Bitcoin price plunges to $17k as ethereum, BNB, cardano, solana and ripple also struggle

Bitcoin has pretty much lost all its gains throughout the pandemic and hit a new horror low that will make history.

Cryptocurrencies including bitcoin, ethereum, BNB, cardano and Ripple XRP have faced a tough year, with fluctuating values and more.

And it doesn’t look like the downward trend will turn around any time soon, reports The Sun.

Bitcoin, the world’s top-ranked cryptocurrency, has dropped by nearly 7.5 per cent in the last day.

At the start of last month, bitcoin was trading at US$36,141.33 (A$52,000), according to CoinMarketCap.

But now, a month and a half later, the outlook is even worse.

As of Sunday morning AEDT, bitcoin fell as low as $US17,601.58 (A$25,300) and stayed below $US20,000 according to CoinDesk. It is currently trading at US$18,900 (A$27,200).

That’s a loss of about 15 per cent from Friday, and represents a whopping 74 per cent dip in value since its all-time high in November when it nearly hit US$69,000 (A$99,000) per coin.

In fact, all bitcoin’s gains over the last two years of the pandemic have pretty much been wiped – BTC hasn’t been this low since October 2020.

Other cryptocurrencies were following similar trends, with sellers like ethereum, cardano and solana falling upwards of four per cent in just one day.

Admittedly, the stock market overall is down as investors sell risky assets, and the values are tightly linked, meaning a dip all around.

The latest plunge follows a crypto crash at the start of December, shortly after bitcoin hit a record value of US$69,000 in November.

One trader lost $5 billion after the price of bitcoin plummeted in December, highlighting the risks of investing in crypto.

And in another recent blow to the market, Crypto.com users were unable to access funds due to “unauthorised activity” on some accounts.

Last year users of cryptocurrency exchange Binance were unable to access their cash after suspending UK withdrawals.

And Etoro customers were locked out of their accounts after the service went down during a crypto crash.

To top that off, UK-based cryptocurrency lending company Celsius Network suspended all transactions on Monday as the bloodbath continued. Its 17 million users are still suspended.

Why have crypto markets been down?

Cryptocurrencies have been especially volatile lately and there a few reasons why.

Twitter’s chief financial officer Ned Segal said at the end of last year that investing in crypto “doesn’t make sense right now”, causing concern among Silicon Valley buyers.

China also announced plans to clean up virtual currency mining, according to CNBC.

Many crypto-mining regions in China are now radically reducing operations.

Previous moves by the country to crackdown on mining and trading of crypto has previously sent markets plunging.

Crypto volatility

Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice, as the latest plunge shows.

Investing in cryptocurrency is a very risky business.

You can be left with less money than you put in, and could even lose it all – even if you spend on what appears to be a safe bet.

You might not be able to access your investment if platforms go down and you could be left unable to convert crypto back into cash.

There have also been warnings around scams related to cryptocurrencies, with people losing vast sums of money.

You should never invest in something you don’t understand and you should never put in money that you can’t afford to lose entirely.

This article appeared in The Sun and was reproduced here with permission.

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Bill to limit cryptomining passes New York Legislature

ALBANY, N.Y. (AP) — A milestone measure that would tap the brakes on the spread of cryptocurrency mining operations burning fossil fuels in New York has passed the state Legislature.

The bill approved early Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive “proof-of-work” cryptomining. Proof-of-work is the blockchain-based algorithm used by bitcoin and some other cryptocurrencies.

The bill, touted by supporters as the first of its kind, now goes to Democratic Gov. Kathy Hochul for consideration.

Supporters of the cryptocurrency industry said the measure targeting fossil-fuel burning power plants would crimp economic development in New York.

Environmentalists who lobbied for the bill said natural gas-burning power plants being used for cryptomining operations threaten the state’s ability to meet is long-term climate goals.

“With this bill’s passage, the legislature has rightly said fossil fuel power plants can’t get a second life in New York just for private industry gain, which would fly on the face of the state’s climate mandates,” said Liz Moran of Earthjustice in a prepared statement.

Environmentalists estimate that there are 30 plants in New York that could be converted into mining operations.

A coalition of groups has separately been urging the Hochul administration to deny the air permit renewal for Greenidge Generation in the Finger Lakes, which also produces power for the state’s electricity grid. A decision could come at the end of the month.

The measure also would require the state Department of Environmental Conservation to perform an environmental impact assessment on how cryptomining affect the state’s ability to meet its climate goals.

