Protests erupted in South Africa last week after former President Jacob Zuma handed himself in to police to serve a 15-month jail term for contempt of court. The government is now preparing to deploy more troops to tackle widespread riots and looting concentrated in the densely-populated Gauteng and KwaZulu-Natal provinces, with <a href="https://www.cnbc.com/2021/07/13/deaths-climb-to-72-in-south-africa-riots-after-zuma-jailed.html">117 people now dead and more </a><a href="https://www.cnbcafrica.com/2021/south-africa-violence-looting-ebbs-but-death-toll-up-to-117/">than </a><a href="https://www.cnbc.com/2021/07/13/deaths-climb-to-72-in-south-africa-riots-after-zuma-jailed.html">1,200 arrested</a>, according to a police statement.



<a href="https://www.cnbc.com/2021/07/15/south-africas-rand-slides-amid-fatal-riots-following-zuma-arrest.html">Experts have suggested</a>&nbsp;that while the former leader’s arrest was the trigger for civil unrest, underlying issues such as “rampant unemployment, widespread inequality and discontent with Covid-19 related restrictions are the powder keg.”



<h2 class="wp-block-heading" id="h-a-man-carries-a-fridge-on-his-head-that-was-looted-from-the-lotsoho-mall-in-katlehong-township">A man carries a fridge on his head that was looted from the Lotsoho Mall in Katlehong township</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911310-1626349631481-gettyimages-1233942878-AFP_9EU4X9.jpeg?v=1626349674&amp;w=929&amp;h=523" alt="A man carries a fridge on his head that was looted from the Lotsoho Mall in Katlehong township, East of Johannesburg, on July 12, 2021."/><figcaption>A man carries a fridge on his head that was looted from the Lotsoho Mall in Katlehong township, East of Johannesburg, on July 12, 2021.Phill Magakoe | AFP | Getty Images</figcaption></figure>







<h2 class="wp-block-heading" id="h-smoke-rises-from-a-makro-building-set-on-fire-overnight-in-umhlanga-north-of-durban">Smoke rises from a Makro building set on fire overnight in Umhlanga, north of Durban</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106910426-1626209902416-gettyimages-1233958442-AFP_9EW9HR.jpeg?v=1626209996&amp;w=929&amp;h=523" alt="Smoke rises from a Makro building set on fire overnight in Umhlanga, north of Durban, on July 13, 2021 as several shops, businesses and infrastructure are damaged in the city, following four nights of continued violence and looting sparked by the jailing "/><figcaption>Smoke rises from a Makro building set on fire overnight in Umhlanga, north of Durban, on July 13, 2021 as several shops, businesses and infrastructure are damaged in the city, following four nights of continued violence and looting sparked by the jailing of ex-president Jacob Zuma.Rajesh Jantilal | AFP | Getty Images</figcaption></figure>







<h2 class="wp-block-heading" id="h-looters-take-away-few-items-left-to-grab-in-a-vandalised-mall-in-vosloorus">Looters take away few items left to grab in a vandalised mall in Vosloorus</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911304-1626349258145-gettyimages-1233969998-AFP_9EY6M7.jpeg?v=1626349335&amp;w=929&amp;h=523" alt="Looters take away few items left to grab in a vandalised mall in Vosloorus, on July 14, 2021."/><figcaption>Looters take away few items left to grab in a vandalised mall in Vosloorus, on July 14, 2021.Marco Longari | AFP | Getty Images</figcaption></figure>







<h2 class="wp-block-heading" id="h-a-fire-engulfs-campsdrift-park-which-houses-makro-and-china-mall-following-protests-that-have-widened-into-looting-in-pietermaritzburg">A fire engulfs Campsdrift Park, which houses Makro and China Mall, following protests that have widened into looting in Pietermaritzburg</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911301-16263491062021-07-13t201019z_915695255_rc2wjo9ioubl_rtrmadp_0_safrica-zuma-fire.jpeg?v=1626349156&amp;w=929&amp;h=523" alt="A fire engulfs Campsdrift Park, which houses Makro and China Mall, following protests that have widened into looting in Pietermaritzburg, South Africa July 13, 2021, in this screen grab taken from a video obtained from social media."/><figcaption>A fire engulfs Campsdrift Park, which houses Makro and China Mall, following protests that have widened into looting in Pietermaritzburg, South Africa July 13, 2021, in this screen grab taken from a video obtained from social media.Sibonelo Zungu | Reuters</figcaption></figure>







<h2 class="wp-block-heading" id="h-religious-leaders-carrying-south-african-flags-walk-near-a-looted-shopping-mall">Religious leaders carrying South African flags walk near a looted shopping mall</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911311-16263497152021-07-14t174537z_2065885000_rc2eko9pqtq8_rtrmadp_0_safrica-zuma.jpeg?v=1626349753&amp;w=929&amp;h=523" alt="Religious leaders carrying South African flags walk near a looted shopping mall as the country deploys army to quell unrest linked to the jailing of former South African President Jacob Zuma, in Vosloorus, South Africa, July 14, 2021."/><figcaption>Religious leaders carrying South African flags walk near a looted shopping mall as the country deploys army to quell unrest linked to the jailing of former South African President Jacob Zuma, in Vosloorus, South Africa, July 14, 2021.Siphiwe Sibeko | Reuters</figcaption></figure>







