{"id":45594,"date":"2021-07-06T14:42:30","date_gmt":"2021-07-06T11:42:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45594"},"modified":"2025-09-01T11:59:24","modified_gmt":"2025-09-01T08:59:24","slug":"june-2021-in-figures-hashrate-slump-amid-chinas-crackdown-polygon-sets-records-tether-halts-the-machine","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/june-2021-in-figures-hashrate-slump-amid-chinas-crackdown-polygon-sets-records-tether-halts-the-machine\/","title":{"rendered":"June 2021 in Figures: Hashrate Slump Amid China&#8217;s Crackdown, Polygon Sets Records, Tether Halts the Machine"},"content":{"rendered":"<div class=\"wp-block-monthly-reviews-top-blk review_top_blk\">\n<h2 class=\"wp-block-heading\"><strong>Key Highlights<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Mining operations are leaving China en masse. Over the month, Bitcoin\u2019s global average hashrate fell by about 40% to just above 80 EH\/s.<\/li>\n<li>Bitcoin traded in a range of $28,600 to $41,340 and closed one of the worst quarters on record.<\/li>\n<li>Ethereum declined by 15%, but remained in the green for the second quarter.<\/li>\n<li>Volume on leading spot exchanges fell 52% to a five\u2011month low of $1.2 trillion.<\/li>\n<li>Volume on decentralized exchanges dropped 50% \u2014 from $143 billion to $68 billion.<\/li>\n<li>Polygon\u2019s daily on\u2011chain activity surpassed, by severalfold, both Binance Smart Chain and Ethereum.<\/li>\n<li>Bitcoin and Ethereum miners\u2019 revenues declined by 43% and 53% respectively. Average network fees fell to yearly lows.<\/li>\n<li>Long\u2011term investors were accumulating cryptocurrency, with on\u2011chain indicators signalling Bitcoin oversold.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Leading Asset Dynamics<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"897\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-47.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141287\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-47.png 1828w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-47-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-47-1024x502.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-47-768x377.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-47-1536x754.png 1536w\" sizes=\"auto, (max-width: 1828px) 100vw, 1828px\" \/><figcaption>BTC\/USD daily chart on Bitstamp. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BTCUSD\">TradingView<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>June started at $37,280 (Bitstamp) and repeatedly attempted to break out of the range. The local high was $41,340 and the low $28,600.<\/li>\n<li>Bitcoin fell 6% in the first month of summer.<\/li>\n<li>The second quarter of 2021 was Bitcoin\u2019s worst since 2012, with prices down 40%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"897\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH-37.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141290\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH-37.png 1828w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-37-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-37-1024x502.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-37-768x377.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-37-1536x754.png 1536w\" sizes=\"auto, (max-width: 1828px) 100vw, 1828px\" \/><figcaption>ETH\/USD daily chart on Bitstamp. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BITSTAMP%3AETHUSD\">TradingView<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In June, Ethereum fell 15%.<\/li>\n<li>From the May 12 peak of $4,380, the cryptocurrency was down 48%.<\/li>\n<li>Ethereum finished the second quarter up 18%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"360\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/gainers-2-1024x360.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141294\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/gainers-2-1024x360.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-2-300x105.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-2-768x270.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-2.png 1239w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Gainers &#038; Losers for the month. Data: Messari.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"359\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/losers-2-1024x359.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141295\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/losers-2-1024x359.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-2-300x105.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-2-768x269.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-2.png 1237w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The market correction also hit popular altcoins. Bitcoin\u2019s dominance rose from 41% to 45%.<\/li>\n<li>Smaller, low-liquidity coins rose, with the notable exceptions of the AMP asset listed on Coinbase Pro and Rarible&#8217;s governance token. <\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<p>Equities tied to cryptocurrencies regained some ground toward month\u2011end:<\/p>\n<ul class=\"wp-block-list\">\n<li>Coinbase (COIN) shares rose 6.8%;<\/li>\n<li>The fundraising via a bond issue and the subsequent <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-buys-13005-more-btc\">purchase of 13,005 BTC<\/a> positively impacted MicroStrategy (MSTR), lifting its shares 42%;<\/li>\n<li>Galaxy Digital (GLXY) shares rose 11.5%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<p>June mood for mining company equities:<\/p>\n<ul class=\"wp-block-list\">\n<li>Canaan (CAN): \u22128%;<\/li>\n<li>Ebang International (EBON): +5%;<\/li>\n<li>Riot Blockchain (RIOT): +39%;<\/li>\n<li>Hut 8 (HUT): +7%;<\/li>\n<li>Marathon Digital (MARA): +27%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Macroeconomic Backdrop<\/strong><\/h2>\n<p>By mid\u2011June, the Fed\u2019s balance sheet surpassed $8 trillion for the first time in history. By the week ending 24 June it stood at $8.15 trillion. Since the start of the year, the balance sheet is up 10.7%, and up 76.7% vs. the covid\u2011era low in 2020.<\/p>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"445\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-balansa-FRS.-Dannye-Bloomberg-FRS-1024x445.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141301\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-balansa-FRS.