The director of the Netherlands’ Bureau for Economic Policy Analysis, a part of the country’s Ministry of Economic Affairs and Climate Policy, has predicted “The ultimate collapse of the crypto bubble.” He urges the government to ban bitcoin and other cryptocurrencies immediately. However, the country’s finance minister disagrees that banning cryptocurrency is right for the country.
Authorities in Yunnan are launching an investigation to identify and shut down miners that are illegally using electrical power to mint bitcoin, Chinese media reports. Inspections will also focus on potential safety hazards and will be carried out by various government departments. The mining industry cleanup is expected to continue till the end of June.
A number of lawmakers in Latin American countries have expressed their interest in bitcoin following El Salvador passing the law making the cryptocurrency legal tender. The countries include Paraguay, Argentina, Panama, Brazil, and Mexico. Tonga and Tanzania have also reportedly expressed interest in bitcoin.
Bitcoin accomplished the bid for $40,000 as bulls closed the day above this crucial level for the first time in June. Fears of Bitcoin price dropping to close the CME BTC futures gap to $37,325 seem to have been curtailed. At the time of writing, the bellwether cryptocurrency trades at $40,517 following a 3.8% gain in 24 hours.
The rest of the crypto market is in the green following Bitcoin’s price upswing. Polkadot (DOT) and Polygon (MATIC) seem to be leading altcoins in recovery, posting gains of 16% and 11%, respectively.
United States-based retirement plan provider, ForUsAll, is joining forces with Coinbase to allow clients to invest up to 5% of their portfolio assets in cryptocurrencies.
The pension provider, which primarily serves small-to-medium-sized businesses, is working to offer exposure to more than 50 cryptocurrencies in a product called Alt 401(k).
Last week, El Salvador’s Congress passed a bill legalizing Bitcoin. The leading cryptocurrency now has equal footing with the country’s official currency, the U.S dollar. The upshot to this means all Salvadorian merchants are legally required to accept it for payments.
German sports car giant Porsche has drifted into the nonfungible token (NFT) market, with a June 14 announcement revealing the launch of an NFT collectible startup dubbed Fanzone.
However, the car manufacturer will not be looking to tokenize its luxury vehicles at this stage, instead opting to focus on soccer-themed NFT collectibles.
One of the most bullish bitcoin (BTC) investors, US-based software company MicroStrategy, said it has no specific target for their BTC holdings as they plan to sell USD 1bn worth of their shares and use part of the proceeds to buy more bitcoin.