Crypto News Recap: Remembering McAfee, UK Bans Binance, El Salvador Airdrops Bitcoin!

Published June 28th, 2021 - 06:48 GMT
Crypto News Recap: Remembering McAfee, UK Bans Binance, El Salvador Airdrops Bitcoin!
The FCA crackdown on cryptocurrencies came unannounced but it was arrived at due to ‘rising fears’ of cryptocurrency crimes that lure people by ‘promising high returns’. (Shutterstock)
Highlights
Let's get up to speed on the latest news of the crypto market.

This week in Crypto News Recap we’ll start by paying tributes to antivirus tycoon John McAfee who not only was considered the crypto prophet, but also influenced the markets and advocated crypto into the mainstream with his wild enthusiasm and charismatic fearlessness.

The war between governments and the crypto market is still on; the UK financial watchdog announced the beginning of a crackdown on crypto by ordering the world's largest crypto exchange Binance to stop operating in the country. 

On happier note, El Salvador is pushing the adoption of bitcoin by airdropping $30 worth of bitcoin to all adult citizens! Man, I wish I was a Salvadorian right now😞. 

Bitcoin Chart

bitcoin

Source: coinmarketcap.com

Let’s talk charts and numbers. BTC price fall from April’s all-time high ($60k) might have spooked investors and left many traders doubting. Nevertheless, global adoption metrics are displaying a significant rate of user growth as the main cryptocurrency is growing at a faster pace than the internet, according to Visualize Bitcoin!

And although May was the worst-performing month for bitcoin since 2011, CoinShares' Chief Strategy Officer, Meltem Demirors, said in an interview with CNBC that "Bitcoin is here to stay, and after 200 days of crypto market expansion, it’s normal to have a price drop. You can’t have a number go up forever... What we’re seeing is a correction, a contraction, and a lot of what is getting shaken out is what we call the paper hands, the weak hands."

 Crypto Charts

bitcoin

Source: coinmarketcap.com

Tribute to John McAfee

He might be known for pioneering the world’s first and most famous anti-virus software that bore his last name, John McAfee was also one of Bitcoin’s first advocates. The controversial tech mogul, who was one of the brightest minds of his generation, jumped into the crypto wagon in 2016 when he became the CEO of MGT Capital Investments, a company that used to operate social gaming apps, shifting its interest to bitcoin mining. In 2017, he made it to headlines predicting that bitcoin will hit $500,000 by 2020. A year later, the unpredictable McAfee ran for the presidency to “best serve the cryptocurrency community”. On the rise of ICOs popularity, McAfee embarked on a new affair by becoming a paid promoter for various projects, he was oozing with optimism that he got a tattoo for one of these projects!

However, he was ‘warned’ by US SEC as ICOs as many reports poured down signaling his engagement with various pumps and dumps. McAfee was the crypto evangelist until he decided to turn against bitcoin in a dubious tweeting spree, calling it ‘ancient technology’ and comparing it to the “Ford Model T automobile of 1908 ”. 

McAfee lived a full life; he had his moments of dizzying success and a share of mistakes due to his recklessness. However, he will remain a pivotal figure in the history of cryptocurrency. 

El Salvador to Airdrop $30 in Bitcoin to Adult Citizens

After becoming the first-ever nation to adopt Bitcoin (BTC) as legal tender, El Salvador has decided to jumpstart the wholesome adoption by distributing $30 in bitcoin to all citizens who have downloaded the official gov’t-issued bitcoin wallet. This new law is bound to come into effect in September.

To achieve such a goal, the government of El Salvador will soon buy more bitcoin which might push the price higher. According to other sites, Paraguay might be the next on the list to adopt Bitcoin as legal tender.

UK Watchdog Bars Binance from Regulated Activities in the Country

The UK’s watchdog, Financial Conduct Authority (FCA), has announced its decision to ban the world's largest crypto exchange Binance from conducting any regulated activity in the country by June 30. 

The FCA crackdown on cryptocurrencies came unannounced but it was arrived at due to ‘rising fears’ of cryptocurrency crimes that lure people by ‘promising high returns’. The regulator reiterated that the UK ‘doesn’t regulate crypto assets like Bitcoin or Ether’.

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