PBoC Tells Banks To Halt Crypto Transactions – June 21

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $31,794

Bitcoin price has fallen below the $32,000 level following further bearish news coming out of China.

Top-20 altcoins have also slumped, as Ethereum falls almost 9%, XRP drops 8% and Dogecoin slides an unfortunate 17% overnight.

Top Stories for June 21, 2021 πŸ”₯

πŸ‘‰ PBoC Tells Banks To Halt Crypto Transactions

The People’s Bank of China (PBoC) has ordered the country’s banks to halt the facilitation of any transactions involving cryptocurrency.

Banks will no longer be allowed to provide any services or products to do with cryptocurrency including trading and settlements for crypto transactions. They must also cut off payment links for exchanges and over-the-counter (OTC) dealers.

The PBoC held meetings with several of the largest financial institutions in China, including the Industrial and Commercial Bank of China, Agricultural Bank of China and even Alipay.

πŸ‘‰ Tether’s USDT Supply Has Remained Stagnant Since June 1

The supply of Tether’s USDT stablecoin can not grown at all since the very beginning of June, remaining stagnant at a market cap of just over $64.2 billion.

Tether’s CTO, Paolo Ardoino, has attributed the slump to a significant decrease in open interest for Bitcoin futures, much of which is collateralized in USDT.

πŸ‘‰ Dogecoin-Themed NASCAR Car Crashes, DOGE Tumbles

A NASCAR race car featuring a Dogecoin-style paint job hit a wall during its race over the weekend, on the 70th lap of the race. The car went on to finish the event in last place.

Dogecoin (DOGE) itself has also crashed in price following the accident, trading at just 22 cents per DOGE at press time.