<h2 class="wp-block-heading" id="h-a-johannesburg-metro-police-department-jmpd-officer-walks-between-burnt-cars">A Johannesburg Metro Police Department (JMPD) officer walks between burnt cars&nbsp;</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911309-1626349531550-gettyimages-1233921628-AFP_9EL82J.jpeg?v=1626349572&amp;w=929&amp;h=523" alt="A Johannesburg Metro Police Department (JMPD) officer walks between burnt cars at a car showroom in Jeppestown, Johannesburg, on July 11, 2021."/><figcaption>A Johannesburg Metro Police Department (JMPD) officer walks between burnt cars at a car showroom in Jeppestown, Johannesburg, on July 11, 2021.Luca Sola | AFP | Getty Images</figcaption></figure>







<h2 class="wp-block-heading" id="h-south-african-police-services-saps-members-arrest-a-looter-at-the-gold-spot-shopping-centre-in-vosloorus">South African Police Services (SAPS) members arrest a looter at the Gold Spot Shopping Centre in Vosloorus</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911306-1626349393947-gettyimages-1233944021-AFP_9EU6LA.jpeg?v=1626349497&amp;w=929&amp;h=523" alt="South African Police Services (SAPS) members arrest a looter at the Gold Spot Shopping Centre in Vosloorus, southeast of Johannesburg, on July 12, 2021."/><figcaption>South African Police Services (SAPS) members arrest a looter at the Gold Spot Shopping Centre in Vosloorus, southeast of Johannesburg, on July 12, 2021.Guillem Sartorio | AFP | Getty Images</figcaption></figure>







<h2 class="wp-block-heading" id="h-locals-and-family-members-of-15-year-old-vusi-dlamini-stand-next-to-his-body-after-he-has-been-allegedly-shot-outside-a-mall-where-looting-was-taking-place">Locals and family members of 15-year-old Vusi Dlamini stand next to his body after he has been allegedly shot outside a mall where looting was taking place</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911314-16263498282021-07-14t122955z_474002586_rc2ako9ej19o_rtrmadp_0_safrica-zuma.jpeg?v=1626350434&amp;w=929&amp;h=523" alt="Locals and family members of 15-year-old Vusi Dlamini stand next to his body after he has been allegedly shot outside a mall where looting was taking place, as the country deploys army to quell unrest linked to the jailing of former South African Presiden"/><figcaption>Locals and family members of 15-year-old Vusi Dlamini stand next to his body after he has been allegedly shot outside a mall where looting was taking place, as the country deploys army to quell unrest linked to the jailing of former South African President Jacob Zuma, in Vosloorus, South Africa, July 14, 2021.Siphiwe Sibeko | Reuters</figcaption></figure>

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Photos show South Africa riots in the wake Jacob Zuma arrest

The Decline Of The Great American Convertible Car

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106910522-1626221756421-gettyimages-1233899841-AFP_9EJ3Q2.jpeg" alt="" class="wp-image-409660" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106910522-1626221756421-gettyimages-1233899841-AFP_9EJ3Q2.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106910522-1626221756421-gettyimages-1233899841-AFP_9EJ3Q2-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106910522-1626221756421-gettyimages-1233899841-AFP_9EJ3Q2-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A McDonald’s delivery worker walks past pig statues outside an art museum in Beijing on July 10, 2021. Jade Gao | AFP | Getty Images</figcaption></figure>



BEIJING — China reported second-quarter GDP growth that came in slightly below expectations, while retail sales and industrial production grew faster than forecast in June.



The country’s gross domestic product increased 7.9% in the second quarter from a year ago, the National Bureau of Statistics said Thursday. That fell short of Reuters’ estimate of 8.1% growth for the April to June period.



“Overall, China’s economy looks to be on track for recovery, with the 6% annual growth goal in reach,” Chaoping Zhu, global market strategist at JPMorgan Asset Management, said in a note.



“However, downside and structural risks in domestic demand are concerning,” he said, pointing to weak growth in long-term credit and uncertainty over market regulation.



Second-quarter GDP rose 1.3% from the first quarter, faster than the 0.6% pace between the first quarter of this year and fourth quarter of 2020. However, the latest quarterly increase was still slower than the 2.6% pace of the fourth quarter.



<a href="https://www.cnbc.com/2021/04/16/china-economy-q1-gdp.html">In the first quarter, GDP grew 18.3%</a>, up from a contraction a year ago.



“China’s economy sustained a steady recovery,” the statistics bureau said in a release. But the bureau added there were still concerns about the global spread of the pandemic and “unbalanced” recovery domestically.



Retail sales rose 12.1% in June from a year ago, more than the expected 11% level forecast by Reuters. The fastest-growing category was beverages, up 29.1% year-on-year.



Retail sales growth has lagged that of the overall economy, and missed analysts’ expectations for the first two months of the second quarter.



Consumption declined year-on-year in May for four provincial capitals — Wuhan, Guiyang, Shijiazhuang and Yinchuan — according to analysis of public data by Pinpoint Asset Management.



Industrial production grew by 8.3%, greater than the 7.8% Reuters estimate.



In the last three months, Chinese authorities have also announced&nbsp;<a href="https://www.cnbc.com/2021/05/27/china-boosts-support-for-businesses-as-commodity-prices-surge.html">support for companies affected by the surge in commodity prices.</a>



The urban survey unemployment rate held steady at 5% in June, while unemployment for the younger 16 to 24 age category climbed to 15.4% — the same as June 2020.