-Dannye-Bloomberg-FRS-1024x445.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-balansa-FRS.-Dannye-Bloomberg-FRS-300x130.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-balansa-FRS.-Dannye-Bloomberg-FRS-768x334.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-balansa-FRS.-Dannye-Bloomberg-FRS.png 1206w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Fed balance sheet dynamics. Data: Bloomberg, Fed.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"732\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Klyuchevye-prognozy-uchastnikov-komiteta-po-operatsiyam-na-otkrytom-rynke-FRS-SSHA.-Dannye-FRS.-1024x732.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141302\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Klyuchevye-prognozy-uchastnikov-komiteta-po-operatsiyam-na-otkrytom-rynke-FRS-SSHA.-Dannye-FRS.-1024x732.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Klyuchevye-prognozy-uchastnikov-komiteta-po-operatsiyam-na-otkrytom-rynke-FRS-SSHA.-Dannye-FRS.-300x215.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Klyuchevye-prognozy-uchastnikov-komiteta-po-operatsiyam-na-otkrytom-rynke-FRS-SSHA.-Dannye-FRS.-768x549.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Klyuchevye-prognozy-uchastnikov-komiteta-po-operatsiyam-na-otkrytom-rynke-FRS-SSHA.-Dannye-FRS..png 1158w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Key projections from Fed officials on Open Market operations. Data: Fed.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>The June 16 FOMC gathering delivered surprises. Compared with March, the inflation projection for 2021 was raised by 1 percentage point\u2014to 3.4%.<\/p>\n<p>The path of rates points to a shifted consensus on the first move for the federal funds rate in 2023. Most members now anticipate two hikes in 2023. Seven of 18 expect a move in 2022. The rate\u2011hike probability priced into futures market stood at 57.2% for a first increase in September 2022, up from 38.8% a month earlier.<\/p>\n<p>Revisions to the timelines affected expectations for tapering the QE program. According to the Bank of America June poll, nearly two\u2011thirds of fund managers expect a signal on this front by August\u2013September.<\/p>\n<p>A return to normal monetary policy could stress financial markets. The crypto market may come under pressure if it begins to behave more like risk assets, as observed in March 2020.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Market Sentiment and Correlations<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"544\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-5-1024x544.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141336\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-5-1024x544.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-5-300x159.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-5-768x408.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-5-1536x815.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-5.png 1880w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Fear and Greed Index dynamics. Data: alternative.me.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"408\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-3-1024x408.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141337\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-3-1024x408.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-3-300x120.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-3-768x306.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-3-1536x612.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-3-2048x816.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>90\u2011day asset correlation indicators. Data: BlockchainCenter.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Last month, markets were predominantly bearish: price movements at relatively low levels and a negative Fear &#038; Greed index. The latter hovered around 28 most of the month, with readings dipping to 10 and never rising above 38.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Bitcoin\u2019s correlation with other popular assets\u2014Ethereum, Litecoin, Monero\u2014strengthened. The statistical link with the S&#038;P 500 fell markedly\u2014from 0.25 to 0.13. Correlation with gold remains essentially absent, as before.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>On\u2011Chain Data<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"555\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1Dinamika_chisla_aktivnyh_bitkoin_adresov_Dannye_Glassnode-1024x555.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141508\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1Dinamika_chisla_aktivnyh_bitkoin_adresov_Dannye_Glassnode-1024x555.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1Dinamika_chisla_aktivnyh_bitkoin_adresov_Dannye_Glassnode-300x163.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1Dinamika_chisla_aktivnyh_bitkoin_adresov_Dannye_Glassnode-768x416.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1Dinamika_chisla_aktivnyh_bitkoin_adresov_Dannye_Glassnode.png 1299w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of active Bitcoin addresses. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"619\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-ezhednevnyh-tranzaktsij-v-seti-bitkoina.-Dannye-Coin-Metrics-1024x619.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141343\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-ezhednevnyh-tranzaktsij-v-seti-bitkoina.-Dannye-Coin-Metrics-1024x619.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-ezhednevnyh-tranzaktsij-v-seti-bitkoina.-Dannye-Coin-Metrics-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-ezhednevnyh-tranzaktsij-v-seti-bitkoina.-Dannye-Coin-Metrics-768x464.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-ezhednevnyh-tranzaktsij-v-seti-bitkoina.-Dannye-Coin-Metrics-1536x928.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-ezhednevnyh-tranzaktsij-v-seti-bitkoina.-Dannye-Coin-Metrics.png 2010w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of on\u2011chain daily transactions in the Bitcoin network. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The number of active Bitcoin addresses fell to levels last seen in February 2019. Over the month, the figure dropped by more than 9.38% \u2014 from 917,350 to 831,216.