the innovation festival.

“We should all be treated the same, but we can’t achieve much just by wanting it,” he said.

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BUSD TO PKR: Today 1 Binance USD to PKR on, 9th June 2021

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Binance USD TO PKR

Karachi: Today 1 Binance USD to Pakistan Rupees according to the foreign exchange rate for today. Find updated one Binance Coin to Pakistani rupees. Today Binance USD To Pakistan Rupee Find the latest 1 Binance USD (BUSD) to PKR Exchange Rate. Today 1 Binance USD (BUSD) to Pakistan Rupee (Updated 9th, July 2021). 1 Binance USD … Read more

Crypto usage: Turkey jumped by elevenfold in a year

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crypto

A recent survey performed in Turkey shows, how the attitude towards crypto has changed in the past year.

According to a new survey by Turkish crypto exchange Paribu (a Turkish cryptocurrency exchange website), Turkey’s cryptocurrency userbase has increased by more than 11 times in the previous year.

The “Cryptocurrency Awareness and Perception Survey 2021” was conducted by Akademetre Research, revealing the perceptions and behaviors of Turkish citizens toward Bitcoin (BTC) and other cryptocurrencies. The first such survey was completed in 2020.

The fact that only 0.7 percent of over 6,000 respondents exchanged cryptocurrency in any way was a striking finding from last year’s study. On top of that, 84% of respondents had never heard of Bitcoin or other cryptocurrencies before. These results have contrasted with previous reports that claimed one-fifth of the Turkish population was exposed to cryptocurrency.

This year, the survey shows a substantial jump in terms of cryptocurrency usage in Turkey. Out of 1,400 respondents, 7.7% said they traded with Bitcoin or other cryptocurrencies, marking an 11-times jump in crypto users compared to last year.

According to the survey, 11% of respondents with crypto knowledge have become active cryptocurrency users. As a major cryptocurrency exchange in the country, Paribu reflects the adoption speed with its user count, which grew from 600,000 to over 4 million within a year.

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PBoC continues the crackdown on cryptocurrency trade

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PBoC

PBoC continues the crackdown on the cryptocurrency trade. People’s Bank of China has shut down a company that provided bitcoin trading software. As Chinese officials continue the crackdown on crypto-related transactions.

A senior PBoC official declared two days after the closure that the central bank would ramp up testing of its prototype “digital yuan.”

Beijing Qudao Cultural Development, a software firm, has been ordered to cease operations by the PBoC’s Beijing office, according to a statement released on July 6.

Following a meeting with banks and payment companies, the PBOC issued a statement ordering them to properly monitor customer accounts, identify those involved in cryptocurrency transactions, and terminate their payment channels as soon as possible.

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Visa has claimed that Crypto-linked cards topped $1 billion in first half of 2021

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crypto

Customers have spent more than $1 billion on Visa Inc‘s crypto-linked cards in the first half of this year, claimed the payments processor, which is taking steps to make crypto transactions more efficient.

Customers will be able to exchange and spend digital currencies at 70 million merchants around the world, due to the company’s partnership with 50 cryptocurrency platforms.

Visa’s decision is in keeping with the company’s growing acceptance of digital currencies.

The corporation started in March, it will accept the USD Coin as payment for transactions on its payment network.

Recent governmental crackdowns in China and elsewhere have soured investor confidence in cryptocurrencies.

Following the exhilaration that pushed it to record highs early this year, Bitcoin, the world’s largest cryptocurrency, has suffered a harsh decline.

However, a number of well-known names are continuing to increase their connection with digital assets. SoftBank Group Corp, a Japanese investment powerhouse, invested $200 million in Mercado Bitcoin, one of Latin America’s major bitcoin exchanges, last week.

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Crypto.com and UFC Signs a $175 Million Sponsorship Deal

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crypto

The crypto company has become UFC’s official fight kit partner.

The major mixed martial arts organization, Ultimate Fighting Championship (UFC), has signed a multi-million dollar sponsorship contract with Crypto.com.

The deal involved a $175 million payment carried out over ten years, according to CNBC.

The Hong Kong-based cryptocurrency firm became the first official fight kit sponsor of the UFC on Wednesday.

Whereas, Crypto.com’s branding will appear on fight kit items used throughout the UFC, including athletes’ attire, as part of the multi-year partnership.

“This is a partnership between two companies that are the best at what they do,” UFC President Dana White said. “No company has done more to grow the popularity of combat sports than UFC, and now we’re one of the biggest sports brands on the planet. We can help Crypto.com reach more people around the world through the strength of our brand.”

With an estimated fan base of over 625 million, UFC fights do indeed get a lot of attention throughout the world.

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Central Bank of China issued a warning to firms regarding crypto-related businesses

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Cryptocurrency

Central Bank of China has issued a warning to firms, to stop the services regarding crypto-related businesses.

The Chinese central bank has announced the removal of a Beijing-based software firm over its suspected connection in cryptocurrency trading.

Beijing Qudao Cultural Development Co Ltd. was banned by Chinese authorities for suspected cryptocurrency trading, according to a statement made on Tuesday.

According to Reuters, the software company has been ordered to cease operations immediately, and its website has been taken down.

The People’s Bank of China‘s stance on cryptocurrency-related activities was also underlined in the statement from the Beijing financial supervision administration.

In addition to dealing directly with cryptocurrencies, Beijing organizations shall not provide venues, commercial displays, or advertising for any cryptocurrency-related operations.

This statement came after the Chinese government passed a slew of anti-crypto policies.

Whereas, the government made a statement in May asking for more strict crypto asset regulation.

The issue escalated in June when China’s central bank stated that cryptocurrency traders’ accounts will be cancelled.

A massive miner exodus caused the Bitcoin network hash-rate to fall to its lowest levels since 2019.

On the contrary, regulations have also cut off access to Bitcoin mining in the country.

Bitcoin’s price has dropped nearly 42% since May, due in large part to unfavorable government regulations in China. With China’s long-running anti-crypto campaign unlikely to end soon, Bitcoin will need to find support elsewhere if it is to prevent further decline.

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