On Thursday, a&nbsp;<a href="https://www.cnbc.com/2021/07/12/china-monetary-policy-pboc-to-cut-rrr-impact-on-economy-and-sectors.html">cut to the reserve requirement ratio (RRR)</a>, or the amount of funds banks must hold in reserve, was set to take effect. Authorities’ initial hint of such a cut&nbsp;<a href="https://www.cnbc.com/2021/07/08/china-economy-pboc-central-bank-signals-rrr-cut-in-surprise-policy-move.html">surprised investors</a>&nbsp;last week, and signaled concerns of slower growth.



The cut is expected to release about 1 trillion yuan (or $154 billion) into the economy.



Meanwhile, China’s customs agency said earlier this week that&nbsp;<a href="https://www.cnbc.com/2021/07/13/china-trade-data-june-exports-imports.html">exports rose a more-than-expected 32.2% in June.</a>



Exports growth will likely slow in the second half of the year, said Bruce Pang, head of macro and strategy research at China Renaissance. He cited factors such as a high level of growth in the second half of last year and weaker growth in commodity prices.



China’s slower pace of economic recovery “is still clouded with uncertainties and unbalanced growth, as employment, household income, consumption, manufacturing investment, the service sector and private companies have yet to return to pre-pandemic levels,” Pang said.



— CNBC’s Yen Nee Lee contributed to this report.

106910522-1626221756421-gettyimages-1233899841-AFP_9EJ3Q2

China’s GDP grew 7.9% in the second quarter; retail sales beat expectations

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106837526-1612866638564-gettyimages-1294702554-yn_cryptoimages_016.jpeg" alt="" class="wp-image-409576" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106837526-1612866638564-gettyimages-1294702554-yn_cryptoimages_016.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106837526-1612866638564-gettyimages-1294702554-yn_cryptoimages_016-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106837526-1612866638564-gettyimages-1294702554-yn_cryptoimages_016-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A visual representation of digital currencies. Yuriko Nakao | Getty Images</figcaption></figure>



LONDON — Cryptocurrencies aren’t yet big enough to pose a systemic risk to financial stability, Bank of England Deputy Governor Jon Cunliffe said Wednesday.



“The speculative boom in crypto is very noticeable but I don’t think it’s crossed the boundary into financial stability risk,” Cunliffe told CNBC’s Joumanna Bercetche in an exclusive interview.



<a href="https://www.cnbc.com/bitcoin/">Bitcoin</a>&nbsp;and other digital currencies shot up in value at the start of the year, briefly becoming a $2.5 trillion market. Backers of bitcoin claimed it could offer an alternative store of value as savers struggle to find yield due to ultra-low interest rates.



However, cryptocurrencies are highly volatile, and the market has lost more than $1 trillion in value since May. Bitcoin has fallen from a record high of nearly $65,000 reached in April to around $32,500 as of Wednesday.



Regulators have increasingly been sounding the alarm about crypto. China in particular has sought to crack down on the industry, in a&nbsp;<a href="https://www.cnbc.com/2021/06/22/china-crypto-crackdown-wipes-nearly-300-billion-off-market-btc-slides.html">series of measures</a>&nbsp;that have weighed on investor sentiment in recent weeks.



Meanwhile, Binance, the world’s largest crypto exchange, was&nbsp;<a href="https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html">banned from operating in the U.K.</a>&nbsp;by the Financial Conduct Authority last month. Binance was one of many exchanges that failed to register with the regulator due to not meeting anti-money laundering requirements.



Cunliffe said crypto speculation was mainly limited to retail investors for now, reiterating the central bank’s position that people investing in digital assets should be prepared to lose all their money.



“There are issues of investor protection here. These are highly speculative assets,” he said. “But they’re not of the size that they would cause financial stability risk, and they’re not connected deeply into the standing financial system.”



“Were we to start to see those links develop, were we to start to see it move out of retail more into wholesale and see the financial sector more exposed, then I think you might start to think about risk in that sense,” he added.



The Bank of England official added a distinction should be drawn between speculative crypto assets like bitcoin and so-called “stablecoins” which are backed by existing financial assets.



Tether, for example, is the world’s largest stablecoin with more than $60 billion worth of tokens in circulation. It is meant to be backed 1:1 by U.S. dollars to maintain a stable value, however tether has&nbsp;<a href="https://www.cnbc.com/2021/07/07/tether-cryptocurrency-usdt-what-you-need-to-know.html">garnered controversy</a>&nbsp;due to concerns it doesn’t have enough reserves to justify its dollar peg.



Cunliffe said he thinks stablecoins should come under regulatory supervision.



“I think the international community needs to at least be developing standards to actually be able to distinguish but also to have regulatory standards for that sort of product,” he said.



It comes as several central banks around the world —&nbsp;<a href="https://www.cnbc.com/2021/04/19/uk-to-explore-issuing-its-own-digital-currency-amid-bitcoin-boom.html">including the Bank of England</a>&nbsp;— are exploring digital currencies of their own, in response to dwindling cash use and growing interest in crypto.

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Cryptocurrencies don’t yet pose a threat to financial stability, Bank of England’s Cunliffe says

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/101678327-187917928.jpg" alt="" class="wp-image-409506" width="740" height="416" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/101678327-187917928.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/101678327-187917928-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/101678327-187917928-140x80.jpg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Nassim Nicholas Taleb, New York University professor and author Jerome Favre | Bloomberg | Getty Images</figcaption></figure>



Nassim Nicholas Taleb has reversed his stance on bitcoin.



The author of “The Black Swan” said in a recent&nbsp;<a href="https://www.fooledbyrandomness.com/BTC-QF.pdf" target="_blank" rel="noreferrer noopener">paper</a>&nbsp;that the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.



“Few assets in financial history have been more fragile than bitcoin,” he said.



Taleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it “the first organic currency” in the foreword of “The Bitcoin Standard” in 2018 and “an insurance policy” against government control over currency.



In his recent paper, “Bitcoin, Currencies, and Fragility,” published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth “exactly zero” partly because it requires a sustained amount of interest to maintain it.



By contrast, “gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,” he said.



<h2 class="wp-block-heading" id="h-volatility-as-a-key-characteristic">Volatility as a key characteristic</h2>



Bitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.



Taleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it “upon the massive injection of liquidity.” That’s “sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,” he said.



He said bitcoin tends to respond to liquidity and that it’s unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.



Taleb noted bitcoin “has maintained extremely high volatility” of between 60% and 100% “throughout its life,” though that doesn’t mean a cryptocurrency can’t “displace fiat” — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.



“It is indeed desirable to have at least one real currency without a government,” he wrote in his paper. “But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.”



People also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.



Taleb is&nbsp;distinguished professor of risk engineering at New York University’s Tandon School of Engineering and a scientific advisor for Universa Investments. &nbsp;



The price of <a href="https://www.cnbcafrica.com/quotes/btc=x">bitcoin</a> was about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.



Cryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.



Still, June volume ranks in&nbsp;<a href="https://www.cnbc.com/2021/07/12/cryptocurrency-trading-volume-plunges-as-interest-wanes-following-bitcoin-price-drop.html">the top five months of volume recorded ever</a>, according to Kaiko data.

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‘Black Swan’ author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge

How Maersk Profits From The Chaos In Container Shipping

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106535678-15893952902020-05-13t181808z_1220847718_rc2ung9aocue_rtrmadp_0_health-coronavirus-usa-new-york.jpeg" alt="" class="wp-image-409421" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106535678-15893952902020-05-13t181808z_1220847718_rc2ung9aocue_rtrmadp_0_health-coronavirus-usa-new-york.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106535678-15893952902020-05-13t181808z_1220847718_rc2ung9aocue_rtrmadp_0_health-coronavirus-usa-new-york-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106535678-15893952902020-05-13t181808z_1220847718_rc2ung9aocue_rtrmadp_0_health-coronavirus-usa-new-york-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Shalonda Williams-Hampton, 32, has her blood taken by Northwell Health medical workers for the antibody tests that detect whether a person has developed immunity to the coronavirus disease (COVID-19) at the First Baptist Cathedral of Westbury in Westbury, New York, May 13, 2020. Shannon Stapleton | Reuters</figcaption></figure>



“Long COVID” — the name given to ongoing symptoms that millions have reported suffering after a COVID-19 infection — is here to “haunt us for a while yet,” according to a scientist studying the impact of the condition. But there are hopes that a diagnostic test could soon be developed.



The symptoms of long COVID vary but can include ongoing fatigue, shortness of breath, memory loss or problems with concentration (dubbed “brain fog”), insomnia, chest pain or dizziness. However, it remains a poorly understood condition and scientists don’t yet know why some people continue to have some symptoms post-COVID, but others don’t.



<a href="https://www.cnbc.com/2021/06/24/millions-could-be-suffering-from-long-covid-british-study-suggests.html">Data collected in one British study recently suggested that millions of people could be affected by long COVID following a coronavirus infection</a>. To date, over 187 million cases of COVID have been recorded around the world. Given that number, the potential quantity of people that could be affected by long COVID is significant.



Danny Altmann, professor of Immunology at Imperial College London, told CNBC on Tuesday that “the data (on long COVID) are coming through thick and fast and what it says that, of the 170 million people plus on the planet that have been infected with this virus, that 10%-20% of them will have long-term persistent symptoms.”



“What you see is people that have wheezing or breathlessness and fatigue and brain fog and that long list of about 50 symptoms. So it really is a thing and it’s a thing that is to haunt us for a while yet. It’s a price that we have to pay and we have to look at in terms of people’s lives and jobs and healthcare provision for them,” he told CNBC’s Squawk Box Europe.



Altmann noted that data on long COVID was “very reproducible across the planet whether you look in China or Bangladesh or France or the USA.”



Potential causes of long COVID being considered by scientists include organ damage caused by COVID infection, problems with the immune system following an infection or a reactivation of the virus; or perhaps a combination of factors.



One British study, published last October,&nbsp;<a href="https://www.cnbc.com/2020/10/21/long-covid-these-factors-make-it-more-likely-youll-suffer-longterm.html">identified the main factors that make it more likely that patients will suffer long term from the coronavirus</a>, with one’s age, weight and gender among them. But further research is prompting hopes that there could soon be a test to diagnose the little-understood but often life-altering condition.



<h2 class="wp-block-heading" id="h-tests-for-long-covid">Tests for long COVID?</h2>



Imperial College’s Altmann is part of a team investigating long COVID, analyzing blood samples of those who have it in an effort to discover the cause.



Previewing their early findings on the <a href="https://www.bbc.co.uk/iplayer/episode/m000xwjg/panorama-long-covid-will-i-ever-get-better" target="_blank" rel="noreferrer noopener">BBC’s Panorama program</a> Monday evening, the team said they had found that irregular antibodies were common in blood samples of people suffering with long COVID.



Normally, the immune system mounts a protective response by creating antibodies to fight a virus, but sometimes this goes wrong and “autoantibodies” — sometimes described as “rogue antibodies” — are produced that attack healthy cells.



Researchers led by Altmann found that such autoantibodies were common in people with long COVID, although only a small number of blood samples were analyzed in the pilot study. Autoantibodies were not found in comparative blood samples of people who had recovered quickly from the virus or had never tested positive for COVID-19, however.



