Happy Monday, Blockfolians
The Lede
US crypto people woke up this morning to sub $33k BTC and sub $2K ETH. The reason was that the People’s Bank of China has put pressure on four major Chinese banks and Alipay to sever all ties with crypto traders.
On the one hand, this is just a reiteration of existing policy. On the other hand, it’s clear to many that this time seems a bit different.
Still, in terms of its ability to impact price, it’s somewhat surprising.
Perhaps it shows a larger weakness in the market? Only time will tell.
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Highly Relevant Reading
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Sotheby’s to allow crypto payments for major diamond sale
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MicroStrategy buys $489m more in Bitcoin
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This UK bank is banning crypto
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Canada is going after Bybit
Community Commentary
This is a pretty common take
An excellent overview of Taproot
A Really Big Number We Should Be Paying Attention To
$100,000,000
That’s how much a real estate billionaire is planning on spending on a decentralized social network
Final Thought
There’s a lot of this joke going around