<\/li>\n<li>On\u2011chain activity fell sharply across on\u2011chain metrics for Bitcoin and Ethereum. Glassnode experts <a href=\"https:\/\/u1f987.com\/en\/news\/glassnode-bitcoin-and-ethereum-on-chain-activity-falls-to-2018-levels\">believe<\/a> that this pattern signals a high degree of uncertainty about the price path.\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pokazatelya-MVRV-Z-Score-sglazhennogo-7-dnevnoj-skolzyashhej-srednej.-Dannye-Glassnode-1024x576.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141349\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pokazatelya-MVRV-Z-Score-sglazhennogo-7-dnevnoj-skolzyashhej-srednej.-Dannye-Glassnode-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pokazatelya-MVRV-Z-Score-sglazhennogo-7-dnevnoj-skolzyashhej-srednej.-Dannye-Glassnode-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pokazatelya-MVRV-Z-Score-sglazhennogo-7-dnevnoj-skolzyashhej-srednej.-Dannye-Glassnode-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pokazatelya-MVRV-Z-Score-sglazhennogo-7-dnevnoj-skolzyashhej-srednej.-Dannye-Glassnode.png 1523w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the MVRV Z\u2011Score, smoothed with a 7\u2011day moving average. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indikatora-NVT-Price.-Dannye-Woobull-Charts-1024x589.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141350\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indikatora-NVT-Price.-Dannye-Woobull-Charts-1024x589.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indikatora-NVT-Price.-Dannye-Woobull-Charts-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indikatora-NVT-Price.-Dannye-Woobull-Charts-768x442.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indikatora-NVT-Price.-Dannye-Woobull-Charts-1160w.png 1160w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the NVT Price indicator. Data: <a href=\"https:\/\/charts.woobull.com\/bitcoin-nvt-price\/\">Woobull Charts<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Values of the MVRV Z\u2011Score are approaching 1, where Bitcoin is neither overvalued nor undervalued by the market. The overbought zone was reached earlier this year in February. However, the deeply oversold zone seen in March 2020 remains well below reach.<\/li>\n<li>Based on NVT Price, the fundamental value of Bitcoin is slightly above $50,000. Therefore, BTC is currently undervalued by the market.\n<\/li>\n<\/ul>\n<p><em>For more on on\u2011chain indicators, read <a href=\"https:\/\/u1f987.com\/en\/news\/how-to-spot-entry-points-in-the-crypto-market-using-on-chain-tools\">ForkLog\u2019s overview<\/a>.<\/em><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"613\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_srednej_komissii_za_BTC_i_ETH_tranzaktsiyu.-Dannye_Coin_Metrics.-1024x609.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141358\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_srednej_komissii_za_BTC_i_ETH_tranzaktsiyu.-Dannye_Coin_Metrics.-1024x609.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_srednej_komissii_za_BTC_i_ETH_tranzaktsiyu.-Dannye_Coin_Metrics.-300x178.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_srednej_komissii_za_BTC_i_ETH_tranzaktsiyu.-Dannye_Coin_Metrics.-768x456.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_srednej_komissii_za_BTC_i_ETH_tranzaktsiyu.-Dannye_Coin_Metrics.-1536x913.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the average fee per BTC- and ETH\u2011transaction. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"474\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_bitkoina_s_nachala_goda_EH_s_Dannye_Glassnode_-1024x474.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141359\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_bitkoina_s_nachala_goda_EH_s_Dannye_Glassnode_-1024x474.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_bitkoina_s_nachala_goda_EH_s_Dannye_Glassnode_-300x139.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_bitkoina_s_nachala_goda_EH_s_Dannye_Glassnode_-768x356.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_bitkoina_s_nachala_goda_EH_s_Dannye_Glassnode_.png 1267w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin hashrate dynamics. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Average fees for Bitcoin and Ethereum transactions fell to the lowest in 2021 \u2014 $4.36 (6 June) and $2.33 (26 June) respectively.<\/li>\n<li>The seven\u2011day smoothed hashrate for Bitcoin fell from 149.11 EH\/s to just over 80 EH\/s \u2014 a level last seen in September 2019.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"566\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Coin-Metrics.-1024x566.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141362\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Coin-Metrics.-1024x566.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Coin-Metrics.-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Coin-Metrics.-768x424.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Coin-Metrics.-1536x849.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Coin-Metrics..png 1998w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin mining difficulty. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"618\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-intervala-mezhdu-blokami-seti-bitkoina.-Dannye-Coin-Metrics-1024x618.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141363\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-intervala-mezhdu-blokami-seti-bitkoina.-Dannye-Coin-Metrics-1024x618.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-intervala-mezhdu-blokami-seti-bitkoina.-Dannye-Coin-Metrics-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-intervala-mezhdu-blokami-seti-bitkoina.-Dannye-Coin-Metrics-768x463.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-intervala-mezhdu-blokami-seti-bitkoina.-Dannye-Coin-Metrics-1536x926.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-intervala-mezhdu-blokami-seti-bitkoina.-Dannye-Coin-Metrics.png 1756w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the interval between Bitcoin blocks. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>June\u2019s mining difficulty finished at 19.93 T. The month saw a 5.29% decline from the May peak of 20%. After the early July recalibration, difficulty fell a further 27.94% to 14.36 T. BTC.com expects a further 28% drop. Difficulty alignment with hashrate should stabilise miner revenues and the block interval.<\/li>\n<li>On June 27, the average block interval reached 1,380 seconds (23 minutes) \u2014 a level last seen in 2009.