Still, the finding of such irregular antibodies in those with long COVID could lead the way for a simple diagnostic test in which a person’s blood is analysed. If autoantibodies are found, long COVID could potentially be diagnosed; and this, in turn, could help inform treatment and recovery plans for patients.



<a href="https://www.bbc.co.uk/news/health-57776010" target="_blank" rel="noreferrer noopener">Speaking to the BBC</a>, Altmann said the findings cannot yet be described as a breakthrough, but that they were “a very exciting advancement.”



“One of the things we know for absolute certain is that long COVID can ensue from any kind of infection: asymptomatic, mild or severe,” he told Panorama.



“The pilot data that we have says that you really can pick up different patterns of autoimmunity in people who have long COVID,” he said. While more research needs to be done, Altmann said he was optimistic that there could be a simple blood test available that can diagnose long COVID within 6 months.

106535678-15893952902020-05-13t181808z_1220847718_rc2ung9aocue_rtrmadp_0_health-coronavirus-usa-new-york

Long COVID? Soon there could be a test to show if you have it

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106421844-1583240715176gettyimages-1204881407.jpeg" alt="" class="wp-image-409313" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106421844-1583240715176gettyimages-1204881407.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106421844-1583240715176gettyimages-1204881407-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106421844-1583240715176gettyimages-1204881407-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>World Health Organization Director-General Tedros Adhanom Ghebreyesus R speaks at a daily briefing in Geneva, Switzerland. Chen Junxia | Xinhua News Agency | Getty Images</figcaption></figure>



People who are fully vaccinated against COVID-19 are still getting infected with the delta variant, but global health officials said the shots have protected most people from getting severely sick or dying.



“There are reports coming in that vaccinated populations have cases of infection, particularly with the delta variant,” Dr. Soumya Swaminathan, the World Health Organization’s chief scientist, said at a press briefing Monday. “The majority of these are mild or asymptomatic infections.”



However, hospitalizations are rising in some parts of the world, mostly where vaccination rates are low and the highly contagious delta variant is spreading, she said.



In the U.S., officials have said <a href="https://www.cnbc.com/2021/07/08/covid-vaccines-nearly-all-deaths-hospitalizations-among-unvaccinated.html">virtually all recent Covid hospitalizations and deaths</a> were occurring among unvaccinated people. Breakthrough infections are rare, and about 75% of the people who die or are hospitalized with COVID after vaccination are over the age of 65, according to data from the Centers for Disease Control and Prevention.



“The delta variant is ripping around the world at a scorching pace, driving a new spike in cases and death. Not everywhere is taking the same hit, though,” WHO Director-General Tedros Adhanom Ghebreyesus said. “We are in the midst of a growing two-track pandemic where the haves and have-nots within and between countries are increasingly divergent in places with high vaccination coverage.”



The variant is spreading quickly and infecting unprotected and vulnerable people, he said.



Swaminathan warned that vaccinated people can still get COVID and pass it on to others, which is why WHO officials have been urging people to continue wearing masks and practice social distancing. “But certainly it reduces your chances of severe hospitalization and death significantly,” she added.



Some studies <a href="https://www.nature.com/articles/s41591-021-01316-7" target="_blank" rel="noreferrer noopener">have shown</a> that those infected with COVID after vaccination produce much less virus than those who are unvaccinated, reducing the risk of passing the virus to others. WHO officials said that more studies are needed to understand the vaccines’ impact on transmissibility.

106421844-1583240715176gettyimages-1204881407

Most fully vaccinated people who get COVID delta infections are asymptomatic, WHO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="630" height="354" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105706751-1548781269546gettyimages-484998960.jpeg" alt="" class="wp-image-409103" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105706751-1548781269546gettyimages-484998960.jpeg 630w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105706751-1548781269546gettyimages-484998960-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105706751-1548781269546gettyimages-484998960-140x80.jpeg 140w" sizes="auto, (max-width: 630px) 100vw, 630px" /><figcaption>Usain Bolt of Jamaica celebrates after winning gold in the Men’s 100 metres final during day two of the 15th IAAF World Athletics Championships Beijing 2015 at Beijing National Stadium on August 23, 2015 in Beijing, China.VCG | Visual China Group | Getty Images
</figcaption></figure>



Jamaican sprinter Usain Bolt is still known as the&nbsp;<a href="https://www.cnbc.com/2021/07/07/how-the-worlds-fastest-man-usain-bolt-mentally-prepares-for-a-race.html">fastest man alive</a>&nbsp;and one of the richest athletes.



In 2018, Bolt was ranked at No. 45 on&nbsp;<a href="https://www.forbes.com/profile/usain-bolt/?sh=31e18698c805" target="_blank" rel="noreferrer noopener">Forbes Magazine’s</a>&nbsp;list of the 100 richest athletes in the world. He earned $31 million in 2017, when he officially&nbsp;<a href="https://www.bbc.com/sport/athletics/40919834" target="_blank" rel="noreferrer noopener">retired.</a>



But Bolt, 34, admits he wasn’t always good with his money.



“When I started coming up, I spent a little bit more than I wanted to,” Bolt tells&nbsp;<a href="https://www.cnbc.com/make-it/">CNBC Make It.</a>



The eight-time Olympic gold medalist says that after his first Olympic debut in 2004, when he was just 18, he got into “spending” because that’s when he started making money.



Luckily, Bolt says his teammates sat him down and explained finances to him.



