The Chinese government reacts to bank runs. Cardano’s Vasil hardfork gets delayed. And nothing, not even crypto, is more important than your mental health. My name is Frankie Candles. And this is your nightly crypto news wrap-up. Let’s get it! Protests have long been banned in mainland China. But in recent days, many Chinese have stood up for their rights. The earliest protest was in Henan after four rural commercial banks suddenly froze all deposits in mid-April. They advised customers that they were upgrading internal systems. Upgrading internal systems? More like running away with your money. The signs the protesters are holding read “Return our deposits!” Thousands of people in the Henan and Anhui provinces in China have been unable to withdraw their funds. And it’s pretty obvious that this is a clear cut case of a bank run.
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It’s reported that the protesters have been cut off from at least $178 million and the majority shareholder of six banks in question, Sun Zhenfu, is on the run from the police for serious financial crimes. Many disgruntled customers affected by the bank run traveled from their rural areas to Central China to get their money back. But they were only met with the red travel restrictions on their COVID-19 phone apps. This story highlights a few relevant talking points. One, it’s messed up that the Chinese authorities are manipulating a tool created for public health to prevent people from voicing their opinions and getting their money back. If the code on the app goes red, you can’t enter a public place or even get on a train. No. 2, just like how there’s been insolvency issues in crypto, like with LUNA and Celsius, that can happen with normal banks, too.
And in both cases, these examples will be pointed to as an excuse to crack down on regulation. Why crack down on crypto when the dollar is falling? It’s simple. The third party intermediaries that crypto eliminate fund the legacy system. Why is this relevant? I’ll answer that with another question. What’s the common ground in crypto regulation between the US and China? CBDCs Does the CBDC stand for central bank digital currency or corruption by design coin? It’s messed up that our media villainizes China, but we follow their lead to prevent our population from financial freedom through overregulation.
We’ve got Bitcoin coming in at $20,666. Ethereum coming in at $1,123. Now, we are getting some relief on Bitcoin. So let’s go ahead and check our top movers. Waves up about 41– almost 42% on the day Shiba Inu up about 28% on the day Hey, can’t hate on SHIB for pumping. Zilliqa up 21% IOST up 12% Uniswap up 12% HOT up 9% And Filecoin up 9% as well on the day Guys, we have seen a little bit of relief on Bitcoin, which is nice, as we’ve seen a complete bloodbath in the recent past. But we are actually cooling off just a little bit. But I am hunting for possible long opportunities. Hopefully, we can see that bullish divergence on the daily play out just a little bit more and get a little bit of relief. But as always, be careful out there with the longs. We are in a bear market.
Cardano’s long-awaited Vasil hardfork, planned to roll out on June 29, has unfortunately been delayed to the last week of July. Although this is the most tested upgrade in Cardano’s history, it’s been reported that seven bugs and additional time to test is what’s holding back ADA from entering the Basho era. Cardano’s founder Charles Hoskinson stated on his YouTube page that after what happened to LUNA, we should probably measure three times and cut once given the nature of things. He also stated that the Vasil hardfork is the most significant one they’ve ever done and that the stakes have never been higher. Personally, I don’t think this is a big deal for the future of ADA. I would rather have them take the time to get it right instead of rush it and drop the ball. Take all the time you need, Charles. We’ll be here.
And if you haven’t seen our new two-part interview with Charles Hoskinson. I want to take a second to be real with the BitSquad. Please know that absolutely nothing is more important than your mental health. I personally know what it’s like to hit rock bottom. And if crypto is the vice that has brought you down to your bottom, there are people you can talk to. I say this because Finbold.com ran a story this morning that rehab centers are seeing an uptick in patients looking for help to control their crypto addictions. This really struck a chord with me. And since we’re in a bear market, I know a lot of people out there may have lost a lot of money. And as a day trader, I definitely know how that feels. If you don’t know how to implement risk management in your routine, or if you’re trading with the only money you have, it’s okay to walk away from this industry. It’s not for everyone. Crypto was built off max pain. Only those who know how to cope with the volatility will make it. If you have a problem trading crypto, please talk to someone. It’s okay to ask for help. There is a way out. And if you do have a problem, the first thing you must do is be honest with yourself.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/2hstbDr6sTM