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Representations of Bitcoin and other cryptocurrencies on a screen showing binary codes are seen through a magnifying glass in this illustration picture taken Sept. 27, 2021

WASHINGTON — Suspected ransomware payments totaling $590 million were made in the first six months of this year, more than the $416 million reported for all of 2020, U.S. authorities said on Friday, as Washington put the cryptocurrency industry on alert about its role in combating ransomware attacks.

The U.S. Treasury Department said the average amount of reported ransomware transactions per month in 2021 was $102.3 million, with REvil/Sodinokibi, Conti, DarkSide, Avaddon, and Phobos the most prevalent ransomware strains reported.

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An advertisement for Bitcoin and cryptocurrencies is seen in Hong Kong, Sept. 27, 2021.

SAN FRANCISCO — Since China's government declared all cryptocurrency transactions illegal last week and banned citizens from working for crypto-related companies, the price of bitcoin went up despite being shut out of one of its biggest markets.

Experts say large-scale Chinese miners of cryptocurrency — the likes of Bitcoin and Ethereum — will take their high-powered, electricity-guzzling servers offshore. Exchanges of the digital money and the numerous Chinese startups linked to the trade also are expected to rebase offshore after dropping domestic customers from their rosters.

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China is cracking down on cryptocurrency

A cryptocurrency is a digital/virtual currency, that is secured by cryptography (study of hiding information). There are over 6,500 cryptocurrencies in existence as of September 2021. The value of cryptocurrency is growing at a quick rate and analysts and experts are still expecting a sharp rise in the value of Bitcoin, the oldest, and most valuable cryptocurrency in the world. however, china doesn't seem to be on board with the idea of digital coins in its economy as it has banned dealing and trading in these digital tokens.

China has taken several decisions to curb the rise of cryptocurrency in its market since 2013 by putting in place increasingly stricter rules on virtual currencies. But on September 17th, China's central People's Bank of China (PBOC) announced that all activities from transactions made in cryptocurrency to crypto mining are deemed illegal including offering trading of digital assets, order matching, token issuance and derivatives. Anyone who's found guilty of being involved with cryptocurrencies and working for overseas platforms from within China will be severely punished. Chinese Government directed the banks to not provide any products or services such as trading, clearing and settlement for cryptocurrency transactions.

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Photo by Dmitry Demidko on Unsplash

Bitcoin has become an essential crypto asset in modern portfolios and investment funds.

Bitcoin has become an essential crypto asset in modern portfolios and investment funds. The confidence generated in this cryptocurrency will depend a lot on the diversification that companies make in their balance sheets in Bitcoin and the increase of institutional investors that allocate a percentage of their funds in this crypto. American fund manager Cathie Wood makes some interesting predictions, both in the rise that the Bitcoin price will experience in the next 5 years, suggesting these institutional investors allocate 5% of their funds; this will help leverage the Bitcoin market.

Bitcoin will grow by a tenfold

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