The bill passed the Assembly, the Legislature’s lower chamber, in April.

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Why States Will Continue To Regulate Bitcoin Use

Regulators continue to debate how to define cryptocurrencies, such as bitcoin, and whether they are securities, commodities or properties, etc., which is critical for how regulators choose to enforce those regulations.

At the recent National Association of Attorneys General Consumer Protection Conference in November 2021, Hester Peirce, commissioner of the U.S. Securities and Exchange Commission (SEC), commented on the issue, saying “the view we are taking these days is that pretty much everything is a security.”

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Tracking cryptocurrency news from around over the world

Most cryptocurrencies are down 7-10% today as global financial markets experience a red day

Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin.

Bitcoin has, for the first time in 2022, dipped below the psychological support level of $40,000 today reflecting the larger bearish sentiment among the market participants. Overall crypto market slid by more than 8% today as global financial markets reacted in the red to lingering concerns of interest rate hikes by the US Federal Reserve. Crypto market is expected to go lower in the next 2 weeks before a strong relief rally can bring positive momentum back. Investors are advised to remain patient as Q1 2022 promises to be a volatile ride. However, these prices may also indicate a great buying opportunity for the future.

In this article, we will take a brief look at the events that influenced the cryptocurrency markets this week.

Regulations and Hacks in Crypto

Russia, home to a thriving crypto mining industry, has proposed a blanket ban on the use and mining of all cryptocurrencies. The Central Bank of Russia has claimed that crypto resembles a pyramid scheme and undermines the sovereignty of monetary policy. Already having banned the usage of crypto for payments, the bank stated that mining is hurting the country’s green agenda and endangering Russia’s energy supply. It is imperative to note that more than 7 trillion rubles ($92 billion) of assets are held in about 17 million crypto wallets in Russia.

Crypto.com, a Singapore-based crypto exchange, faced a security breach this week after several users made complaints that their assets were stolen. According to estimates, around $34 million has been compromised due to transactions that were being authorized without the two-factor authentication (2FA) control being entered by the user. The exchange has credited all the lost coins to its users.

NFTs gain traction

One of the biggest challenges for mainstream adoption of non fungible token (NFTs) has been the current complexities associated with buying and selling a NFT as most of the existing NFT marketplaces only support crypto payments. To tackle that, US-based cryptocurrency platform Coinbase has announced that it is working with multinational financial services firm Mastercard to allow users to buy NFTs using cards.

Twitter launched a tool yesterday through which users can display their NFTs as their profile pictures. The feature is currently available only on iOS that allows users to connect their twitter accounts to crypto wallets that contain the NFTs. Twitter will display NFT profile pictures as hexagons as opposed to circles that are available to other users. Following suit, Meta is also looking to capitalize on the NFT craze as news sources claim they are developing ways to create, display and sell NFTs on Facebook and Instagram. Meta is also reportedly working on a marketplace to buy and sell NFTs.

Bored Ape Yacht Club (BAYC), the NFT art which had recently caught the attention of many celebrities all around the world continues to impress more as top tennis player Serena Williams and football star Neymar Jr posted BAYC apes in their twitter accounts. Neymar paid $1 million for the NFT while Serena seems to have received it as a gift.

NY Mayor Gets Bitcoin

New York City Mayor Eric Adams has announced that his first paycheck will be automatically converted into cryptocurrency via Coinbase Global. The Mayor had said last year that he would receive his first three paychecks in Bitcoin and vowed to make New York a centre of crypto innovation.

Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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PeckShield says $15M lost on Crypto.com, Tesla accepts doge

After a rough start to the year, the price of bitcoin is about flat in the last seven days. The largest cryptocurrency by market value is currently trading at $41,671, according to Coin Metrics.

Ether, the second-largest, is up about 2% in the same time frame. It’s now priced at $3,113.

Other top coins had a better week. Cardano, Terra and Dogecoin, for example, jumped over the last seven days, Coin Gecko data shows.

Along with price movement, here are six important things that happened in the crypto space last week.

1. Kim Kardashian and Floyd Mayweather sued by investors over alleged crypto scam

In June, Kim Kardashian posted an Instagram Story promoting a cryptocurrency called EthereumMax.

“Are you guys into crypto???” she wrote. “This is not financial advice but sharing what my friends told me about the Ethereum Max token!” Kardashian included the hashtag “#ad,” which indicates that the post was paid for as promotional content.

