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Highlights
- Bitcoin and other cryptos lose around 10% of their value as Bitcoin drops below US$60,000 for first time in a month.
- Member of China’s Central Commission for Discipline Inspection has been expelled for allowing crypto mining to go ahead in China.
- Binance released a bill, called '10 Fundamental Rights for Crypto Users', suggesting a framework for lawmakers from around the globe
Bitcoin News
The crypto market has taken a massive hit overnight, losing US$200 billion in value, with some cryptos, including Bitcoin, losing more than ten per cent from their recent highs.
Bitcoin – the world’s largest cryptocurrency – recently hit an all-time high of around US$69,000 before the recent drop, which sent it below US$60,000 for the first time in a month.
Bitcoin is currently priced at US$59,640.53.
Billions wiped off Crypto Value | Binance Crypto Bill of Rights
Although the cause for the recent drop remains unclear, several theories are abounding with some experts arguing the pullback is the natural effect of Bitcoin hitting an all time high.
This is concerning as Bitcoin and other cryptos lost more than 50 per cent of their value when BTC hit an all time high of around US$64,000 followed by a crash.
Bitcoin bulls, however, remain ever optimistic, claiming that the recent tumble is merely a correction and that Bitcoin is likely to hit new all time highs in the coming weeks.
Ethereum, the world’s second largest crypto – also experienced large losses after reaching its own high of US$4,850 just last week. Since then, it has dipped over 12 per cent to US$4,300.
Other cryptos, including Binance, solana, cardano and Ripple’s XRP, have also fallen back — losing up to 10 per cent of their value.
China Crackdown
One possible contributor to the market crash over the past couple of days is further crackdowns on mining in China. A member of China’s Central Commission for Discipline Inspection has been expelled for allowing crypto mining to go ahead in China.
Xiao Yi, formerly a member and vice chairman of the Jiangxi Provincial Political Consultative Conference, was stripped of his post on Saturday and lost his qualifications as a representative to the 19th National Congress of the Communist Party of China.
Yi’s expulsion sends a clear message regarding the government’s resolve to rub out all crypto assets.
Some believe the latest move from China may have contributed to crypto’s most recent sell off although whether this is true and to what extent remains unclear.
Altcoin News
CEO of major crypto exchange Binance, Changpeng Zhao has said the firm aims to set up headquarters and regional offices around the world to move away from a technology company to a financial services company. In regard to this, the exchange has published a 'crypto bill of rights'.
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On Tuesday, the company released a bill called '10 Fundamental Rights for Crypto Users', suggesting a framework for lawmakers from around the globe which can serve as a guide for regulatory discussions and the building of global frameworks for crypto markets.
The bill calls for universal access to financial tools, arguing that every person should have the opportunity for financial independence. Furthermore, it encourages innovation and asks for the heavy security of personal data.
In an interesting twist, Zhao points out the need for a centralised exchange to adopt a centralised structure, which is a shift away from its long-standing decentralised headquarters narrative.
Zhao further argued that regulation and centralisation are essential for the crypto industry to move forward.
Winners and Losers
Source: Coinmarketcap.com, based on top 100 cryptos.
Image Source @ 2021 Kalkine Media
