The market capitalization is $1.31 trillion, a 2.55 percent decrease from the previous day. The overall transaction activity of the cryptocurrency market in the previous 24 hours was $66.12 billion, a gain of 2.02 percent. The overall trading volume of all solid cryptocurrencies is now $52.74 billion, accounting for 79.77 percent of the crypto’s general market’s entire 24hr trading activity. Bitcoin’s price is the US $31,998.58, and its dominance is 45.58 percent, 0.13 percent lower than the last day of trading.
Hong Kong money laundering
On July 16, Hong Kong Customs officers announced the arrest of a money-laundering network that utilized cryptocurrencies to handle around 1.2 billion Hong Kong dollars (155 million US dollars) in unlawful funds, calling it the first operation of its kind. “This is the first time Hong Kong has crushed a money laundering gang which used cryptocurrencies to commit fraud and hide the origins of illegal assets,” said Senior Superintendent Wu Weijun. Investigators stated that 4 persons, including the labor union’s so-called regional leader, had been detained, bailed, with 20 million Hong Kong dollars frozen. These individuals opened several regional accounts in several banks using shell businesses and exploited online currency exchange platforms to convert money-laundered bitcoin into actual money for clients. In the last 15 months, nearly 60% of assets were transferred through Singapore-owned bank accounts. The organization, according to officials, is engaging with privacy tokens issued by the cryptocurrency by the name of Tether.
Even though El Salvador declared cryptocurrency as a “circulating medium”, predictions of Paraguay being the second country to legalize Bitcoin have grown. However, a specific draft that isn’t made official does not say anything about making Bitcoin or any other cryptocurrency lawful in the nation. Instead, it concentrates on regulatory bodies, particularly those involved in tax assessment. According to the proposal, it intends to oversee cryptocurrency mining and trade in Paraguay and wants firms to be listed as “obligated subjects.”
Bitcoin Mining in China
There is a study that states China’s volume of the world’s Bitcoin production capacity has dropped substantially well before China figured out cryptocurrency mining. Also, the country’s proportion of computer power connected to the worldwide Bitcoin network, defined as the “hash rate,” has dropped from 75.5 percent in September to 46 percent in April of this year. The study offers a valuable perspective into the worldwide Bitcoin mining practices, at a time when firms like Tesla are becoming seriously worried about how the coin is generated and fabricated.