A class action lawsuit in the U.S. District Court for the Central District of California was then filed on January 7, accusing Kardashian and other celebrities, like Floyd Mayweather, of “making false or misleading statements” about EthereumMax to allegedly increase its price.

Ryan Huegerich, a New York resident, filed on behalf of himself and other investors who bought EthereumMax between May 14, 2021 and June 17, 2021. The lawsuit claims Huegerich and others lost money on their investments.

Representatives for Kardashian and Mayweather were not immediately available for comment when contacted by CNBC. A spokesperson for EthereumMax told CNBC that the lawsuit was “riddled with misinformation” and disputed accusations that it was a scam.

2. Jack Dorsey creates a legal defense fund for bitcoin developers

3. Block will build a bitcoin mining system

On Thursday, Dorsey confirmed that Block, formerly known as Square, will be “officially building an open bitcoin mining system,” he tweeted on Thursday. The company first announced that it was considering the project in October.

Bitcoin operates on a proof of work (PoW) model, where miners must compete to solve complex puzzles in order to validate transactions. The process isn’t easy: It requires a lot of energy and computer power, which isn’t cheap. The computers themselves, along with other equipment, can also be very expensive.

Read more about cryptocurrencies from CNBC Pro

With these types of difficulties in mind, the project’s goal is to make mining bitcoin, the largest cryptocurrency by market value, “more distributed and efficient,” tweeted Thomas Templeton, the company’s general manager for hardware.

Templeton mentioned that there are a number of “customer pain points” and “technical challenges” in the mining community that Block hopes to address, including mining rig availability, high price, reliability and power consumption.

4. Cash App integrates with the Lightning Network

Dorsey has continued to focus more on bitcoin since his departure from Twitter in November.

On Monday, he announced that Block’s Cash App integrated with the Lightning Network, which enables faster, cheaper bitcoin transactions. This now allows Cash App users in the U.S., except those in New York, to send bitcoin for free to anyone globally.

5. Tesla accepts dogecoin for merch payments

6. Crypto.com users report ‘suspicious activity’

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Kim Kardashian and Floyd Mayweather sued over alleged crypto scam

The celebrity reality TV star and boxer are facing a lawsuitalleging they misled online followers into buying crypto as part of a “pump and dump” scheme.

Kim Kardashian and boxer Floyd Mayweather are facing a lawsuit alleging they misled online followers into buying cryptocurrency as part of a “pump and dump” scheme.

The lawsuit, filed January 7 in Los Angeles federal court, claims that the celebrities made “false or misleading statements” while promoting a crypto token sold by ethereum, or EMAX.

The company’s executives allegedly collaborated with the celebrity influencers to tout “the prospects of the Company and the ability for investors to make significant returns.”

“In truth, Defendants marketed the EMAX Tokens to investors so that they could sell their portion of the Float for a profit,” the suit adds.

Kardashian promoted an ad for ethereum last June on her Instagram account, when she had 250 million followers.

“Are you guys into crypto???? This is not financial advice but sharing what my friends told me about the ethereum max token!” Kardashian wrote.

The post included the hashtag #ad, signifying it was a paid endorsement, though it’s unclear how much Kardashian earned.

Research by Morning Consult found approximately one in five US adults heard about the crypto-themed post.

Mayweather promoted the token on several occasions, including before and during his exhibition boxing match with YouTube Star Logan Paul in June. ethereum officials touted the token as the “exclusive cryptocurrency accepted for online ticket purchasing” for the match.

The lawsuit noted the value of ethereum tokens plummeted 98 per cent from their peak by last July, within weeks of the celebrity endorsements.

The class-action complaint, which filed on behalf of New York resident Ryan Huegerich, seeks to represent individuals who bought the token between May 14 to June 27 of last year.

ethereum denied the allegations and said they “look forward to the truth coming out.”

“The deceptive narrative associated with the recent allegations is riddled with misinformation about the ethereum project,” the statement to Reuters said.

Representatives for Mayweather and Kardashian did not respond to request for comment on the lawsuit, Reuters reported.

Mayweather has faced legal scrutiny over his cryptocurrency-related dealings in the past. In 2018, Mayweather agreed to pay more than $600,000 to the SEC to settle charges that he failed to disclose payments he received for promoting an “Initial Coin Offering.”

This story originally appeared on the New York Post and is reproduced here with permission

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