The Crypto Round-Up: June 23rd, 2021

Why Shouldn’t We be Concerned about China’s Crypto Mining Ban?

A prohibition on mines in China’s southern region has widened China’s grip on its vast cryptocurrency mining sector. We have seen the red candlesticks on crypto price charts recently, which makes China’s crypto mining ban one of the primary reasons. However, the former crypto miner has emphasized that this should not be something to be concerned about as bitcoin will be a free technology which means that it’s working, not failing. Read more

MicroStrategy Buys Addition Bitcoins Worth $489 Million

Michael Saylor, CEO of MicroStrategy, was trending this week as he announced the company’s purchase of additional 13,005 bitcoins worth $489 million in cash. It was a buzz in the crypto community since bitcoin’s price has fallen shortly these past few days. With MicroStrategy buying the dip, does this encouraged the bitcoin supporters to hold more? Read more

Goldman Sachs Builds Up Bitcoin Trading with its Partnership With Galaxy Digital

A multinational investment bank, Goldman Sachs, has taken a step forward in its efforts to help hedge funds and other huge institutional clients to stake on bitcoin. The company began trading bitcoin futures with Galaxy Digital’s network. With its partnership with Galaxy Digital, other banks might be pressured with their clients who want bitcoin exposure. This signal is given by Goldman Sachs for other banks to step up their game. Read more

World Bank Refused to Help El Salvador On Its Bitcoin Implementation as Legal Tender

Just this month, El Salvador made a huge step in its announcement of making Bitcoin a legal tender. However, as El Salvador seek help from the World Bank on its new implementation, the World Bank has made it clear that this is something they can’t support because of bitcoin’s shortcomings in terms of transparency and its environmental impact. Many have expressed their disappointment but this is something that’s never really a surprise. Read more