Bitcoin sank below $20K

The top cryptocurrency in the market, Bitcoin, sank below $20,000. And, with it, important Tokens.

The top cryptocurrency in the market, Bitcoin, sank below $20,000. And, with it, important Tokens.

Bitcoin price dipped below the $18,500 price level for the first time on Saturday. Failing to recover to the $20,000 to $23,000 range that it had been trading steadily in last week.

At the time of writing, Bitcoin was trading at around $19,226 a coin, down 5.74% over the last 24 hours according to our internal Crypto Online tool.

Bitcoin's market capitalization plummeted around $350 billion. A 73% decline from its November all-time high, according to CoinGecko.

Historically, Bitcoin has experienced periods of asymptotic price rises followed by sharp declines, typically playing out over several months to two years. Cryptocurrency traders and speculators refer to these periods as “cycles”. And they often reference historical price levels when setting new price targets.

Russia appears to be preparing to mine Bitcoin with gas flaring

The Russian government continues to establish ties with major players in the cryptocurrency mining industry. Despite remaining skeptical about the legalization of trade and payments with them.

Russian state-owned gas giant Gazprom Neft has partnered with BitRiver, the largest crypto mining service provider in Russia. Gazprom will provide BitRiver's partner data centers with electricity generated from associated petroleum gas. As officially announced by the companies on June 16.

As part of the collaboration, BitRiver will develop a digital infrastructure based on Gazprom's oilfields for mining cryptocurrencies from the flaring of waste gas.
Binance Suspends Withdrawals and Deposits in Brazil Following New Central Bank Policy

The company announced in a statement that it has terminated a partnership with local payment gateway Capitual, which operated Binance deposits and withdrawals through Pix for one year and eight months.

On its platform, Binance informed users that deposits through Pix are experiencing instability due to a policy change made by the Central Bank of Brazil (BC). Without providing more details.

The service shutdown coincides with the end of a BC-imposed deadline for Pix providers to implement new KYC (know your customer) requirements.

“Binance will replace Capitual with a local payment provider with extensive experience, to be announced soon,” the company stated. And, he added that he will take legal action against Capitual, without providing further details.
Mark Cuban Says Cryptocurrency Crash Shows Warren Buffett's Wisdom

Billionaire cryptocurrency investor and owner of the Dallas Mavericks, Mark Cuban, says the current market crash reminds him of a well-known adage uttered by Warren Buffett.

Cuban sees a parallel between the rise and fall of cryptocurrency markets and projects. Thus the aphorism of the 91-year-old Oracle of Omaha states that "only when the tide goes out do you discover who has been swimming naked."

Cuban's remark was revealed during an interview Thursday with Fortune in which he discussed what he sees as the flawed business models of some cryptocurrency projects that have gone down in the last two months.