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July 27, 2021

Mark Cuban DeFi crash, China’s bitcoin mining

Between China’s bitcoin mining crackdown, to billionaire investor Mark Cuban’s DeFi, or decentralized finance, funding crash, rather a lot occurred in crypto over the previous week.

With the highest cryptocurrencies by market worth remaining within the crimson this morning, listed below are seven issues value understanding.

1. Kim Kardashian West was paid to promote a digital coin on Instagram

2. China’s bitcoin miners are migrating

3. Maxine Waters forms ‘digital assets working group’

During a house financial services hearing on central bank digital currencies (CBDCs), committee chairwoman and congresswoman Maxine Waters, D-Calif., announced the creation of a “digital assets working group.”

“As cryptocurrencies, central bank digital currencies and other digital assets enter the mainstream, the Committee will look at how digital assets have begun to enter many aspects of our lives … and consider how to devise legislation to support responsible innovation that protects consumers and investors while promoting greater financial inclusion,” Waters said on Tuesday.

Members of the working group will also work on matters related to the possible creation of a CBDC in the U.S., she said.

4. The World Bank refuses to assist El Salvador’s implementation of bitcoin as legal tender

5. Mark Cuban calls for regulation after his DeFi token investment crashed

Mark Cuban revealed on Wednesday night that he was buying and selling a DeFi, or decentralized finance, token from Iron Finance known as titan that ended up crashing to zero in someday.

“I received hit like everybody else,” Cuban, proprietor of the Dallas Mavericks and an investor on ABC’s “Shark Tank,” tweeted on Wednesday.

At first, some within the crypto world speculated that this was the results of a rug pull, which is a kind of rip-off the place builders abandon a undertaking and depart with buyers’ funds. Iron Finance denied these claims, writing in a weblog publish that the crash was as a result of a “financial institution run,” or panic promoting, and the token’s algorithmic code.

Nonetheless, after this expertise, Cuban known as for extra regulation inside the house.

“[I]f you might be on the lookout for a lesson realized, the actual query is the regulatory one,” Cuban informed Bloomberg on Thursday. “There must be regulation to outline what a secure coin is and what collateralization is appropriate.” 

6. Goldman Sachs ramps up bitcoin buying and selling

7. MicroStrategy now owns over 100,000 bitcoins value round $3 billion

Disclosure: CNBC owns the unique off-network cable rights to “Shark Tank.”

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