Bitcoin consolidating after China’s latest ban

27 Sep 2021

SGT 0815
📈 BTC | $43,028 (+471, +1.1%)
📈 ETH | $3,038 (+128, +4.4%)
📈 XRP | $0.93 (+0.00, +0.1%)
📉 LTC | $150 (-0.4, -0.3%)

📈 Total Crypto Market Cap: $1.91T (+0.8%)

🙃 El Salvador’s Bitcoin adoption (7th Sept) has been running into problems nonstop – starting with the ‘glitchy’ Chivo crypto wallet, and ending with many El Salvadorans actually preferring to hold US Dollars instead, particularly after the recent dive in Bitcoin’s price.

💵 Skybridge Capital founder – and notable crypto investment enthusiast Anthony Scaramucci has shared that he has not seen large-scale crypto investment by the financial services industry although interest in decentralised finance’s growth is continuing to rise.

🇨🇳 China announced last week a 10-agency taskforce (including the PBOC) that would work together to track down and punish crypto-related activities. Longer-term investors would likely find this announcement old-hat though, with Chinese regulators seemingly banning Bitcoin anew on an annual basis.

🦄 Ethereum-based de-centralised exchanges (DEXs) Uniswap (+23%) and Sushiswap (+19%) have risen strongly in the wake of the Chinese ban on cryptocurrency activities. DEXs allow users to swap cryptocurrencies without an intermediary.


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