🔴 China Triggered Crypto Crash | This Week in Crypto – Sep 27, 2021

China sinks the crypto market, Twitter launches Bitcoin payments, and online dating could be hazardous
to your crypto stash. These stories and more
this week in crypto. Hi, I’m Nate Martin
from 99Bitcoins.com, and here’s what’s happened
this week in crypto. The crypto market took
multiple hits this week reacting to news coming from China. The first came following news that Evergrande—China’s second largest
property developer is on the verge of bankruptcy, sparking a sell off that saw cryptocurrency
prices dip by over 10 percent. Then just as the market began to recover, further news broke that China would be enforcing a ban on all digital
currency transactions, sinking the market again, even though the country had already
banned bitcoin back in 2017. Twitter rolled out Bitcoin-based
payment features this week including support for Lightning wallets, as part of a larger plan to support
creators on its platforms. Twitter users worldwide can employ
Bitcoin tips using iOS devices, with support for Android devices
to follow in the near future. Leading online payment processor,
PayPal, announced a new application that allows
multiple new financial services including buying, selling,
and holding crypto.

The new app will also introduce
a ‘PayPal Savings’ account along with the ability to manage gift cards,
pay with QR codes, and access credit all from within
the same app. Two major hacking incidents happened
this week in the DeFi world. pNetwork, a cross-chain
decentralized finance protocol, suffered an attack and lost
over $12 million worth of pBTC. Decentralized platform Vee Finance
also reported losses of more than $30 million in bitcoin and ether
following a cyberattack. Those funds were stolen
using a single wallet address, which the company now claims
has been frozen. The US Treasury Department has announced
plans to impose sanctions on enterprises and trading platforms that have allegedly been part of
ransomware attacks in the past. Sanctions will be placed in the hope
that this will prevent them from processing illicit transactions
in the future. Cardano, the blockchain competitor to Ethereum has announced the store for decentralized
applications on the network, calling it Plutus dAppStore. In this storefront, developers will be able to upload
their Cardano dApps, making it easier for the community
to discover them. Cardano’s long-awaited Alonzo hardfork, which brought smart contract
functionality to the blockchain, went live earlier this month.

Legendary rap artist Snoop Dogg
has entered the NFT Metaverse with his own private ‘virtual mansion’
on The Sandbox. Sandbox players will be able to interact
with others in Snoop’s mansion, access exclusive NFTs, attend live concerts
and ‘priceless experiences’ with one of the 1000 exclusively available
Snoop Private Party Passes to the mansion. The FBI has announced that crypto fraudsters
are regularly scanning online dating sites for potential victims. Thus far, the agency has received
nearly 2,000 complaints with more than $133 million in funds stolen
from individuals claiming that they were scammed
into investing in obscure cryptocurrency projects after speaking with someone they believed
to be a potential partner. That’s what’s happened
this week in crypto, see you next week. If you've enjoyed this video,
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