Crypto News Recap: Bitcoin Price Dips Below $35K, China FUD, Fans Create $STOPELON Coin

Published May 24th, 2021 - 07:00 GMT
Crypto News Recap: Bitcoin Price Dips Below $35K, China FUD, Fans Create $STOPELON Coin
The largest cryptocurrency by market value has dipped almost 50% but as you might know, this is not the first, nor the last market crash. (Shutterstock)
Afraid that you’ve missed any news on Bitcoin or cryptocurrencies? Don’t worry we've got you covered.

It could simply have been just another wild week in the crypto sphere, but the panic selloff bloodbath of Bitcoin continues on 🙆.

Wanna know what caused this FUD? Well, since Elon Musk triggered the price collapse by playing the ‘not-so-environmentally- friendly’ card, the bad news just kept on coming. However, there are 2 main contributing factors besides Elon Musk being HIMSELF on Twitter and they are The US President Joe Biden decision to drop a new ‘crypto tax reporting' proposal, and the other is the misleading headlines about new crypto regulations from China (To be honest this the fifth time I read rumors claiming that China banned Bitcoin in just one year LOL).

Bitcoin, the largest cryptocurrency by market value has dipped almost 50% but as you might know, this is not the first, nor the last market crash. 

 Unfortunately, the search query "Should I sell my bitcoin?" has risen on Google Trends, a barometer used to gauge general interest in trending topics, indicating that more people are selling Bitcoin suggesting FUD (Fear, Uncertainty, Doubt ). 

If you’re feeling blue because you lost some money during this latest crypto roller coaster, here’s what can make you feel better: Forbes estimated that crypto tycoons had lost $15.5 billion. Also, this price crash took away Vitalik Buterin’s billionaire status, just weeks after he has crowned World's Youngest Crypto Billionaire, tragic isn’t it.

Those who cannot remember the past are doomed to repeat it, that’s why the voices of reason echoes throughout the cryptolands advising people to HODL to what they have and buy the dip:

And if all these terms are giving you a headache, check out 👉 📖 15 Crypto Terms You Must Know Before Trading!

Without further ado, read on to get a week of crypto news in a link.

Bitcoin Chart



Crypto Charts



The Truth about China’s Crypto Crackdown

The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, three Chinese financial industry associations performing under the Central bank of China (PBOC) have issued a joint new document that aims at preventing the risk of hype in digital currency transactions. 

The paper discussed the correct understanding of the essential attributes of virtual currency and warned investors against the speculative nature of crypto trading, highlighting that cryptocurrencies “are not supported by real value”. 

Regardless of the fact that individual investors will not be banned from holding cryptocurrencies, this ban has spooked Chinese investors and set off a whole new wave of a selling frenzy.

 In light of the news, crypto exchange Huobi decided to stop some products and services in some countries and has suspended miner hosting services in mainland China.

Biden Targets Tax Evaders with Proposal for Reporting Cryptocurrency To Close Tax Gap

The US President Joe Biden has called on the US Congress to okay a law proposal that expands giving the Internal Revenue Service (IRS) crypto gains reporting requirements.

The Presidential proposal aims at closing the tax gap by targeting crypto to limit ‘the number of ways people are able to hide income’. "Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime," the report reads. However, this will take effect in 2023.

Crypto Fans Create $STOPELON to Destroy Elon Musk

The crypto sphere has a new coin member: a new meme cryptocurrency dubbed as $STOPELON has seen the light this week to crash Tesla CEO Elon Musk’s 'manipulations' and influence on the crypto market.

The creators say 'We say ENOUGH. Hence, we created $STOPELON. Where we get rich, without anyone controlling our fate except ourselves'.

StopElon was created on the blockchain Binance Smart and can be bought StopElon on PancakeSwap via the TrustWallet app.

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