Wednesday, May 25, 2022
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YouTube Removes Educational Crypto Channels, Bitcoin Rises

Bitcoin rose by 1.12 per cent, while Ethereum rose by 2.04 per cent in last 24 hours

YouTube Removes Educational Crypto Channels, Bitcoin Rises
Without warning, YouTube removed cryptocurrency-related channels. Bankless, Optimism Collective, and Gabriel Haines' channels have all been disabled.

YouTube has shut down cryptocurrency-focused channels without any prior notice. Bankless, Optimism Collective, and Gabriel Haines have had their channels shut down. The Bankless channel has over 150,000 subscribers and 10,000 hours of content. It was taken down “without notice or justification”, according to its owner.

According to Forbes, other channels were also shut down by YouTube without explanation, only to be reinstalled later, again without explanation. The Bitcoin audience was outraged by YouTube’s action, which they perceived as an attack on the community.

The Bankless channel was later unbanned, and the founder invited her for a talk on Web3 and non-fictitious currencies.

Elsewhere, regulators have flagged Stablecoins as a potential threat to financial stability. They are backed by assets that can lose value or become illiquid in times of market stress. TerraUSD broke its 1:1 peg to the dollar, and fell as low as $0.67 on Monday.

The TerraUSD is a Stablecoin that maintains reserves in assets like cash or commercial paper. Runs on Stablecoins could spill over into the traditional financial system, regulators have said. Still, regulators are divided on the size of the threat a crypto crash poses to the financial system.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 1.12 per cent in the last 24 hours, and it was trading at $31,709.63 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.72 per cent, up by 1.34 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $2,420.72, and it was up by 2.04 per cent, while Binance Coin (BNB) fell by 3.20 per cent in the same period, and was trading at $310.54. Solana (SOL) was down by 7.26 per cent to $64.32, while Cardano (ADA) was down by 5.10 per cent to $0.639. 

Meme Coins

At 5:00 p.m., Dogecoin was trading at $0.1059 on Coinmarketcap.com, and was down 6.59 per cent. Its rival, Shiba Inu, was down by 10.21 per cent, and was trading at $0.00001529. Samoyedcoin was down by 7.81 per cent, and it was trading at $0.009348, while Dogelon Mars was down by 8.10 per cent, and it was trading at $0.0000006738.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.42 trillion, a decrease of 1.60 per cent in the last 24 hours, while the total crypto market volume was $164.39 billion, a decrease of 22.34 per cent.

1SAFU was the biggest gainer, gaining 1,109.04 per cent. It was trading at $0.000007472 at 5:00 pm, according to Coinmarketcap. In contrast, NeorderDAO witnessed the maximum loss and fell by 98.79 per cent. It was trading at $0.0005162.

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