Bitcoin broke back above $50,000 on Monday for the first time in three months as investors piled back into the cryptocurrency on bargain-buying. The largest cryptocurrency by market capitalization, reached as high as $50,152.24, the highest since mid-May, up 2.5%.

With a 24-hour trading volume of $28,398,835,669 USD, the current Bitcoin price is $49,989.49 USD. Bitcoin has gained 2.53% in the last 24 hours. With a live market cap of $939,522,428,109 USD, CoinMarketCap currently ranks #1.

According to a report from blockchain data platform Chainalysis released on Tuesday, Chinese cryptocurrency addresses sent more than $2.2 billion worth of digital tokens to addresses tied to illegal activity such as scams and darknet operations between April 2019 and June 2021. 

China’s transaction quantity with illicit addresses has fallen drastically over the two-year interval when it comes to absolute worth and relative to different nations, Chainalysis stated. The massive motive is the absence of large-scale Ponzi schemes because the 2019 rip-off involving crypto pockets and alternate PlusToken that originated in China, is famous. 

Users and customers lost an estimated $3 billion to $4 billion (roughly $3 billion Rs. 22,230 crores) to $4 billion (roughly Rs. 29,650 crores)  from the PlusToken scam.

The overwhelming majority of China’s unlawful fund actions in crypto has been associated with scams, though that has declined as nicely, the Chainalysis report stated.

“That is probably due to the attention raised by PlusToken, in addition to the crackdowns within the space,” stated Gurvais Grigg, international public sector chief know-how officer at Chainalysis, in an email to Reuters.

Chainalysis described China as the hub of the global fentanyl trade, with many Chinese producers of the drug-using cryptocurrency to carry out transactions. 

Most cryptocurrency-based cash laundering entails mainstream digital forex exchanges, typically by means of over-the-counter desks whose companies are constructed on high of those platforms.

Chainalysis famous because China seems to be moving towards companies and people facilitating this exercise.

It cited Zhao Dong, founder of several Chinese OTC businesses, pleading guilty in May to money laundering charges after being arrested last year.

 

Amazon is hiring a digital currency and blockchain product lead for its payments team. The company may allow users to pay in cryptocurrencies like Bitcoin soon as the e-commerce giant

According to the latest job listing, Amazon’s Payments Acceptance & Experience team is “seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap”.

“You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive the overall vision and product strategy, and gain leadership buy-in and investment for new capabilities,” the company posted.

On Tuesday Bitcoin tumbled amid a broad crypto crackdown from China that saw it drop below $30,000 for the first time since January before recovering from some of the losses in late-morning. The world’s biggest cryptocurrency regained the psychological level of $30,000 to recover from five-month lows on Wednesday, as the market continued to see value buying at lower levels.

The Bitcoin fell more than 11% to about $28,911, below the $29,026 level where it ended 2020, according to Coin Metrics. The cryptocurrency then bounced and was up 0.43% after 4:00 pm EST to $32,637.54 on the session, according to Coin Metrics.