Last Updated : August 09, 2021 / 08:03 AM IST
Top cryptocurrency news on August 9: Major stories on Bitcoin, cryptocurrency & Google ads
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
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Market Buzz
Bitcoin trading at $43,000
Major cryptocurrencies are trading in the red on August 9, with Bitcoin falling more than 2 percent in the past 24 hours. The global cryptocurrency market capitalisation is $1.74 trillion, a decline of 3.77 percent in the past 24 hours. Though Bitcoin has seen a slide, it has gained more than 8 percent in the past week and is currently trading at above $43,000. Ethereum is trading close to 6 percent lower from the previous day, hovering close to $3,000. Read more here.
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Big Story
Ray Dalio says he would pick gold over Bitcoin
Billionaire investor Ray Dalio said that, while he thought of Bitcoin as ‘digital gold’, he prefered one over the other. Dalio, the founder of Bridgewater Associates, has told CNBC that he owns a small amount of bitcoin. “If you put a gun to my head, and you said, ‘I can only have one. I would choose gold. I own a very small amount of bitcoin. I’m not a big owner. There are certain assets that you want to own to diversify the portfolio, and bitcoin is something like a digital gold,” Dalio told CNBC. He told the news channel that he would pick gold due to its long history as a “store hold of wealth”. Read more here.
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Corporate Watch
Google ads’ new cryptocurrency policies take effect
As of yesterday, Google will only run cryptocurrency ads from advertisers that are registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business or be a federal or state-chartered bank that have also completed the new verification process and meet all other requirements for the category. In order for these CryptoCurrency Exchanges and Wallets to advertise on Google Ads, these advertisers must be registered with FinCEN as a Money Services Business and with at least one state as a money transmitter, or a federal or state chartered bank entity. The businesses must comply Comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level. As with all other advertisers, they are also required to ensure their ads and landing pages comply with all Google Ads policies. Read more here.
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Now This
Chinese Cryptocurrency Addresses Sent $2.2 Billion to Scams, Darknet in 2019-2021
Chinese cryptocurrency addresses sent more than $2.2 billion (roughly Rs. 16,300 crores) worth of digital tokens to addresses tied to illegal activity such as scams and darknet operations between April 2019 and June 2021, according to a report from blockchain data platform Chainalysis. These addresses received $2 billion (roughly Rs. 14,820 crores) in cryptocurrency from illicit sources as well, making China a large player in digital-currency related crime, it added. The report analyses China’s cryptocurrency activity amid government crackdowns. However, China’s transaction volume with illicit addresses has fallen drastically over the two-year period in terms of absolute value and relative to other countries, Chainalysis said. The big reason is the absence of large-scale Ponzi schemes such as the 2019 scam involving crypto wallet and exchange PlusToken that originated in China, it noted. Users and customers lost an estimated $3 billion (roughly Rs. 22,230 crores) to $4 billion (roughly Rs. 29,650 crores) from the PlusToken scam. The vast majority of China’s illegal fund movements in crypto has been related to scams, although that has declined as well, the Chainalysis report said. (Reuters)