<\/li>\n<li>Because of the sharp hashrate drop, the interval between blocks rose to almost two hours.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"949\" height=\"502\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_Ethereum_h_s_Dannye_Glassnode_.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141365\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_Ethereum_h_s_Dannye_Glassnode_.png 949w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_Ethereum_h_s_Dannye_Glassnode_-300x159.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_heshrejta_Ethereum_h_s_Dannye_Glassnode_-768x406.png 768w\" sizes=\"auto, (max-width: 949px) 100vw, 949px\" \/><figcaption>Ethereum hashrate dynamics, h\/s. Data: Glassnode.<\/figcaption><\/figure>\n<p>Ethereum hashrate fell by 19.5%, with the drop from the May peak exceeding 22%.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Trading Volumes<\/strong><\/h2>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"3354\" height=\"1836\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141368\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov.png 3354w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-300x164.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-1024x561.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-768x420.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-1536x841.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-2048x1121.png 2048w\" sizes=\"auto, (max-width: 3354px) 100vw, 3354px\" \/><figcaption>Trading volumes on leading spot exchanges, USD billions. Data: CryptoCompare.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Volume on leading spot platforms fell 52% in June, hitting a five\u2011month low of $1.2 trillion.<\/li>\n<li>Binance\u2019s turnover fell from $1.5 trillion to $668 billion, Huobi from $270 billion to $141 billion, Coinbase from $201 billion to $77 billion.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Futures and Options<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"560\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-5-1024x560.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141373\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-5-1024x560.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-5-300x164.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-5-768x420.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-5-1536x840.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-5-2048x1120.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin and Ethereum futures volume, USD billions. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"568\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-5-1024x568.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141375\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-5-1024x568.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-5-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-5-768x426.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-5-1536x852.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-5-2048x1137.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trading volumes of Bitcoin and Ethereum options, USD millions. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In June, aggregate derivatives trading remained robust. Futures volume reached $2.1 trillion, versus $2.5 trillion in the prior month, a record.<\/li>\n<li>During peak sessions (8\u20139 June and 21\u201322 June), when Bitcoin dipped to $30,000 and below, Bitcoin futures volume approached $100 billion in the first case and about $125 billion in the second.<\/li>\n<li>Similar dynamics were seen in Bitcoin options and Ethereum derivatives.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>DeFi<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"569\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-4-1024x569.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141378\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-4-1024x569.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-4-300x167.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-4-768x427.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-4-1536x854.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-4.png 1796w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the value of funds locked in the DeFi sector. Data: DeFi Pulse.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"714\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.07.2021.-1024x714.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141380\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.07.2021.-1024x714.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.07.2021.-300x209.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.07.2021.-768x535.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.07.2021..png 1486w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Top\u20115 DeFi projects by value of locked funds, billions. Data: DeFi Pulse as of 1.07.2021.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Over June, the total value locked across DeFi tokens slipped in line with a May downturn, down 16.5% for the month.<\/li>\n<li>Aave remained in first place by TVL, widening the gap from other big players. The move may have been helped by its integration with Polygon, which offers fast and cheap transactions. Curve Finance rose to second place, followed by InstaDApp in fourth place by TVL.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"616\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.07.2021-1024x616.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141383\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.07.2021-1024x616.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.07.2021-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.07.2021-768x462.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.07.2021-1536x924.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.07.2021-2048x1232.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Top 20 DeFi coins by market capitalisation. Data: Messari (as of 1.07.2021).<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"543\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-4-1024x543.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141384\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-4-1024x543.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-4-300x159.