Weekly cryptocurrency news digest

Not only crypto traders but all markets felt dangerously close to a global crisis this week. All you could have missed while catching the dips — in our fresh new weekly crypto news digest!

Key Takeaways

  • Bitcoin and all world markets significantly dropped on Monday, following the cautions of Evergrande collapse. The situation still seems to be unclear;
  • Bullish news came from Twitter which rolled out tips in Bitcoin;
  • Still, this was not enough as China declared all crypto trade illegal, causing another dip.

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Latest Crypto News Digest

Bitcoin This Week

BTCUSD chart: September 24, 2021
Source: TradingView
  • The week saw all markets, including crypto, to open in the red: a Chinese construction company Evergrande Group brinked on collapse. On Monday alone, BTC declined from $47.5k to $40,500.
  • Buyers slightly prolonged the fall but ultimately BTC touched a weekly bottom of $39,800 on Tuesday. Optimism returned to all markets as China’s central bank injected cash into the banking system.
  • Twitter announced Bitcoin tips on Wednesday (more in the next sections), and the sentiment flipped bullish. Why is Bitcoin crashing now? China banned all crypto trade and the news brought BTC down to $41,192.

Latest Bitcoin News

  • In addition to the Evergrande, China’s crypto trading ban and Twitter, options expiry also put some pressure on the Bitcoin price. Closing the week between $40,000 and $46,000 would mean an equilibrium between buy and sell calls, so bears had an incentive to keep the price lower than that threshold.
  • The Bitcoin.org website (arguably, the original hub since the whitepaper was published there) was hacked again this week. The hackers put up a double-your-funds scam message, and the address collected $17 thousand dollars before the control to the website was regained.

Altcoin News

  • Cross-chain protocol pNetwork was hacked and suffered losses of 277 pBTC ($12.7 million). The entire protocol had to be halted to fix the bug that got exploited in other bridges.
  • Bullish Ethereum news for the holders: JPMorgan published a report stating that institutional investors prefer ETH options to BTC.
  • Another DeFi protocol which was compromised this week is VEE Finance. The attacker drained the protocol of liquidity for $36 million.

Business Crypto News

  • Coinflux announced plans to launch a decentralized stablecoin pegged to the digital yuan for offshore trading. The project is not affiliated with the Chinese government and its primary target market is the Shanghai free trade zone.
  • Following disputes with the SEC, Coinbase made the decision to cancel the USDC lending product. Despite the finality of the decision, no separate statements were made to let the discontinuation be known to customers.

Crypto News on Adoption

  • Twitter introduced Lightning payments for Tips powered by Strike wallet API, as previously hinted by Jack Dorsey. Users will be able to provide their own BTC addresses, and the company will not be taking a cut off any transaction.
  • Francis Suarez shared the success of MiamiCoin initiative. The city funding initiative yielded for the city more than $5 million in the month of its existence.

Regulation & Politics Crypto News

  • The People’s Bank of China declared all crypto businesses and trading illegal, including derivatives trading and using foreign cryptocurrency exchanges. In an even more strongly worded statement, they mentioned Tether for the first time as pertaining to cryptocurrencies as well.
  • United Arab Emirates authorities have signed an agreement to provide support to regulation, use and development of crypto assets. The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) aim to provide more entrepreneurial opportunities in the free zone.
  • According to a Bloomberg report with anonymous sources, Binance is getting probed on possible insider trading and market manipulation. Several weeks ago, the same investigation was said to be started with Uniswap.

Social Media Crypto News Digest

Video of the Week

What are oracles and how do they work? Whiteboard Crypto answers this and many other blockchain-related questions in an easy-to-understand way.

Crypto News from Twitter

Jack Mallers recorded the moment tips in Bitcoin became available for iOS users. Down the thread, he even showed how to send a tip abroad using the new function.

China has issued another warning against cryptocurrencies and their trading this Friday. The frequency shows that it is not very effective, though.

Tired of the Stock-to-Flow model and halvings narrative? How about a theory that global Bitcoin price trends have been tied to the Chinese debt crisis instead of halvings all along?

While this may look like a wild assumption, it is based on Ray Dalio research of Chinese markets. Perhaps there is more to the truth than a single model or chart.

Influencer of the Week

Messari chief researcher Ryan Watkins shares deep dives into the crypto markets. If you are looking for unconventional wisdom, his account would be a good place to start!

This Week on the Market

How is the market this week? At the moment of writing the digest, the general stats are:

  • Total Market Cap: $1,869,080,083,140 (-12%);
  • BTC Dominance: 42.2%.

7d Change in Top Coins

7D crypto digest: September 24, 2021
Source: CryptoRank

At the moment of writing, the weekly change of the top currencies is:

Gainers of the Week

What is the best cryptocurrency to buy now? Even in this week’s bloodbath, there are winners:

Conclusion

With September, a historically negative month for Bitcoin, coming to close, the bulls and bears will battle each other more desperately. The shockwaves sent by the news from China will have less effect going forward, but no one knows what other news the next week may bring.

In any case, you will know it from our next weekly crypto news digest in our blog. Follow ChangHero on Twitter, Facebook, Reddit and Telegram for daily updates and more content.


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Title
Weekly Crypto News Digest: China Bans Crypto (Again)
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Weekly Crypto News Digest: China Bans Crypto (Again)
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This week in crypto news, Bitcoin and all markets significantly dropped, following the cautions of Evergrande collapse and China's crackdown on crypto.
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Omen
Omen
4 days ago

They can ban as many times as they want

Willie
Willie
5 hours ago

ROFL! China’s ban is good meme material.