Cryptocurrencies slide further amidst bearish regulatory mood

08 Jun 2021

???? BTC | $33,561 (-2,738, -7.5%)

???? ETH | $2,579 (-175, -6.3%)

???? XRP | $0.84 (-0.11, -11.3%)

???? LTC | $161 (-17, -9.6%)

Fewer are using Bitcoin for transactions, as daily transaction numbers have fallen to mid-2018 levels.

Chinese crypto mining hardware company Canaan has set up their first overseas customer service centre, providing after-sales troubleshooting to crypto mining clients – in Kazakhstan. Bitcoin mining is growing rapidly in the country, and is estimated to be the 4th-largest in the world currently.

Ex-US President Donald Trump declared Bitcoin as a “scam”, for “competing against the dollar”, causing a mini-slide in its price. The belief of Bitcoin replacing the dollar’s role in international trade is a theme that both Bitcoin supporters and detractors often bring up. Current expert consensus however will tell us that this is incredibly unlikely, given the difference between the two asset classes.

US authorities have recovered 63.7BTC out of the 75BTC paid as ransom to the Colonial Pipeline attackers. This is a remarkable development, following weeks of speculation that the authorities possessed the capabilities and mandate to strike back at hackers. More importantly, this also raises questions about the future of truly anonymous cryptocurrency transactions.