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Capitalism: US FED wants to inflate huge bubble on cryptocurrency market
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  • The People's Bank of China issued a statement stating that digital tokens cannot be used to pay for goods and services. Moreover, financial and payment services are prohibited from specifying prices in cryptocurrencies. This was reported in the official WeChat account of the Central Bank.

    In a matter of hours, Bitcoin fell by more than $ 4,000 and tested at least $ 38,500. This is the lowest price since the beginning of February. Over the course of a day, the main cryptocurrency lost 12%, and over a week - more than 30%.

  • The 27-year-old Ethereum co-creator told CNN Business in an exclusive interview Tuesday morning that he believes cryptocurrencies are a bubble that could burst at any moment. “It could have ended already,” Buterin said. "It could be over in a few months."

    https://edition.cnn.com/2021/05/20/investing/vitalik-buterin-ethereum-billionaire/index.html

  • Treasury Department has said it will require any transfer worth $10,000 or more to be reported to the IRS.

    https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf

    One thing after another.

  • The American division of the environmental organization Greenpeace will refuse payments in bitcoin. Representatives of the organization stated this in an interview with The Financial Times. "The [bitcoin payments] policy ceased to be viable when the amount of energy required to operate it became clear," the organization said.

    This rats smell the end.

  • China seems to be serious this time

    According to a Huobi Mall spokesman, the company is considering moving its mining capacity overseas. BTC.TOP also announced its withdrawal from the Chinese market due to risks from regulators. Judging by the statements of its representatives, the business intends to transfer its activities to North America. The company believes that in the long term, almost all cryptomining equipment will be transferred from China to abroad. According to the data of business structures, the productivity of mining "pools" in the USA and Europe is expected to grow in the future.

    HashCow, another Chinese company that owns 10 large mining farms and sells computing power to investors, has said it will abide by government-imposed rules. In its public announcement, the company stated that it had stopped purchasing equipment for Bitcoin mining and promised a full refund to those investors who had already placed orders for computing power but had not yet started mining.

    It is only one problem, as whole idea of crypto currencies was to never have strong mining pools in the metropolies. Only in different colonies.

  • Iran follows China

    The Iranian authorities have banned the mining of cryptocurrencies in the country until September 22. Iranian President Hassan Rouhani announced this on Iranian television.

    According to the head of state, about 85% of miners operate in Iran without a license. The ban on the mining of digital assets was passed due to the peak seasons of the load on the electrical grids. Several major cities have experienced power outages amid rising electricity consumption and drought.

  • This time they want more money, so will run it longer

    Starting August 3, Google will allow cryptocurrency exchanges and services to display ads on search, YouTube, and other company-owned resources if verified. As part of the audit, the company will find out whether the service offered for advertising complies with the rules and requirements of FinCEN, the American financial crime agency. Registrations at the federal level in the United States or in a specific state will also be checked.

  • Another bad week for Bitcoin could be a precursor of more pain to come.

    Further weakness in its price may bring the $20,000 zone into view as a downside target, according to Oanda Corp., Evercore ISI and Tallbacken Capital Advisors LLC. Bitcoin has dropped about 7% this week and was trading at about $34,200 as of 10:16 a.m. in London.

    The largest cryptocurrency is “dangerously approaching the $30,000 level” amid growing regulatory fears in the U.S., and “a break of $30,000 could see a tremendous amount of momentum selling,” said Edward Moya, senior market analyst with Oanda Corp.

    It is struggle of two parties now, one want to keep Bitcoin around $35-45 and another want to make full scale crash with price as low as 4-5 thousands.

  • China is serious

    Yesterday, officials of the Xinjiang Uygur Autonomous Region completely blocked access to electricity for local miners, and today the authorities of Qinghai Province have tightened up.

    Due to bans, the hash rate on the Bitcoin network fell by 25%. This is another anti-record that is directly related to the power outage. It is reported that large farms have already begun to close.

    1,100 people were detained, and the state canceled 170 companies. The national news agency Xinhua notes that all this is happening in the framework of the fight against illegal money laundering and is directly related to the operation of cryptocurrency exchanges.

  • On Friday, regulators in China's Sichuan province, which was the last to defend against the central government's policy of curtailing cryptocurrency mining in the country, issued an order to “clean up and shut down” mining companies. Against this background, the cost of bitcoin sank by 5% Thus, there will soon be no legal miners in China, and a place for this business will be freed up in other countries.

    As far as I hear US now do everything to keep Bitcoin afloat, including direct payments to big miners pools to keep them working.

  • Cryptocurrency investors in South Africa may have lost nearly $3.6 billion in Bitcoin following the disappearance of two brothers associated with one of the country’s largest cryptocurrency exchanges. According to Bloomberg, a law firm in Cape Town says it can’t locate Ameer and Raees Cajee, the founders of Africrypt.

    It is all developing fast.

    Note that crackdown on crypto currencies in China only began and touched only around 40-50% of big miners.

  • UK news

    Binance, one of the world's largest cryptocurrency exchanges, was banned on Sunday from any regulated activities in the UK when Britain's financial watchdog the Financial Conduct Authority imposed stringent requirements against Binance, a sprawling digital asset firm with subsidiaries around the world. The exchange has until Wednesday evening to confirm it has complied with the watchdog’s demands, including removing all advertising and financial promotions, according to the FCA’s register.

    Binance must also make clear on its website, social media channels and all other communications that it is no longer permitted to operate in the U.K.

