Crypto Flipsider News – June 22nd – China Ban, MicroStrategy, Michael Saylor, Sotheby’s, Revolut, Jay-Z NFT

Crypto Flipsider News – June 22nd – China Ban, MicroStrategy, Michael Saylor, Sotheby’s, Revolut, Jay-Z NFT

Hello to all crypto enthusiasts!

Today, we observed a peculiar situation – it seems like everybody loves crypto except the Chinese government. Just take a look at all these companies accepting digital currencies step by step. On the other hand, China loves its own digital yuan, but is it ideologically a crypto in its essence?

Anyways, let’s sum up what’s happening:

• China’s bad touch continues
• MicroStrategy goes deeper into Bitcoin
• Sotheby’s auction will allow Bitcoin bids to buy diamonds
• Revolut financial app disclosed crypto holdings
• Rap NFT battle goes too far

China’s Bad Touch Continues: Now Banks Are Under the Radar

China is in action again. The People Bank of China ordered local banks and financial companies to stop dealing with cryptocurrencies. The financial authority ordered banks to investigate client accounts and cut off crypto transactions to crypto exchanges or OTC brokers.

China’s central bank said crypto trading disrupts the financial order and creates risks of money laundering and criminal activities.

The Crypto market reacted immediately. Bitcoin dropped to nearly $31K, Ethereum fell below the $2.000 mark.

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Flipsider:

• Transaction blocking comes right after the crypto mining ban in China. It seems like someone’s got the addiction for the sake of digital yuan promotion, huh?

MicroStrategy Continues to Buy and Buy More: Seems Like Michael Saylor Wants to Buy the Dip

MicroStrategy got deeper in Bitcoins again. The software intelligence company just spent $489 million to buy additional 13,005 Bitcoins this week.

MicroStrategy now owns over 100,000 Bitcoins, all worth more than $3 billion dollars. It is one of the biggest and most faithful Bitcoin investors.

Michael Saylor, the company’s CEO, says Bitcoin is the best store of value. Saylor is an outspoken Bitcoin advocate.

Flipsider:

• It’s another addiction, although the completely opposite one. Sigmund Freud would definitely have something to say about such a mania. No jokes. Serial Bitcoin shopping already raises red flags for MicroStrategy’s shareholders: the company’s stocks dropped by nearly 10% after the latest purchase.

Sotheby’s to Accept Crypto Bids for a Precious Stone

Fine art and luxury auction house Sotheby’s made a historic step into digital coins. The world-famous auction will accept cryptocurrency payments for the rare diamond.

The pear-shaped diamond of more than 100 carats will be auctioned next month in Hong Kong. The precious stone is estimated to reach the price of $15 million.

Sotheby’s said this is the first time when its clients will be able to place bids in Bitcoin and Ether. The auction house will continue accepting traditional currencies as well.

Flipsider:

• Cryptos are no longer terra incognita for the oldies. Keep in mind that Sotheby’s is almost immortal and has been alive for 277 years now. Hope it will not forget its 24-word private key.

Revolut’s Crypto Holdings rise to over $700 Million

The UK fintech startup Revolut revealed the number of cryptos it holds on behalf of its clients. A fast-growing financial app stored more than $700 million worth of digital coins by the end of the 2020s. This is five times extra compared to the previous year. The app had over 16 million users a few months ago.

Revolut’s competitors Cash App and Venmo do not disclose their customer’s crypto holdings. They could be much bigger, having in mind the user base: Venmo had over 50 million users, Cash App had 36 million users last year.

Flipsider:

• Payments apps are still vulnerable to hacks. With cyber criminals hacking colonial pipelines and stuff, these 700 million dollars could be an easy job for them.

Jay-Z Sues His Co-Partner on NFT Copyright Infringement

NFT space got its first celebrities’ legal fight. Hip-hop record label Roc-a-Fella filed a lawsuit against one of co-founders Damon Dash.

Roc-a-Fella blames Dash for attempting to sell Jay-Z’s debut album “Reasonable Doubt” as an NFT. The company says the album’s rights still belong to Roc-a-Fella. Jay-Z is another co-founder of the famous rap record label.

Flipsider:

• Dash opposed: it’s not album NFTs he’s trying to sell, but his company shares. Ahem… those are completely different things, to be honest.

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