“I have to give credit to my team,” Bolt says. “They’ve really helped me to understand how to save.”



The biggest lesson Bolt says he learned is to save more than half of your earnings.



“Then you can spend the rest and pay bills,” he says. ” I tell people if you make $10, save $6, and then you can figure out what to do with the rest.”



Bolt still holds the official world record for both the men’s&nbsp;<a href="https://www.worldathletics.org/records/all-time-toplists/sprints/100-metres/outdoor/men/senior" target="_blank" rel="noreferrer noopener">100-meter</a>&nbsp;<a href="https://www.worldathletics.org/records/all-time-toplists/sprints/200-metres/outdoor/men/senior" target="_blank" rel="noreferrer noopener">and 200-meter</a>&nbsp;sprints, which he achieved at the 2009 World Championships in Berlin. He ran the 100-meter in 9.58 seconds and the 200-meter in 19.19 seconds. And he was part of the&nbsp;4&#215;100-meter world-record-holding relay team at the London 2012 summer Olympics.



In&nbsp;<a href="https://olympics.com/ioc/news/ioc-sanctions-two-athletes-for-failing-anti-doping-test-at-beijing-2008" target="_blank" rel="noreferrer noopener">2017</a>, Bolt was forced to return his 2008 Olympic gold medal in the 4&#215;100-meter relay by The International&nbsp;<a href="https://www.olympic.org/news/ioc-sanctions-two-athletes-for-failing-anti-doping-test-at-beijing-200" target="_blank" rel="noreferrer noopener">Olympic Committee</a>&nbsp;when his Jamaican relay mate failed a&nbsp;<a href="https://www.npr.org/sections/thetwo-way/2017/01/25/511605094/usain-bolt-loses-a-gold-medal-after-2008-teammates-failed-test" target="_blank" rel="noreferrer noopener">drug test</a>.



Though now a retired athlete, some of Bolt’s sponsorships&nbsp;<a href="https://www.ispo.com/en/people/id_78674594/usain-bolt-and-money-the-business-with-the-super-sprinter.html" target="_blank" rel="noreferrer noopener">haven’t</a>&nbsp;slowed. He has a lifetime partnership with Puma and just signed as a spokesperson for&nbsp;<a href="https://www.carmax.com/usainly-fast-offers" target="_blank" rel="noreferrer noopener">CarMax.</a>&nbsp;He’s also a real estate investor and co-founder of the electric&nbsp;<a href="https://finance.yahoo.com/news/usain-bolt-is-sprinting-toward-his-next-venture-133719845.html#:~:text=The%20fastest%20man%20in%20the,electric%20scooters%20via%20an%20app." target="_blank" rel="noreferrer noopener">scooter company</a>&nbsp;Bolt Mobility.



Still, Bolt would advise his younger self to “save as much as possible.”



“There are a lot of athletes out there who got injured,” Bolt says, “And that’s something that I learned and I saw with my own eyes.”



As for career advice, Bolt says the best advice he ever received was from his dad.



“He said to me, ‘Son, anything you want, just work hard and be dedicated and you will be fine.’ And for me I’ve always lived by that,” Bolt says.

105706751-1548781269546gettyimages-484998960

Jamaican sprinter Usain Bolt’s best money advice: ‘If you make $10, save $6’

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106908187-1625750975755-gettyimages-1233776188-AFP_9DT49L.jpeg" alt="" class="wp-image-409006" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106908187-1625750975755-gettyimages-1233776188-AFP_9DT49L.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106908187-1625750975755-gettyimages-1233776188-AFP_9DT49L-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106908187-1625750975755-gettyimages-1233776188-AFP_9DT49L-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Health workers inoculate a woman in Peru. DIEGO RAMOS | AFP | Getty Images</figcaption></figure>



More than 18 months into the COVID-19 pandemic and the world is used to news of new variants of the virus by now, particularly those that have, one by one, supplanted previous versions of the disease.



Some mutations of the virus, like the alpha variant and the delta variant — discovered first in the U.K. and India, respectively — have been more transmissible than previous iterations of the virus and have gone on to dominate globally. Whenever a new variant of the coronavirus emerges, scientists watch it closely.



While the world is still contending with the rapid spread of the delta variant, which has usurped the alpha variant in terms of transmissibility and&nbsp;<a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)01358-1/fulltext#articleInformation" target="_blank" rel="noreferrer noopener">the potential to cause hospitalizations</a>&nbsp;in unvaccinated people, there is now a new variant that experts are monitoring: The lambda variant.



Here’s what we know (and don’t know) about it:



<h2 class="wp-block-heading" id="h-what-is-the-lambda-variant">What is the lambda variant?</h2>



The lambda variant, or “C.37” as the lineage has been designated, has been spreading rapidly in South America, particularly in Peru where the earliest documented samples of the virus date from August 2020.



However, it was only flagged up as a “variant of interest” by the World Health Organization on June 14 this year as cases attributed to the variant had spread noticeably.



In its report in mid-June, the WHO reported that “lambda has been associated with substantive rates of community transmission in multiple countries, with rising prevalence over time concurrent with increased COVID-19 incidence” and that more investigations would be carried out into the variant.



<h2 class="wp-block-heading" id="h-where-is-it-exactly">Where is it exactly?</h2>



The WHO noted in its June 15 report that the lambda variant had been detected in 29 countries, territories or areas in five WHO regions, although it has a stronger presence in South America.



“Authorities in Peru reported that 81% of COVID-19 cases sequenced since April 2021 were associated with Lambda. Argentina reported increasing prevalence of Lambda since the third week of February 2021, and between 2 April and 19 May 2021, the variant accounted for 37% of the COVID-19 cases sequenced,” the WHO noted.



