Forbes - China still hates crypto 🤬

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	Happy Friday! Billy Bambrough here, bringing you your daily dose of crypto news and what to look out for over the weekend.


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24-hour crypto market snapshot

$42,259

$2,845

$133.98

$0.2007

🤑 Tipped (briefly) over $2 trillion


	🚨 Cryptocurrency prices were given a knock today by news that China is intensifying its crypto crackdown and has vowed to root out "illegal" bitcoin and crypto trading activity. The crypto market was sent sharply lower in May after China banned bitcoin and cryptocurrency mining, wiping away billions of dollars in value. Now, China's economic planning agency has said a comprehensive crypto ban is necessary to meet the country's climate goals and China’s central bank said it will ban financial institutions, payment companies, and internet platforms from facilitating cryptocurrency trading. You can read the full story on Forbes. The latest crypto clampdown from China sent crypto prices into free fall, with bitcoin down around 4% on this time yesterday. Bitcoin had been climbing following Twitter's announcement yesterday that it would begin allowing users to tip each other using bitcoin but it quickly gave up those gains. Twitter's news had sent the entire crypto market higher, briefly topping $2 trillion before crashing back under the psychological level on the news out of China. Good to know: JPMorgan sees big investors pivoting from bitcoin to ethereum futures Other top ten coins have been hit harder than bitcoin by China's crackdown, with ethereum down around 8% along with its rival solana. The meme-based dogecoin is leading major tokens lower, down 9%, with its post-Elon Musk tweet glow quickly fading. Cardano, Binance's BNB, polkadot and Ripple's XRP are all down between 4% and 7%. This weekend... watch out for lines coming out of the Cardano Summit 2021, with cardano creator and ethereum co-founder Charles Hoskinson topping the bill.

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🐦 Twitter begins bitcoin roll-out



	Twitter co-founder and chief executive Jack Dorsey is a long-time bitcoin devotee Getty Images


	Tweetstorm: Twitter has dropped a bombshell on the crypto community, yesterday allowing some users to begin tipping accounts with bitcoin. Twitter also said it's planning to add crypto wallet connectivity and will let users authenticate the ownership of NFTs with a special badge. Testnet: Twitter has been testing bitcoin tipping for a few months but yesterday began rolling it out globally on iOS with Android to follow in a few weeks. Alongside bitcoin, Twitter will let users connect nine traditional payment providers, including the popular Venmo and Cash App, to their profiles to accept tips. Twitter isn’t processing the payments itself and will be using the bitcoin lightning network-supported wallet app Strike. Twitter does not take a cut of any money sent through its Tips feature. Going global: Different payments options or tipping services will be available to users in different parts of the world, though direct bitcoin payments and via the layer-two lightning network will be available to Twitter users worldwide. Bitcoin's lightning network allows users to make faster and lower-fee bitcoin transactions "off-chain." The El Salvador connection: Strike, the Chicago-based startup led by chief executive Jack Mallers launched last year along with its parent company Zap Technologies, and is known for helping El Salvador adopt bitcoin. Strike has also opened up its API to marketplaces and merchants, allowing them to use it to "enable instant, global payments between buyers and sellers or fans and creators," according to a press release. Doing the rounds: This video of a cap and hoodie-combo-wearing Mallers sending a bitcoin lightning payment over Twitter has been viewed more than 1.6 million times. Check it out. Bestcoin: "There’s this great opportunity for us to choose global, barrier-less options," Esther Crawford, Twitter’s product lead for creator monetization, said during a call with reporters, it was reported by Coindesk. "And bitcoin represents one of the best options. We know not everyone around the world transacts with bitcoin yet, but … we think it’s one of the better solutions. NFTs for all: Twitter didn't provide much detail or any specifics about its plans to support non-fungible tokens (NFTs) but said it’s another way to support creators who make digital art. "NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner’s NFT as authentic," a company spokesperson told The Verge. Bitcoin bro: Twitter CEO Jack Dorsey, Silicon Valley's biggest bitcoin fan, wrote in June that it was "only a matter of time" before Twitter integrated bitcoin and lightning payments in some way. Dorsey, a longtime supporter of lightning, invested in Lightning Labs’ $2.5 million seed funding round in 2018. Dorsey has said he doesn’t think there is anything more important to work on than bitcoin and has gone as far as saying bitcoin could bring about world peace. Now read this: Two weeks later, how is El Salvador’s bitcoin strategy going?

🔜 Crypto regulation clarity


	🔍 The U.S. House of Representatives has included a crypto provision in this year’s version of the annual defense budget bill, aimed at clarifying how cryptocurrencies are regulated to help the U.S. better compete internationally. Coindesk has a write-up. 📝 The annual defense budget bill, the National Defense Authorization Act, now will be voted on by the Senate but usually sees bipartisan support, giving the crypto provision a good chance of it being passed into law. 🤝 If enacted, the proposed legislation would require the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to define which agency has oversight of which aspects of the crypto market. Congress would create a working group within 90 days of the bill’s passage composed of SEC and CFTC representatives. Now read this: Regulators racing toward first major rules on cryptocurrency

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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