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-4-768x407.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-4-1536x815.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-4.png 1700w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Market capitalisation of popular Bitcoins on Ethereum, billions. Data: DeFi Pulse.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In June, nearly all high\u2011capitalisation DeFi tokens declined. Among the top\u201120, THORChain, Synthetix and Ren saw the deepest drops (>40%). The AMP token rose 51.86% in June against the market.<\/li>\n<li>The capitalisation of tokenised Bitcoins slowed its fall. By month\u2019s end, the aggregate total fell 3% (vs. -27% in May). The total number of Wrapped Bitcoin (WBTC) held in the protocol reached 187,610, about 1% of the total BTC supply.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1004\" height=\"889\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-8.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141386\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-8.png 1004w, https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-8-300x266.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-8-768x680.png 768w\" sizes=\"auto, (max-width: 1004px) 100vw, 1004px\" \/><figcaption>TVL dynamics in the Binance Smart Chain ecosystem. Data: Defistation as of 1.07.2021.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"707\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-obema-tranzaktsij-v-ekosistemah-Polygon-Ethereum-i-Binance-Smart-Chain.-Dannye-PolygonScan-Etherscan-BscScan-1024x707.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141388\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-obema-tranzaktsij-v-ekosistemah-Polygon-Ethereum-i-Binance-Smart-Chain.-Dannye-PolygonScan-Etherscan-BscScan-1024x707.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-obema-tranzaktsij-v-ekosistemah-Polygon-Ethereum-i-Binance-Smart-Chain.-Dannye-PolygonScan-Etherscan-BscScan-300x207.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-obema-tranzaktsij-v-ekosistemah-Polygon-Ethereum-i-Binance-Smart-Chain.-Dannye-PolygonScan-Etherscan-BscScan-768x530.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-obema-tranzaktsij-v-ekosistemah-Polygon-Ethereum-i-Binance-Smart-Chain.-Dannye-PolygonScan-Etherscan-BscScan-1536x1061.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-obema-tranzaktsij-v-ekosistemah-Polygon-Ethereum-i-Binance-Smart-Chain.-Dannye-PolygonScan-Etherscan-BscScan.png 1746w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of daily transaction volume across Polygon, Ethereum and Binance Smart Chain ecosystems. Data: PolygonScan, Etherscan, BscScan.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>According to DeFi Llama, Polygon\u2019s ecosystem TVL stood at $8.12 billion (as of 1.07.2021). Binance Smart Chain\u2019s TVL was $24.25 billion, per Defistation.<\/li>\n<li>The new ecosystem already outpaced Binance Smart Chain and Ethereum in on\u2011chain activity. In June, the daily transaction volume on Polygon exceeded BSC by 2.38x and Ethereum by 6.59x. The drive appears to be the lure of ultra\u2011low fees and high speeds.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1472\" height=\"1070\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-unikalnyh-adresov-v-seti-Polygon.-Dannye-PolygonScan.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141393\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-unikalnyh-adresov-v-seti-Polygon.-Dannye-PolygonScan.png 1472w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-unikalnyh-adresov-v-seti-Polygon.-Dannye-PolygonScan-300x218.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-unikalnyh-adresov-v-seti-Polygon.-Dannye-PolygonScan-1024x744.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-unikalnyh-adresov-v-seti-Polygon.-Dannye-PolygonScan-768x558.png 768w\" sizes=\"auto, (max-width: 1472px) 100vw, 1472px\" \/><figcaption>Dynamic of unique addresses in the Polygon network. Data: PolygonScan.<\/figcaption><\/figure>\n<p>Both the number of unique Polygon addresses and the user base are clearly growing.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>DEX<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"542\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/DEX-9-1024x542.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141399\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/DEX-9-1024x542.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-9-300x159.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-9-768x407.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-9-1536x813.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-9-2048x1084.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Volume traded on decentralized exchanges, USD billions. Data: Dune Analytics, CoinGecko.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.07.2021.-1024x615.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141400\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.07.2021.-1024x615.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.07.2021.-300x180.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.07.2021.-768x461.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.07.2021.-768x461.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Top\u20115 Ethereum\u2011DEX by daily turnover, USD millions. Data: Dune Analytics as of 1.07.2021.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In June, trading on Ethereum\u2011based DEXs fell 50% to $68 billion.<\/li>\n<li>Uniswap led the way with $43.8 billion in turnover; its market dominance rose above 64% in June.<\/li>\n<li>Daily turnover on Uniswap surged to $2.72 billion, up 66.8% from May. The top\u20115 by daily turnover also included the DODO platform.\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Stablecoins<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"555\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-3-1024x555.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141402\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-3-1024x555.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-3-300x162.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-3-768x416.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-3-1536x832.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-3-2048x1109.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Market capitalisation of stablecoins, USD billions. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"565\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/USDT-vs-USDC-1024x565.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141403\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/USDT-vs-USDC-1024x565.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/USDT-vs-USDC-300x165.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/USDT-vs-USDC-768x424.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/USDT-vs-USDC-1536x847.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/USDT-vs-USDC-2048x1130.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Growth in the market capitalization of USDT and USDC, USD billions. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The overall market capitalization of stablecoins in June reached $105 billion. The leading stablecoin, USDT from Tether, paused new issuance. Chief Technology Officer Paolo Ardoino <a href=\"https:\/\/u1f987.com\/en\/news\/tether-supply-growth-stalls-as-bitcoin-price-falls\">said<\/a> the move was due to lower open interest in Bitcoin futures.\n<\/li>\n<li>However, a competitor, USDC from Centre, accelerated issuance and <a href=\"https:\/\/u1f987.com\/en\/news\/centre-consortium-launches-usdc-stablecoin-on-the-tron-blockchain\">announced<\/a> support for 10 blockchains, the first of which was TRON.<\/li>\n<li>USDC\u2019s market cap exceeded $25 billion in June. Messari analysts expect Tether\u2019s share in the segment to drop below 50% if the trend continues (as of writing, it stands at around 60%).<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Activity of Major Players<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3 class=\"wp-block-heading\"><strong>CME<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"541\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_otkrytogo_interesa_po_bitkoin_fyuchersam_na_CME_Dannye_CFTC.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141408\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_otkrytogo_interesa_po_bitkoin_fyuchersam_na_CME_Dannye_CFTC.png 975w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_otkrytogo_interesa_po_bitkoin_fyuchersam_na_CME_Dannye_CFTC-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_otkrytogo_interesa_po_bitkoin_fyuchersam_na_CME_Dannye_CFTC-768x426.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><figcaption>Open interest dynamics for Bitcoin futures on CME. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"916\" height=\"532\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_pozitsij_krupnyh_igrokov_institucionalov_Commercial_na_CME.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" class=\"wp-image-141409\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_pozitsij_krupnyh_igrokov_institucionalov_Commercial_na_CME.png 916w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_pozitsij_krupnyh_igrokov_institucionalov_Commercial_na_CME-300x174.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika_pozitsij_krupnyh_igrokov_institucionalov_Commercial_na_CME-768x446.png 768w\" sizes=\"auto, (max-width: 916px) 100vw, 916px\" \/><figcaption>Positions of major institutional players (Commercial) on CME. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) continues to decline, as does the overall number of traders. The trend has persisted since last year.<\/li>\n<li>Non\u2011Commercial traders are predominantly short; Nonreportable traders tend to hold longs. A small cadre of Commercials remains net long.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Major Venture Rounds<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Ledger, the hardware wallet maker, <a href=\"https:\/\/u1f987.com\/en\/news\/ledger-raises-380-million-in-series-c-at-a-valuation-of-more-than-1-5-billion\">raised<\/a> $380 million in a Series C round at a $1.5 billion valuation.<\/li>\n<li>Solana Labs <a href=\"https:\/\/u1f987.com\/en\/news\/solana-labs-raises-314-million-from-a16z-and-polychain-capital\">raised<\/a> $314 million from a16z and Polychain Capital.<\/li>\n<li>Decentralised autonomous organisation BitDAO <a href=\"https:\/\/u1f987.com\/en\/news\/bitdao-raises-230m-from-peter-thiel-and-alan-howard\">raised<\/a> $230 million from Peter Thiel and Alan Howard.<\/li>\n<li>SoftBank Latin America Fund <a href=\"https:\/\/u1f987.com\/en\/news\/softbank-invests-200-million-in-brazilian-bitcoin-exchange\">invested<\/a> $200 million in 2TM Group \u2014 parent company of Mercado Bitcoin.<\/li>\n<li>Emiswap <a href=\"https:\/\/u1f987.com\/en\/news\/defi-project-emiswap-raises-104-million-in-funding\">raised<\/a> $104 million.<\/li>\n<li>Amber Group <a href=\"https:\/\/u1f987.com\/en\/news\/amber-group-raises-100-million-at-a-1-billion-valuation\">raised<\/a> $100 million at a $1 billion valuation.<\/li>\n<li>Chainalysis <a href=\"https:\/\/u1f987.com\/en\/news\/chainalysis-valuation-hits-4-2-billion-after-new-funding-round\">raised<\/a> $100 million in a Series E. The analytics firm was valued at $4.2 billion.<\/li>\n<li>Bitwise Asset Management <a href=\"https:\/\/u1f987.com\/en\/news\/bitwise-raises-70-million-in-series-b-at-a-500-million-valuation\">raised<\/a> $70 million.<\/li>\n<li>Morgan Stanley <a href=\"https:\/\/u1f987.com\/en\/news\/morgan-stanley-backs-securitizes-tokenisation-platform-in-48-million-funding-round\">backed<\/a> Securitize in a Series B round worth $48 million.<\/li>\n<li>BSN founder company (China\u2019s state blockchain) <a href=\"https:\/\/u1f987.com\/en\/news\/bsn-developer-raises-30-million\">raised<\/a> $30 million.<\/li>\n<li>Alan Howard <a href=\"https:\/\/u1f987.com\/en\/news\/billionaire-alan-howard-invests-25-million-in-copper-the-london-custodian\">invested<\/a> $25 million in Copper, a crypto custodian.<\/li>\n<li>Kaiko <a href=\"https:\/\/u1f987.com\/en\/news\/kaiko-closes-24-million-series-a-funding-round\">raised<\/a> $24 million.<\/li>\n<li>NFT marketplace Rarible <a href=\"https:\/\/u1f987.com\/en\/news\/nft-marketplace-rarible-raises-14-2-million-to-build-an-open-source-network-protocol\">raised<\/a> $14.2 million in a Series A.<\/li>\n<li>TRM Labs <a href=\"https:\/\/u1f987.com\/en\/news\/blockchain-analytics-firm-trm-labs-closes-14-million-series-a-round-from-paypal-and-other-investors\">raised<\/a> $14 million from PayPal and others in a Series A round.<\/li>\n<li>NFT marketplace backed by Mark Cuban <a href=\"https:\/\/u1f987.com\/en\/news\/nft-marketplace-with-mark-cuban-investments-raises-13-million\">raised<\/a> $13 million in a Series A.