Crypto Market Overview – September 25th, 2021
The Last Nail in The Coffin of The Chinese Cryptoindustry: Now Any Crypto Transactions in The Country Are Illegal
The People's Bank of China (PBOC) summarized the crackdown on cryptocurrency companies, providers, miners, investors and traders, stating that now not only cryptocurrencies themselves, but literally any transactions associated with them in the country are considered illegal and will be prosecuted. Bitcoinist reports. The ban also covers all types of crypto services related to derivatives that are provided to residents of the country both on its territory and abroad. The same applies to crypto mining, which is now completely illegal in the fight against the «carbon footprint». The crypto market immediately reacted to the Chinese events with a drop in the price of digital gold and almost all altcoins. In the first couple of hours after the publication of the PBOC bans, BTC lost $4,000, diving from the $45,200 position to the $41,200 level. ETH, over the same period, fell 11% and is currently trading below $3,000. The rest of the coins fell in price by an average of 6 — 10%. Recall that the Chinese government has already tried to introduce such repressive measures in September 2017, but received the signatures of only seven government agencies, including the PBOC and the Securities Regulatory Commission. But today's restrictions have already been subscribed to by the judiciary: the People's Supreme Court, the Supreme People's Procuratorate, and the Ministry of Public Security, the highest agency in charge of China's police force.
Twitter Launches Tipping Service with BTC Transactions
The long-awaited Twitter Tips feature, announced by the social media giant back last year, launched with direct connectivity to payment services such as Bandcamp, Cash App, Chipper, Patreon, Razorpay, Wealthsimple Cash, Venmo, GoFundMe, PicPay and Strike, which allows make direct payments in BTC. Cryptocoin reports. Now users of the social network can transfer tips directly to the electronic wallets of their followers and idols by going to the Strike app to confirm transactions. It uses the Lightning Network, and according to the developers, it saves on micropayment fees. While the service is only available to residents of the United States and El Salvador, however, Twitter plans to roll out a large-scale tip service for the entire audience of the social network. But the exact timing of adding Twitter Tips for global users has not yet been announced.
The Central Bank of Russia Adds Crypto Companies to The List of Financial Pyramids
As part of the monitoring of financial organizations, the Central Bank of the Russian Federation recognized the crypto companies Bitflows, Bitkoresh, Bittrex-global, Crypto Invest Club, Idleminer, Miners Capital and Money Miner as showing "signs of illegal activity in the financial market" along with the Ponzi pyramids, illegal creditors and forex dealers. News.bitcoin reports. The regularly updated list of organizations associated with fraud includes almost all companies that provide services in the country without a license from the Central Bank. Thus, the state institution is trying to protect investors from the risks associated with contributions to unregulated projects. But some market analysts consider such actions to be nothing more than a "fit" of the financial regulator to the general policy of the country's government in relation to digital assets. The Central Bank of Russia has repeatedly opposed the introduction of cryptocurrencies, issuing numerous warnings to investors. We’ll remind that last week the deputy head of the Central Bank, Sergei Shvetsov, said that the bank would not support the expansion of access to cryptocurrency markets and insisted that the cryptocurrency is "highly risky and has signs of a pyramid scheme."