  • Mircea Popescu, a Romanian businessman who reportedly owned more than 1 million bitcoins, drowned at sea in Costa Rica. During the April peak in the value of bitcoin, Popescu's capital was estimated at almost $ 2 billion.

    It is reported that Popescu swam in a place prohibited for this. The crypto investor was carried away by the current, and he drowned in water, dying on the spot.

    Handy.

  • In May, China completely banned financial institutions and payment services from providing any services related to cryptocurrencies. In June, there were mass arrests of people suspected of using cryptocurrencies for criminal purposes. In the same month, local regulators increased pressure on banks and payment systems by banning any services related to cryptocurrencies, and Weibo blocked accounts in one way or another related to cryptoassets. As of July, half of the world's bitcoin mining companies have simply disappeared.

    The People's Bank of China announced the closure of a company that develops software services for virtual currency transactions. Additionally, the PRC Central Bank warned other businesses against any assistance to such organizations, including the provision of premises or marketing services.

    Seems to be working good.

  • Social media platform TikTok has banned the promotion of various financial services products including investments and cryptocurrency.

    According to TikTok’s branded content policy, the promotion of all financial services and products is now globally prohibited. The platform said its policy included, but was not limited to, lending and management of money assets, cryptocurrency, foreign exchange, pyramid schemes, investment services and get rich quick schemes, including others.

    Small steps.

  • Anhui, a small province in eastern China, was the last region in the country to announce a complete ban on cryptocurrency mining. The provincial authorities explained their decision by an acute shortage of electricity.

    The province will close all crypto mining projects as part of measures aimed at reducing electricity consumption, as the province is facing a "serious" shortage.

    In 2024, the demand for electricity in Anhui will grow to 73.14 million kWh, but at the moment the province can provide only 48.4 million kWh, which promises a "relatively large gap" and major problems with the supply of electricity in the future. In addition to eliminating cryptocurrency mining, Anhui also plans to reform electricity pricing to make it more economical.

    Energy issues in China will be severe.

  • PayPal is upping the amount of crypto users can buy to $100,000 per week and scrapping the $50,000 annual limit altogether.

    Things become fully clear now, as all US media try hard to keep interest in crypto.

  • According to researchers, from September 2019 to April 2021, China's share in global bitcoin mining fell from 75.5% to 46%. At the same time, the changes were recorded before the country's authorities began to increase pressure on the cryptocurrency industry, so by today, China should account for an even smaller share.

    At the same time, mining costs have increased in a number of other countries. The share of the United States increased 4 times (from 4.1% to 16.8%), and Kazakhstan's - six times (from 1.4% to 8.2%). The fourth and fifth places in the world ranking of countries for the extraction of bitcoins were taken by Russia and Iran, respectively.

    Countries must follow China and match their measures.

  • The conference dedicated to the main cryptocurrency of the world was attended by well-known personalities in the industry, including the head of Tesla Elon Musk. He stated that Bitcoin is owned not only by Tesla, but also by SpaceX, as well as by himself. In addition, Musk said that in addition to Bitcoin, he owns Ethereum and Dogecoin. At the conference, Musk spoke to a panel of experts with Jack Dorsey, CEO of Twitter and payments services Square, and Cathie Wood, founder and CEO of ARK Invest. The head of Tesla once again confirmed that, despite the decision to cancel the charging of the company's cars in Bitcoin, the company did not sell the previously purchased cryptocurrency. “We don’t sell Bitcoin, I don’t sell anything personally, and SpaceX doesn’t sell Bitcoin,” Musk said. And then he added: “I can pump, but I don't dump. I definitely don't believe in overpricing and selling or anything like that. I would like Bitcoin to succeed. "

    All is pretty clear now. Mask behave 100% like some hand puppet making necessary statements at proper time.

  • Amazon has denied a report that claimed it plans to start accepting Bitcoin as payment before the end of the year.

    “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.”

    The denial came after London-based financial paper City AM reported on a specific series of plans sourced from a company insider.

    https://www.reuters.com/article/us-amazon-cryptocurrency/amazon-denies-report-of-accepting-bitcoin-as-payment-idUSKBN2EW2HT

  • For the first time since May 15, the bitcoin rate exceeded $ 50 thousand, as evidenced by the trading data on the Binance exchange, the largest digital currency exchange by volume.

    As expected.

  • 11 bloggers interviewed by CNBC said they are posting educational videos about cryptocurrency on TikTok, but the service removes them without explanation. Some of the users interviewed reported that their accounts were periodically suspended. Most state that they are not paid to promote any cryptocurrency content on the platform. In addition, the number of their followers has dropped since July.

    It is informational war now also.

    Since May it become 100% clear that US and UK are standing behind new crypto scam.

  • About 15% of U.S. citizens who received their first two stimulus checks invested "all or part of the money", Bloomberg notes. About half of that group invested specifically in cryptos, the report said.

  • China expanded its escalating crackdown on cryptocurrencies on Friday when its central bank declared that all activities related to digital coins are “illegal” and must be banned.

    In a statement the People’s Bank of China said the latest notice was to further prevent the risks surrounding crypto trading and to maintain national security and social stability.

    http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4348521/index.html

  • Crypto exchanges Huobi and Binance have banned traders from registering new accounts using mobile phone numbers from mainland China after the local central bank said on Friday that all cryptocurrency-related transactions were now considered illegal financial activity. However, Hong Kong residents can still register new accounts.