Meanwhile, in Chile, the prevalence of lambda has increased over time, accounting for 32% of sequenced cases reported in the last 60 days, the WHO said, adding that it was co-circulating at similar rates to the gamma variant but was “out-competing” the alpha variant in the same time period.



By June 24, the lambda variant had been detected&nbsp;<a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/997418/Variants_of_Concern_VOC_Technical_Briefing_17.pdf" target="_blank" rel="noreferrer noopener">in cases in 26 countries</a>, according to Public Health England data. This included Chile, Argentina, Peru, Ecuador, Brazil and Colombia as well as the U.S., Canada, Germany, Spain, Israel, France, the U.K. and Zimbabwe, among others.



<h2 class="wp-block-heading" id="h-is-it-more-dangerous">Is it more dangerous?</h2>



The WHO and other public health bodies are trying to understand how the variant compares to other strains of the virus, including whether it could be more transmissible and more resistant to vaccines.



In mid-June, the WHO said that “lambda carries a number of mutations with suspected phenotypic implications, such as a potential increased transmissibility or possible increased resistance to neutralizing antibodies.”



Noting the specific mutations in the spike protein (some of which have been described as unusual by experts) the WHO said that: “There is currently limited evidence on the full extent of the impact associated with these genomic changes” and further studies are needed “to better understand the impact on countermeasures [against COVID-19] and to control the spread.”



It’s important to note that the lambda variant is still one step below being designated a “variant of concern” like the alpha or delta mutations. In a press conference last week, the WHO’s technical lead on COVID-19, Dr. Maria Van Kerkhove, was asked what would need to happen for it to change its definition of the lambda variant.



“It would become a variant of concern if it has demonstrated pathways of increased transmissibility, if it has increased severity for example or if it has some kind of impact on our countermeasures,” she said.



<h2 class="wp-block-heading">Do vaccines work against it?</h2>



Again, more studies are needed about the effect that the lambda variant has on vaccine efficacy, particularly on vaccines widely available in the West, such as those from Pfizer-BioNTech, Moderna or Oxford-AstraZeneca.



But <a href="http://www.asianews.it/news-en/Doubts-growing-in-Chile,-Brazil,-and-Peru-about-the-effectiveness-of-Chinese-anti-COVID-vaccines-53452.html" target="_blank" rel="noreferrer noopener">questions have been raised in parts of South America over the effectiveness of Chinese vaccines</a>, which have been those deployed predominantly in the region, as cases linked to the lambda variant spread and infection rates rise alongside vaccination programs. Brazil, Chile and Peru all rely heavily on Chinese COVID vaccines Sinovac or Sinopharm but vaccination rates differ wildly across South America.



<a href="https://www.medrxiv.org/content/10.1101/2021.06.28.21259673v1.full.pdf" target="_blank" rel="noreferrer noopener">One study that was carried out by the University of Chile in Santiago</a>&nbsp;which looked at healthcare workers who had received two doses of China’s CoronaVac (or Sinovac) vaccine suggested that the mutations present in the spike protein of the lambda variant “confer increased infectivity and immune escape from neutralizing antibodies.” The study, published on July 1, has not yet been peer-reviewed.



<a href="https://www.cnbc.com/2021/07/08/five-vaccinated-countries-with-high-covid-rates-rely-on-china-vaccines.html">Chinese vaccines face rising doubts about their efficacy</a>, compounded by a lack of data on their protection against the more transmissible delta variant. Weekly COVID cases, adjusted for population, have remained elevated in at least six of the world’s most inoculated countries — and five of those nations rely on vaccines from China.



No vaccine currently available is seen as 100% effective at preventing COVID-19 infection, although China’s vaccines have so far fared worse in clinical trials. <a href="https://www.cnbc.com/2021/01/13/chinas-sinovac-vaccine-reportedly-50point4percent-effective-in-brazilian-trial.html">Sinovac was seen as 50.4% effective in a Brazilian trial</a> whose results were published in January. <a href="https://www.cnbc.com/2020/12/09/chinas-covid-vaccine-from-sinopharm-is-86percent-effective-uae-says-.html">A study in the UAE published last December found the Sinopharm vaccine to be 86% effective</a>.



China has defended its vaccines, however, and experts note that countries shouldn’t stop using Chinese COVID vaccines especially amid a lack of supply in low- and middle-income nations.

106908187-1625750975755-gettyimages-1233776188-AFP_9DT49L

Here’s what you need to know about the lambda COVID variant

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106883667-16211748792021-04-26t162613z_1398800200_rc2s3n9olgrx_rtrmadp_0_health-coronavirus-italy.jpeg" alt="" class="wp-image-408890" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106883667-16211748792021-04-26t162613z_1398800200_rc2s3n9olgrx_rtrmadp_0_health-coronavirus-italy.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106883667-16211748792021-04-26t162613z_1398800200_rc2s3n9olgrx_rtrmadp_0_health-coronavirus-italy-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106883667-16211748792021-04-26t162613z_1398800200_rc2s3n9olgrx_rtrmadp_0_health-coronavirus-italy-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A couple enjoys aperitivo evening drinks sitting down at a bar as much of the country becomes a ‘yellow zone’, easing coronavirus disease (COVID-19) restrictions allowing bars and restaurants to serve clients at outdoor tables, in Venice, Italy, April 26, 2021. Manuel Silvestri | Reuters</figcaption></figure>



The World Health Organization is urging “extreme caution” against lifting public health measures in countries around the world as the&nbsp;<a href="https://www.cnbc.com/coronavirus/">Covid pandemic</a>&nbsp;rages in countries with low vaccination rates and puts other regions at risk for the spread of variants.



