19.07.[News of the day] • The difficulty of BTC mining continues to decline, China is starting to have problems with mining and other articles

Welcome to today’s overview of crypto news:

MARKETS

Since last week, when BTC tried unsuccessfully to cross the $ 33,000 mark, its price has fluctuated with considerable obstacles. It even dropped to the lowest price point in more than three weeks, to around $ 31,000.

BTC reached an intraday high of $ 32,400, which was not long-lasting and again fell rapidly. As a result, there was a further decline to around $ 31,000 and the asset actually closed at its lowest position in 2021 at around $ 31,500.

After yesterday’s short recovery sessions, ETH lost another 4% of its value and is currently below $ 1,900.

Cryptocurrencies

Dogecoin’s daily volume climbed to almost $ 1 billion during the second quarter

The volume of trade in the meme cryptocurrency Dogecoin increased more than 13 times during the second quarter of 2021 and reached almost USD 1 billion per day.

According to data collected by Coinbase, reported by Business Insider, Dogecoin trading volumes climbed 1,250% between April and June, with DOGE’s daily trade worth $ 995 million during the quarter.

By comparison, the average daily volume of Dogecoin in the first quarter was $ 74 million.

The difficulty of BTC mining continues to decline, China is starting to have problems with mining

According to BTC.com, the difficulty of BTC mining in the last fortnight decreased by another 4.81%, which reached the lowest value since January last year.

The decline represents the fourth consecutive decline in the difficulty of the world’s leading cryptocurrency and the longest decline in its history. After reaching an all-time high of 25 trillion points in mid-May, it fell to 13.7 trillion points after China’s crackdown on mining.

Despite an outflow of miners from China, the country still accounts for more than 46% of BTC’s total hashrate, according to Cambridge University’s Center for Alternative Finance. Although this is a significant share, it fell by 20% compared to the April highs.

Banks, crypto exchanges, companies

Binance burned the BNB worth almost $ 400 million, the price did not change

One of the most anticipated events in the Binance community is the quarterly burning of the BNB. This time, the company burned it for almost $ 400 million.

Binance, the world’s leading trading exchange, completed the 16th quarterly burning of the BNB. According to the company, approximately 1,296,728 BNBs with a total value of approximately USD 393,673,653 were burned in the entire case.

Last time, in April, Binance burned fewer BNBs, but their cumulative value in USD was higher – about $ 600 million. It is also worth noting that it is no longer possible to retrospectively analyze the incineration and determine the company’s profit, because Binance switched to a new incineration scheme.

SushiSwap proposes Smaug Treasury Management debt and bonds management

Decentralized Exchange (DEX) SushiSwap is considering ideas on how to raise funds for a protocol treasury without negatively impacting its community.

In a July 18, draft report, Cinneamhain Ventures partner Adam Cochran proposed working with other DeFi protocols, such as UMA and Yearn, to build a debt management protocol on the Sushi ecosystem.

He noted that SushiSwap would thus have a way of raising funds from locked treasury assets, which it could repurchase if necessary. Then he has a way to earn revenue from other protocols that need a more diverse cash register.

CBDC, Regulation

Malaysian police are suppressing illegal BTC mining

In a video that had already become viral, Malaysian police (operating a steamroller) leveled 1,069 cryptocurrency mining machines that ran on stolen electricity, the local media reported Dayak Daily.

Police in Miri, on the northwest coast of Borneo, confiscated BTC mining machines during six raids between February and April this year. Their value was about 5.3 million MYR, or about 1.26 million USD.

Eight people were arrested during the raids, and stolen energy from local electricity provider Sarawak Energy Berhad was found to be used to mine cryptocurrencies in all the areas concerned, resulting in a loss of MYR 8.4 million, ie. $ 1.99 million, for the energy company, according to Mini ACP District Police Chief Hakemal Hawari, and local media reported.

The SEC and Ripple postponed Hinman’s statement on Ethereum and XRP to July 27

The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have agreed to postpone the resignation of William Hinman, former head of the SEC’s corporate finance department, on July 27.

Last week, U.S. Magistrate Sarah Netburn decided to allow Hinman’s resignation with a delay so that the SEC and Ripple could agree on the scope of the resignation with respect to privacy issues. Hinman’s resignation was originally scheduled for July 19.

“The parties have made significant progress in narrowing and resolving issues relating to privileges and are planning further negotiations in the coming days to further narrow and resolve the issues concerning Mr Hinman’s resignation, without either party waiving its rights.”

Ripple’s lawyers wrote in a letter to Netburn on July 16.