El Salvador approves BTC as legal tender, China started censoring keywords associated with crypto exchanges

Hello everyone, this is our weekly crypto digest. Here you’ll find everything from a weekly market summary and top news to the hottest new listings on exchanges, and even memes to cheer you up. To get these updates as soon as we post them, follow us on Twitter.

Weekly Market Summary

El Salvador has become the first country in the world to adopt Bitcoin as legal tender. The initiative was supported by 62 out of 84 parliamentarians.

Approximately 70% of the country’s population does not have access to traditional banking. Bitcoin is seen as a way to free the nation from reliance on the U.S. dollar.

El Salvador’s president, Nayib Bukele, intends to sign the law soon, after which it will take effect “immediately.” The law will oblige all businesses to accept bitcoin to pay for goods or services on a par with the dollar.

Major internet services in China like Baidu, Weibo, Zhihuand Sogo appear to have started censoring keywords associated with crypto exchanges, Chinese traders and investors.

The censorship of keywords associated with Binance, Huobiand OKEx comes after government officials in mainland China started putting pressure on crypto mining and trading.

Quick weekly news:

• Chinese search engines block results for top crypto exchanges: Read more here.

• MicroStrategy to sell $500 million of bonds to buy bitcoins: Read more here.

• Donald Trump calls Bitcoin ‘a scam against the dollar’: Read more here.

• Crypto exchange giants mulling India foray despite regulatory uncertainty: Read more here.

Other notable events include:

– Bitcoin miners in China’s have to shut down

– Iranian president wants to regulate crypto 

Mining

Authorities in Changji, a prefecture in Xinjiang, have ordered Bitcoin miners in one of the region’s industrial parks to halt operations.

The order comes on the heels of China’s wider crackdown on mining operations. In May, the State Council, a high-ranking government cabinet, issued a list of activities, including Bitcoin mining, that they would be monitoring closely. It is suspected that the crackdown is part of the country’s ambitions to become more environmentally friendly, something that the order in Changji appears to back up.

Under control 

Iranian President Hassan Rouhani called for the establishment of a legal framework for cryptocurrencies and warned consumers of the risks in the industry.

Rouhani made his comments at a meeting of the government’s Economic Coordination Board. “For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions,” Rouhani said. And he also added “Investments in crypto are risky and “unprofessional entry in this field should be avoided.”

The ultimate article to read

Cryptocurrencies in 2021 continue to grow, and that naturally makes more and more users wonder which exchange exactly they should prefer, because the choice is, hands down, very wide. But no matter what kind of trader you are, a beginner or a pro, you’ll of course want the platform that suits you the best.  

In our article “Kraken vs Coinbase 2021”, we’ve reviewed two popular venues and touched on the most important aspects for every trader. What you’ll find in the piece:

– A full review of Kraken and CoinbasePro 

– A complete guide on how to trade on both exchanges: from getting verified to fees and asset comparison 

– Safety and security measures mapping on both exchanges

– The Kraken vs. Coinbase ultimate battle

 

• Spot trading: Surprisingly, this time, the most traded coin in the spot market was Binance coin (BNB). It pulled away from the nearest competitor Polygon’s (MATIC) powerful grip, also leaving Ethereum and Bitcoin far behind.
• Derivatives: Meme coins are increasing the number of their users. Last week, Shiba Inu (SHIB) and Dogecoin (DOGE) were among the top five most traded coins in the Good Crypto App.

Here are the hottest exchange listings of the last week: 

New Listings on Binance:

– NuCypher (NU/USDT NU/BUSD NU/BNB NU/BTC)

– Automata Network (ATA/USDT ATA/BUSD ATA/BNB ATA/BTC)

New Pairs on Binance:

– MATIC/GBP ICP/EUR MATIC/RUB MATIC/BIDR SHIB/TRY

New Listings on KuCoin:

– Etho Protocol (ETHO/USDT ETHO/BTC)

– Polkastarter (POLS/USDT POLS/BTC)

– Dora Factory (DORA/BTC DORA/USDT)

– Unizen (ZCX/USDT ZCX/BTC)

New Pairs on KuCoin:

– LSS/USDT LPOOL/BTC LPOOL/USDT

– LTC3L/USDT LTC3S/USDT

– VET3S/USDT VET3L/USDT

– KOK/USDT

– GMEE/USDT

New Pairs on CoinbasePro:

– GTC/USD MLN/USD AMP/USD

New Listings on Huobi:

– SUN (SUN/BTC SUN/ETH SUN/USDT)

New Pairs on FTX:

– MVDA10-PERP MVDA25-PERP

By the way, our PRO plan includes new Exchange Listing alerts for all 27 exchanges in the app. Become a PRO and receive an instant notification when a new coin is listed on Coinbase Pro, Binance, or your exchange of choice!

 

Hoge Finance is a DeFi brother of Dogecoin that combines yield farming with the world of memes. The project aims to leverage the capabilities of Ethereum’s DeFi infrastructure.

HOGE is the meme token of Hoge Finance, which has a deflationary supply mechanism,  securing for the total supply to decrease over time.

HOGE has implemented a non-profit partnership initiative including a Twitter campaign called #HogeSavesTheAnimals through which the community nominates charitable causes for HOGE to support. Under this and related initiatives HOGE has raised over $20,000 for animals.

📈Indicators 

Day -0.13%

Month -62.59%

Volume 24H: $964.5K

Market Cap: $79.6M

🔍DYOR

Twitter

Website

THETA is a cryptocurrency used in the decentralized video streaming protocol Theta Network. There, THETA serves as a security reserve (stake) that the operators of certain network nodes must deposit. The Theta Network is based on the Ethereum blockchain. 

Staking is the main use of THETA. Both Enterprise Validator Nodes and Guardian Nodes must deposit THETA in the network. For securing the network, node operators receive a reward in TFuel, Theta’s utility token.

 

We have prepared for you top-performing coins of June 10.

Bitcoin Gold has managed to become the best performing asset among TOP-100, gaining 21.69% within the last 24 hours.

Theta Fuel was the worst-performing asset among TOP-100 (again), losing 12.55% within the last 24 hours.

To get up-to-date reports on gainers and losers during the week, follow us on Twitter.

 

Top crypto meme of the week

The meme is funny, but the situation is scary 😩

We hope you found this digest useful and informative! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter. Happy trading with the Good Crypto app!