Countries with high vaccination rates like the United States and the United Kingdom have been gradually lifting public health measures while other countries are battling their worst outbreaks since the beginning of the pandemic.



“We’re tracking this virus circulation all over the world and we are seeing sharp increases in far too many countries right now,” Maria Van Kerkhove, WHO’s Covid-19 technical lead said at a briefing Wednesday.



The European region saw a 33% increase in Covid cases in the last week, but high vaccination rates can give the perception that the pandemic is over, WHO officials said.



“This is not a flat curve, this is an increasing curve. Making assumptions that transmission will not increase because we’re opening up because of vaccines is a false assumption, transmission will increase when you open up,” said Dr. Mike Ryan, executive director of WHO’s Health Emergencies Program. “There are consequences.”



The delta variant that dominated the U.K. is now the dominant strain in the United States. The variant is more transmissible and could result in more severe disease, though more studies are needed to confirm that, WHO officials have previously said.



Ryan said he hopes we don’t see a return to overwhelmed hospitals and exhausted health workers in Europe as the virus is still evolving and changing. He warned that nations need to be “very, very careful” so that the gains they’ve made in combating the pandemic are sustained.



“The idea that everyone is protected and it’s Kumbaya and everything is back to normal I think right now is a very dangerous assumption anywhere in the world,” Ryan said.



There have been roughly 185 million confirmed cases of Covid across the globe and 4 million deaths so far, which WHO officials said is likely an undercount.



Some countries with high vaccination rates are planning to administer booster shots in the coming months, dropping mask mandates and “relaxing as though the pandemic is already over,” WHO Director-General Tedros Adhanom Ghebreyesus said.



Far too many countries are seeing spikes in cases and hospitalizations that’s leading to a shortage of oxygen and driving a “wave of death” in parts of Africa, Asia and Latin America, he said.



“Vaccine nationalism where a handful of nations have taken the lion’s share is morally indefensible and an ineffective public health strategy against a respiratory virus that’s mutating quickly and becoming increasingly effective at moving from human to human,” Tedros said.



He said variants are currently winning the race against vaccines due to inequitable distribution of the lifesaving shots. At this stage in the pandemic, there are still millions of health-care workers that haven’t been vaccinated, which Tedros said was abhorrent: “It doesn’t have to be this way going forward.”

106883667-16211748792021-04-26t162613z_1398800200_rc2s3n9olgrx_rtrmadp_0_health-coronavirus-italy

WHO urges extreme caution against completely lifting public health measures

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105900013-1557315786407gettyimages-903631430.jpeg" alt="" class="wp-image-408856" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105900013-1557315786407gettyimages-903631430.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105900013-1557315786407gettyimages-903631430-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/105900013-1557315786407gettyimages-903631430-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Changpeng Zhao, CEO of Binance, speaks during a TV interview in Tokyo, Japan, on Thursday, Jan. 11, 2018. Akio Kon | Bloomberg | Getty Images</figcaption></figure>



The boss of Binance on Wednesday said the cryptocurrency exchange hasn’t gotten everything right and has plenty of room to grow, following a crackdown from regulators around the world.



“Compliance is a journey – especially in new sectors like crypto,” Changpeng Zhao, CEO of Binance, said in a&nbsp;<a href="https://www.binance.com/en/blog/421499824684902301/A-letter-from-our-CEO-Reflecting-on-Progress-and-the-Road-Ahead" target="_blank" rel="noreferrer noopener">blog post</a>.



“The industry still has a lot of uncertainty,” he added. “We also recognize that with the growth comes more complexity and more responsibility.”



Last month, the U.K.’s Financial Conduct Authority&nbsp;<a href="https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html">restricted Binance</a>&nbsp;from carrying out regulated activities in the country. Binance’s U.K. unit withdrew its application to register with the regulator in May due to not meeting anti-money laundering requirements.



Binance, the world’s largest crypto exchange by trading volumes, was ordered to add a notice in a prominent place on its website and app showing U.K. users that it is not permitted to carry out any regulated activity in the U.K.



Meanwhile, regulators in Canada, Japan and Thailand have also issued warnings to the company.



Japan’s Financial Services Agency said the crypto exchange was operating in the country without its permission, while Canada’s Ontario Securities Commission accused it of failing to comply with local regulations.



Last week, Thailand’s Securities and Exchange Commission filed a criminal complaint against Binance, alleging the firm was operating in the country without authorization.



“As a four-year-old startup, Binance still has a lot of room to grow,” Zhao said. “Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day.”



“We hope to clarify and reiterate our commitment to partner with regulators, and that we are proactively hiring more talent, putting in place more systems and processes to protect our users,” he added.



Zhao said Binance was taking a number of steps to improve its regulatory compliance. Those include ramping up hiring, partnering with anti-crime organizations and localizing operations in markets like the U.S.



Increased regulatory scrutiny has weighed on the nascent crypto market in recent months. China has cracked down on digital currency mining amid concerns over its environmental impact, for example.



Cryptocurrencies had a solid start to the year, with&nbsp;<a href="https://www.cnbc.com/quotes/BTC.CM=">bitcoin</a>&nbsp;rallying to an all-time high of almost $65,000 in April. But they’ve since fallen sharply, with the overall crypto market capitalization losing more than $1 trillion in the last two months.

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