News Roundup: A Week to Forget

Last week, Bitcoin continued a major slide and other cryptocurrencies soon followed. But they’re recovering already. As we recover from “Red Wednesday,” let’s check out some of the biggest news from last week: 

Red Wednesday 😔

Last week, Bitcoin’s price dropped after Tesla said it would stop accepting it as a payment method. Everyone felt bad, but what came next was something else. The days that followed saw cryptocurrencies lose value. At some point, Bitcoin’s value dropped below $30,000. It was like the Red Wedding in Game of Thrones – blood everywhere. 

Chinese Miners are Running for the Hills 💨

Somewhere, somehow, many of us thought that China working on a CBDC would make the government more accepting of cryptocurrencies. Boy, were we wrong 😅

Crypto has been banned in China for years. But, mining has been largely untouched. This week, the government decided to complete its work and come for miners. Several Chinese regions, including Hong Kong and Inner Mongolia, have set up laws to ban Bitcoin mining. In response, several miners have announced that they would leave the country. 

Hey China, we thought we were getting along again. What went wrong? 😢

BlockFi Makes it Rain….. Mistakenly 

Everyone wants a giveaway these days. BlockFi decided to reward some of its customers last week, but it ended up with much more than it bargained for. 

Last week, BlockFi made a terrible mistake and over-rewarded some of its customers in a giveaway gone bad. Reports confirmed that some customers ended up getting as much as 700 BTC. BlockFi eventually noticed and asked the affected customers to return the money in exchange for a $500 reward – or they would get sued. 

DeFi: 2021’s Crypto Golden Boy 🤩

Another week, another reason to believe in DeFi again. It never ends. 

Last week, PwC reported that 31% of crypto hedge funds preferred to use decentralized exchanges for their activities. The report also added that these hedge funds were investing more in DeFi tokens. If anything, this shows that DeFi is now attracting companies with big bucks. 

Starboy DeFi isn’t ready to fumble the bag just yet 😎.  

CBDC’ Hot Summer Loading 😃

The United States and China have an economic tug of war going on. So, when China announced a CBDC, everyone expected an American crypto update. 

Well, hold on to your hats, ladies and gentlemen. A digital dollar could be coming soon. Last week, the Federal Reserve – basically, America’s central bank – announced that it would publish a paper on CBDCs’ benefits this summer. 

While we’re hitting the beaches 🌊, the U.S. government could be launching a digital dollar.

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Quidax is an African founded cryptocurrency exchange that makes it easy for anyone to access DeFi and CeFi Our aim is to educate you about cryptocurrency. It should not be considered as financial advice. We recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.