Chinese Mining Crackdown Triggers USDT Fire-Sale – May 24

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $36,756

Bitcoin price has fallen back below the $40,000 mark over the weekend, currently sitting around the $37,000 mark after some consolidation.

Top-20 altcoins are recovering well, as Ethereum rises 9%, XRP gains 8% and Polygon bounces back 48% over the last 24 hours.

Top Stories for May 24, 2021 πŸ”₯

πŸ‘‰ Chinese Mining Crackdown Triggers USDT Fire-Sale

The recent Chinese crackdown on Bitcoin mining and trading activities has strained the Tether (USDT) exchange rate with the yuan today, with USDT selling off at a discount.

Tether was not the only crypto coin to suffer, as Chinese centralized exchange tokens including HT, OKB and BNB also each took temporary hits of between 10% and 19%.

A financial committee meeting under China’s State Council has been recognized as the trigger for the sell-off, naming crypto as an area of focus for financial risk prevention.

πŸ‘‰ Hedge Funds Embracing DeFi, PwC Report Shows

The latest annual Global Crypto Hedge Fund Report by PwC and the Alternative Investment Management Association (AIMA) has shown significant fund interest in DeFi.

The report showed that almost a third of crypto hedge funds use decentralized exchanges including Uniswap, 1inch and Sushiswap. Investment in assets such as Chainlink, Polkadot and Aave were also made by up to 30% of the crypto funds.

πŸ‘‰ South Korea Seeking Tech Supplier For CBDC Pilot

The South Korean Central Bank is looking for a technology supplier to design their central bank digital currency (CBDC) pilot platform.

The pilot program is in preparation for rapid “changes in the payment settlement system”. It will include simulations of everything from bank and retail outlet activity, mobile phone payment tests and more.