<\/li>\n<li>a16z <a href=\"https:\/\/u1f987.com\/en\/news\/a16z-leads-12m-investment-in-analytics-firm-nansen\">led<\/a> a $12 million Series A funding round for analytics firm Nansen.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Key Regulatory Developments<\/strong><\/h2>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-1.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"106\" height=\"80\"><\/p>\n<ul>\n<li>The Bank of Russia <a href=\"https:\/\/u1f987.com\/en\/news\/bank-of-russia-names-12-banks-to-be-first-to-test-the-digital-ruble\">formed<\/a> a pilot group of 12 banks to test a digital rouble.<\/li>\n<li>In the State Duma <a href=\"https:\/\/u1f987.com\/en\/news\/duma-signals-possible-inclusion-of-cryptocurrencies-in-the-civil-code-during-the-spring-session\">reported<\/a> that a crypto law could be introduced in the spring session.<\/li>\n<li>A bill on crypto taxation in Russia may <a href=\"https:\/\/u1f987.com\/en\/news\/russias-cryptocurrency-taxation-bill-could-be-passed-in-autumn\">be passed<\/a> in the autumn.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-116085\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"105\" height=\"79\"><\/p>\n<ul>\n<li>Regulators <a href=\"https:\/\/u1f987.com\/en\/news\/ukraines-financial-regulators-criticise-updated-bill-on-virtual-assets\">criticised<\/a> updated virtual assets bill. Later, Ukraine\u2019s Parliament Committee <a href=\"https:\/\/u1f987.com\/en\/news\/ukrainian-parliamentary-committee-approves-updated-virtual-assets-bill\">approved<\/a> an updated bill.<\/li>\n<li>On 30 June, the Ukrainian parliament <a href=\"https:\/\/u1f987.com\/en\/news\/ukraine-passes-law-regulating-the-issuance-of-cbdcs\">passed<\/a> a law regulating the issuance of a central bank digital currency (CBDC).<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-4-1-1.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"106\" height=\"80\"><\/p>\n<ul>\n<li>China <a href=\"https:\/\/u1f987.com\/en\/news\/china-bars-banks-and-payment-systems-from-bitcoin-transactions\">banned<\/a> banks and payment systems from engaging in crypto\u2011related transactions.<\/li>\n<li>Authorities in several provinces ordered miners to halt operations. Among them are Xinjiang\u2019s Xinjiang, Qinghai, Jiangxi, and Sichuan provinces (various placeholders listed).<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-116085\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-1.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"105\" height=\"79\"><\/p>\n<ul>\n<li>The tax authority <a href=\"https:\/\/u1f987.com\/en\/news\/irs-seeks-funding-increase-to-strengthen-crypto-oversight\">called for<\/a> increased funding to widen crypto tax administration.<\/li>\n<li>The US House of Representatives chair <a href=\"https:\/\/u1f987.com\/en\/news\/us-forms-new-working-group-on-cryptocurrencies\">formed<\/a> a crypto working group.<\/li>\n<li>Texas authorities <a href=\"https:\/\/u1f987.com\/en\/news\/texas-authorities-allow-banks-to-store-cryptocurrencies\">allowed<\/a> banks to hold crypto. The governor announced plans to <a href=\"https:\/\/u1f987.com\/en\/news\/texas-to-establish-regulatory-framework-for-cryptocurrency-investments\">create<\/a> a regulatory framework for crypto and blockchain tech.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-3.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"106\" height=\"80\"><\/p>\n<ul>\n<li>The president <a href=\"https:\/\/u1f987.com\/en\/news\/kazakhstan-president-signs-law-introducing-an-additional-mining-fee\">signed<\/a> a law introducing an extra mining levy.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map\">\n<h2>Other Regions<\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2644-11.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"2350\" height=\"1182\"><\/p>\n<div class=\"country_blk\" data-blk=\"1\"><strong>El Salvador<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/el-salvador-passes-bill-recognizing-bitcoin-as-legal-tender\">passed<\/a> a bill recognising Bitcoin as a legal tender.<\/div>\n<div class=\"country_blk\" data-blk=\"2\">In <strong>Paraguay<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/paraguay-to-introduce-bill-to-legalise-bitcoin\">announced<\/a> a bill to legalise Bitcoin. Authorities later <a href=\"https:\/\/u1f987.com\/en\/news\/paraguay-clarifies-bitcoin-legislation-initiative\">clarified<\/a> that they plan to develop a regulatory framework for digital assets.<\/div>\n<div class=\"country_blk\" data-blk=\"3\">Thailand\u2019s authorities <a href=\"https:\/\/u1f987.com\/en\/news\/thai-authorities-weigh-regulation-of-the-defi-sector\">intend to regulate<\/a> DeFi projects. The local SEC <a href=\"https:\/\/u1f987.com\/en\/news\/thailand-bans-trading-of-dogecoin-and-nfts\">banned<\/a> trading meme coins and NFT tokens with no intrinsic value.<\/div>\n<div class=\"country_blk\" data-blk=\"4\">The UK\u2019s Financial Conduct Authority <a href=\"https:\/\/u1f987.com\/en\/news\/uk-extends-temporary-registration-regime-for-cryptoasset-firms\">extended<\/a> the temporary crypto firms registration regime to March 31, 2022.<\/div>\n<div class=\"country_blk\" data-blk=\"5\">Japan\u2019s financial watchdog <a href=\"https:\/\/u1f987.com\/en\/news\/japanese-regulator-issues-another-warning-to-binance\">issued<\/a> a new warning to Binance in the country for operating without a license.<\/div>\n<div class=\"country_blk\" data-blk=\"6\">Iran\u2019s president <a href=\"https:\/\/u1f987.com\/en\/news\/iranian-president-calls-for-a-regulatory-framework-for-cryptocurrencies\">called for<\/a> a regulatory framework for crypto assets.<\/div>\n<div class=\"country_blk\" data-blk=\"7\">Denmark <a href=\"https:\/\/u1f987.com\/en\/news\/denmark-to-amend-its-1922-tax-code-to-reflect-cryptocurrency-activity\">will <\/a> amend the tax code to reflect crypto operations by residents.<\/div>\n<div class=\"country_blk\" data-blk=\"8\">Reports suggest India\u2019s authorities <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-india-to-revisit-bill-banning-cryptocurrencies\">will review<\/a> a bill to ban cryptocurrency and may <a href=\"https:\/\/u1f987.com\/en\/news\/media-bitcoin-to-be-classified-as-an-asset-class-in-india\">classify<\/a> Bitcoin as an asset class.