22 June

China’s central bank says institutions must not provide trading, clearing and settlement for crypto transactions. They also have to make sure to identify virtual-currency exchanges’ and over-the-counter dealers’ capital accounts, and cut off the payment link for transaction funds in a timely manner.

The central bank noted the hype surrounding virtual-currency transactions, and identified them as a risk for illegal cross-border transactions and money laundering and a challenge to economic and financial order.

Financial institutions and banks have agreed to take necessary steps in line with the PBOC’s guidelines.”

“Bitcoin’s network hash rate, a measure of its computational horsepower, has slumped 46% since its peak level in mid-May. Bitcoin’s hash rate is currently 91.2 exahashes per second (EH/s), close to half of its 171.4 EH/s high posted less than six weeks ago.

Bitinfocharts has also reported a drop in mining profitability from a peak of $0.449 per day per terahash per second to current levels of $0.226 over the same period. Bitcoin’s hash rate has not been this low for eight months, last creeping below 90 EH/s on Nov. 3, 2020.

The slump in hash rate and mining profitability is due to the ongoing crackdown from Chinese authorities on Bitcoin mining facilities across the country.

North America, particularly the state of Texas, has become one of the top destinations for what has been dubbed the “great mining migration” due to favorable legislation and an abundance of low-cost renewable energy.

See Also: Bitcoin Hashrate Falls 17% Overnight After China Mining Crackdown
See Also: Chinese Logistics Firm Airlifting Bitcoin Mining Machines to Maryland: Report

“Institutional managers continued to take profits on their cryptocurrency holdings, with funds dedicated to Bitcoin (BTC) registering their sixth consecutive weekly outflows.

Outflows from Bitcon funds totaled $89 million, whereas Ethereum (ETH) products endured a $1.9 million decline. Year-to-date, Bitcoin investment products have generated over $4.1 billion in net inflows. Ether products, meanwhile, have accumulated $992 million since the start of 2021.

While on-chain metrics seem to show favorable signs of a bottom — namely, that Bitcoin is being scooped up by long-term holders at the expense of newer wallets — market sentiment remains overwhelmingly bearish due to negative headlines.”

See Also: VanEck Files Prospectus for a New Bitcoin Futures Mutual Fund

Bitcoin Foundation chairman Brock Pierce thinks he represents the Bitcoin industry. A lot of Bitcoiners disagree.

Pierce further angered his Twitter following today when he tweeted a picture of him and President Bukele on the front page of New York-based Spanish-speaking newspaper Noticia, alongside a blowout story about his trip on page 8. ‘The visit to El Salvador by the delegation has made world wide news. We’re making history,’ he wrote in his tweet.

The thing is, none of the editions of Noticia—not the Long Island, Suffolk or Nassau edition—covered Pierce’s visit.

Pierce’s election to the chair of the Bitcoin Foundation in 2014 was not uncontested. Several members of the foundation resigned in protest over allegations of his ‘past behaviour that involved drugs and sexual misconduct.'”

“Billionaire real estate mogul Frank McCourt will invest $100 million in a project leveraging blockchain technology, attempting to democratize social media data. The project will utilize blockchain technology to build a new type of internet infrastructure dubbed the Decentralized Social Networking Protocol (DSNP).

McCourt’s Project Liberty will focus on the development of a publicly accessible database of people’s social connections. The hope is to encourage a more egalitarian approach by having social media companies, such as Facebook, draw from a shared place of social data.

We live under constant surveillance, and what’s happening with this massive accumulation of wealth and power in the hands of a few, that’s incredibly destabilizing.”

“Stefan Parsons’ car embellished with the DOGE Shiba Inu dog crashed into the wall during Stage 2 at Nashville Superspeedway on Saturday. DOGE’s price has fallen [32%] in the last 24 hours.

Springates, a manufacturer of auto parts whose CEO is a DOGE enthusiast, sponsored Parsons’ car.”