1. The Government of Iran Might Be Cutting Crypto Mining’s Power Supply
The production of elctricity in Iran has long been receiving significant subsidies from the government, hence its very low price. Howver, that idea is no longer practical for the country. According to the recent local news, Rajabi Mashhadi, a spokesperson for Ministry of Energy of Iran, declared a power supply cut to all licensed crypto mining firms starting July.
To explain for this sudden change in policy, spokesman Mashhadi said “Last week, the country’s electricity consumption recorded an all-time high of 62,500 megawatts (MW) during peak consumption, which is a significant figure. According to forecasts, this week’s consumption requirement will exceed 63,000 MW, which means we must limit electricity supply.” And crypto mining was on the cutting list.
2. Bitcoin Users Recorded To Have Lost Over $7.3B Within 3 Days
Ever since the downfall of Bitcoin, the entire global crypto community has probably been waiting patiently to see when Bitcoin will finally hit its bottom. From what was reported by research firm Glassnode, approximately 555,000 Bitcoin were traded at prices ranging from $18,000 to $23,000 within 3 days. Most of these Bitcoin were bought at much higher price.
From Thursday to Saturday, “Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices”, tweeted by Glassnode. Some of these users had it bad, as they purchased Bitcoin at $69,000 and sold at $18,000.
3. WeChat Has Banned Accounts Promoting Use Of Crypto And NFTs
One of the most used social media apps, China’s WeChat, has announced its policy change against the expansion of the blockchain space. While it was recently reported that NFT firms in China were on the rise, a new policy from WeChat just came out, stating “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with.”
With the introduction of the new guidelines, any accounts that are related to “the issuance, trading and financing of crypto and NFTs” will be seen as involved in illegal business activities and will receive legal restrictions or banning.
4. Ukraine Raises $100K In Ethereum From Selling Donated CryptoPunk NFT
The “Aid for Ukraine” crypto fundraising campaign received a piece of NFT as aid back in March this year from CryptoPunk. This NFT called Cryptopunk #5364 has recently been sold for 90 ETH, raising over $100,000 for the Ukrainian military in the battle against Russia.
This campaign was launched around late February, shortly after Russia started their invasion. Since then, it has been able to raise $135 million in the form of digital assets, from cryptocurrencies to donated NFT pieces.
5. Google Search For ‘Bitcoin Dead’ Reaches A New All-Time High
Along with the horrible phase that Bitcoin is going through, many people are starting to view it as a dying asset. The collapse of the number one cryptocurrency is taking away the faith within a large portion of users. As a matter of fact, the phrase ‘bitcoin dead’ has been looked up on Google so much to the point where it hits an all-time high.
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