Arguably, BTC gives local authorities a greater overview of its monetary policies than the EUR or USD, whose management is designed to favor the countries issuing those currencies. BTC has now emerged on a list of currencies which nations can choose to adopt if they’re unable to manage domestic currencies.
The BTC network hasn't shown any obvious reactions to reported crackdowns on mining activity in China. At the same time, Chinese BTC mining hardware producer Canaan has reported that 78% of Q1 revenue came from overseas markets.
The Cardano network’s ADA token achieved a record market cap of USD 73 billion in mid-May. The network, which has limited functionality, has benefited from the narrative-driven investing that’s typical in crypto markets. 
A report from analytics firm Chainalysis claims that ransomware payments in 2020 totaled USD 406 million, up from USD 92 million in 2019.
A selloff of BNB that’s largely in line with other exchange tokens, which aren’t facing the same challenges, suggests that BNB investors have ignored the widespread risk posed by DeFi hacks and U.S. investigations into Binance.
Since achieving an all-time high of roughly USD 2.5 trillion in mid-May, the aggregate crypto market cap has declined by about USD 800 billion to date. BTC dominance remains at about 45%, above record lows from 2017.
Yesterday, the Ontario Securities Commission (OSC) revealed an enforcement action against Seychelles-based crypto-to-crypto exchange Poloniex for “operating an unregistered crypto asset trading platform.”
During a Friday meeting of China’s State Council, discussions were held about “[cracking] down on [BTC] mining and trading behavior.” The same day, Hong Kong regulators revealed plans to bar retail investors from trading crypto.
Crypto has undergone its most significant correction since this bull market began. At one point yesterday, the estimated aggregate crypto market cap had lost as much as about USD 1 trillion WoW. Today, we review some notable metrics.
3 Chinese self-regulatory organizations have issued a statement reiterating that financial institutions in the country are barred from engaging with crypto businesses. The note, which only confirms long-standing policy towards crypto in China, has been mischaracterized as a new crackdown on crypto by the media.