Cryptocurrency price live – Pi Network allows users to mine crypto on phone as Bitcoin tumbles following China news
CRYPTO SCAMS
While the growth of Bitcoin has skyrocketed in some bank accounts, it's also fueled the growth of crypto-related fraud operations.
The FTC reported that since October of 2020, nearly 7,000 people have reported losses of more than $80million in the US due to cryptocurrency scams.
That number is around 12 times, or 1,000 per cent more than reported losses from the period a year earlier.
CRYPTOCURRENCY EXCHANGE HUOBI STOPS TAKING NEW MAINLAND CUSTOMERS
Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations.
China's regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet.
Huobi Global said in a statement it will conduct an orderly exit of its existing mainland clients on the premise that safety of their assets is guaranteed.
ETHEREUM'S PRICE
The price of Ethereum (ETH) is currently sitting at $3,084 - up by more than 5% over the past 24 hours, according to CoinMarketCap.
It's down 26% since its all-time high of $4,168.70 on May 10, 2021.
However, it's up by from $775 on January 1, meaning it has rocketed by around 300% since the beginning of the year.
But there's no guarantee the price of Ethereum will rise this much again - or even that it will rise at all as cryptocurrencies are extremely volatile.
Before Ethereum started rising this year, its previous all-time high was on January 14 in 2018, when it hit $1,291.92.
CHINA'S STATEMENT
The PBOC said it will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people's properties and maintain economic, financial and social order".
It said that trading of virtual currencies had become "widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities."
Bitcoin, the world's largest digital currency, and other cryptos cannot be traced by a country's central bank, making them difficult to regulate.
The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
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