<\/div>\n<div class=\"country_blk\" data-blk=\"9\"><strong>Basel Committee<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/basel-committee-proposes-requirements-for-banks-investing-in-bitcoin\">proposed<\/a> requirements for banks with Bitcoin exposure.<\/div>\n<div class=\"country_blk\" data-blk=\"10\">In <strong>The Netherlands<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/netherlands-urged-to-ban-bitcoin\">urged<\/a> a ban on Bitcoin. The country\u2019s finance minister <a href=\"https:\/\/u1f987.com\/en\/news\/dutch-finance-minister-regulating-cryptocurrencies-more-effective-than-banning-them\">stated<\/a> the need for regulation.<\/div>\n<div class=\"country_blk\" data-blk=\"11\">Italy\u2019s regulator head <a href=\"https:\/\/u1f987.com\/en\/news\/italy-calls-for-tougher-regulation-of-cryptocurrencies\">called for<\/a> a regulatory framework for crypto.<\/div>\n<div class=\"country_blk\" data-blk=\"12\">Tunisia\u2019s finance minister <a href=\"https:\/\/u1f987.com\/en\/news\/tunisias-finance-minister-calls-to-decriminalise-bitcoin\">urged<\/a> to \u201cdecriminalise\u201d Bitcoin.<\/div>\n<div class=\"country_blk\" data-blk=\"13\">Indonesian central bank <a href=\"https:\/\/u1f987.com\/en\/news\/bank-indonesia-bans-banks-from-using-bitcoin-for-payments\">banned<\/a> banks from using Bitcoin for payments.<\/div>\n<div class=\"country_blk\" data-blk=\"14\">Mexico\u2019s regulators <a href=\"https:\/\/u1f987.com\/en\/news\/mexico-warns-banks-of-sanctions-for-using-bitcoin\">threatened<\/a> banks with penalties for using Bitcoin in operations.<\/div>\n<div class=\"country_blk\" data-blk=\"15\">FATF urged <a href=\"https:\/\/u1f987.com\/en\/news\/fatf-urges-faster-adoption-of-revised-standards-for-the-crypto-industry\">to accelerate<\/a> the implementation of cryptoindustry requirements.<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Significant June Events<\/strong><\/h2>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/u1f987.com\/wp-content\/uploads\/Cryptocurrency_fund-min.png');\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/andreessen-horowitz-launches-third-crypto-fund-worth-2-2-billion\">Andreessen Horowitz launches third crypto fund with $2.2bn in assets<\/a><\/strong><\/div>\n<p>Venture firm Andreessen Horowitz (a16z) <a href=\"https:\/\/u1f987.com\/en\/news\/andreessen-horowitz-launches-third-crypto-fund-worth-2-2-billion\">launched<\/a> its third crypto fund, equipped with $2.2 billion. It will finance startups at various stages\u2014from seed to late stage.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/u1f987.com\/wp-content\/uploads\/taproot.png');\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miners-have-met-the-conditions-for-taproot-activation\">Bitcoin miners met the Taproot activation criteria<\/a><\/strong><\/div>\n<p>More than 90% of mined blocks signalled support for the Taproot upgrade \u2014 the criterion was met on block #687,284 during the difficulty adjustment on 12 June. The soft fork is expected around mid\u2011November 2021 on block #709,632.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/u1f987.com\/wp-content\/uploads\/Binance878.png');\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/uk-regulator-bans-binance-from-operating-in-the-country\">Regulators worldwide moved against Binance<\/a><\/strong><\/div>\n<p>British regulator<a href=\"https:\/\/u1f987.com\/en\/news\/uk-regulator-bans-binance-from-operating-in-the-country\"> banned<\/a> Binance Markets Limited\u2019s operations in the country. The Cayman Islands and Thailand authorities <a href=\"https:\/\/u1f987.com\/en\/news\/cayman-islands-regulator-launches-probe-into-binance\">reported<\/a> a lack of Binance licensing in early July.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/u1f987.com\/wp-content\/uploads\/Ethereum_20-min.png');\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/developers-set-london-hard-fork-activation-timeline-for-the-ethereum-network\">Ethereum developers set London hard fork activation dates<\/a><\/strong><\/div>\n<p>On 24 June, the update activated in the Ropsten testnet; on 30 June in Goerli. In Rinkeby, London will hard fork on 7 July and, after successful tests, will be deployed in mainnet roughly 300\u2013400k blocks later.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Quotes of the Month<\/strong><\/h2>\n<div class=\"reviews_has_halves stretch has_digits\">\n<div class=\"review_half\" style=\"padding-bottom: 15px;\">\n<div class=\"review_single_blk has_quote s\">\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Mask-Group-4.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"174\" height=\"175\">\u201cIf Bitcoin were worth 100 rubles, I would buy it.\u201d<strong>Anatoly Aksakov<\/strong><em>Head of the Russian State Duma Committee on Financial Markets<\/em><\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\" style=\"padding-bottom: 15px;\">\n<div class=\"review_single_blk has_quote s\">\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/donnieboy.png\" alt=\"June 2021 in Figures: Hashrate Slump Amid China's Crackdown, Polygon Sets Records, Tether Halts the Machine\" width=\"166\" height=\"166\">\u201cI don\u2019t like it, because it\u2019s yet another currency competing with the dollar. I want the dollar to become a global currency. That\u2019s what I\u2019ve always said.\u201d<strong>Donald Trump<\/strong><em>Former U.S. President<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In June, Bitcoin\u2019s hash rate fell sharply as miners migrated from China. Centralised and decentralised exchange volumes slumped by 50%, and Bitcoin closed one of the worst quarters on record. What do the data show?<\/p>\n","protected":false},"author":1,"featured_media":45595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"3","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740],"class_list":["post-45594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers"],"aioseo_notices":[],"amp_enabled":true,"views":"41","promo_type":"1","layout_type":"3","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=45594"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45594\/revisions"}],"predecessor-version":[{"id":45596,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45594\/revisions\/45596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/45595"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=45594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=45594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=45594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}