After China’s crackdown, the cryptocurrency crowd is looking for a new haven. The Central American nation thinks it’s the answer.
Source: https://www.wired.com/story/el-salvador-bitcoin-race/
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The Article Was Written/Published By: Gian Volpicelli, Wired UK
Source: https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html
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Iran is experiencing wide-scale blackouts and unhealthy levels of smog. The government says bitcoin mining operations, which use a great amount of electricity, are to blame. The government has already shut down at least one licensed mining operation and is now going after rogue mining operations. — Read the rest
Source: https://boingboing.net/2021/01/18/irans-government-blames-smog-and-massive-blackouts-on-bitcoin-mining-operations-in-its-country.html
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The Article Was Written/Published By: Mark Frauenfelder
This time around, large funds and even CEOs of publicly traded companies are fueling bitcoin’s 2020 run.
Source: https://www.nbcnews.com/business/business-news/bitcoin-hits-20-000-irresistible-investment-unstable-economy-n1250211
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The Article Was Written/Published By: Alyssa Newcomb
Source: https://www.independent.co.uk/independentpremium/voices/coronavirus-uk-economy-cashless-sterling-cash-dollars-sweden-germany-b434157.html
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The Article Was Written/Published By: Hamish McRae
Cryptocurrency value mirrors stock market tumble amid coronavirus fears
Source: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-latest-cryptocurrency-coronavirus-a9386957.html
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The Article Was Written/Published By: Anthony Cuthbertson
Actor has also had cameos in ‘Family Guy’
Source: https://www.independent.co.uk/arts-entertainment/tv/news/jim-parson-simpsons-cameo-what-is-cryptocurrency-big-bang-theory-a9362076.html
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The Article Was Written/Published By: Clémence Michallon
Ripple, the company behind cryptocurrency XRP, has raised US$200 million in its latest investment round – bringing its valuation to $10 billion – as the startup aims to further grow its cross-border payments business.
However, the success of the San Francisco-based firm, with its growing base of consumers sending live payments, did not result in a huge movement in XRP, which has the third-largest cryptocurrency market capitalization behind bitcoin and Ethereum. This can be explained by the fact that the token is a “specific kind of crypto,” making it uninteresting for regular investors, according to Jeffrey Tucker of the American Institute of Economic Research.
“That does not mean it’s not going to change the world. I think it’s an extremely important technology, because it’s thriving off the failures of this antique SWIFT system,” the analyst told Boom Bust.
“Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche… and XRP has been really valuable in that sense.”
For more stories on economy & finance visit RT’s business section
Source: https://www.rt.com/business/476594-ripple-swift-cross-border-payments/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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The Article Was Written/Published By: RT
North Korea has long been accused of using cryptocurrency to avoid sanctions, but the US is now accusing a man of giving the country some help American law enforcement has arrested crypto expert and Ethereum project member Virgil Griffith for allege…Source: https://www.engadget.com/2019/12/01/crypto-expert-arrested-over-north-korea-sanctions/
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Cryptocurrency drops to six-month low
Source: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-latest-cryptocurrency-market-crash-a9213426.html
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The Article Was Written/Published By: Anthony Cuthbertson
Venezuela may not just be using its own cryptocurrency to dodge the consequences of international sanctions. Bloomberg tipsters say the country’s central bank is testing the possibility of holding on to cryptocurrencies in order to help the state-co…Source: https://www.engadget.com/2019/09/29/venezuela-wants-central-bank-to-hold-bitcoin/
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While the ‘mainstream’ global economy is struggling with deflation and negative interest rates ‘insanity,’ bitcoin seems to be entering the stage as an answer to economic problems, an expert has told RT.
“Bonds are a bubble,” Australia-based bitcoin podcaster Stephan Livera told RT’s Keiser Report, stating the same about fiat money and even overvalued stocks. He claims the only thing that’s not in a bubble is bitcoin.
“Bitcoin is the answer to these bubbles. They offer cheap and available credit opportunity, while under the hard money such as the gold or bitcoin standard, we would see much less credit available and more of a true pricing,” Livera explains, noting that this is the major advantage of bitcoin in the long run, when people want to see their wealth safely stored and not easily wasted.
Livera is an adept of the Austrian school of economics, which states that prices are distributed by subjective factors like a person’s preference to buy or not to buy a particular good. He says bitcoin is the money of the future, which will help eliminate the trouble with existing mainstream economics – over time.
“From an Austrian economics point of view, one can explain why fixed money supply is not necessarily a problem, and why problems like deflation and so on in the mainstream economics point of view are not such a problem within the Austrian economics. I call it the bitcoin Austrian perspective,” the expert said.
For more stories on economy & finance visit RT’s business section
Source: https://www.rt.com/business/469304-keiser-bitcoin-austrian-economics/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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The Article Was Written/Published By: RT
Venture capitalist has previously made a name for himself through investments in Skype, Tesla and Twitch
Source: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-prediction-cryptocurrency-usd-tim-draper-a9108316.html
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The Article Was Written/Published By: Anthony Cuthbertson
Cryptocurrency transfer is the most valuable ever recorded on the blockchain
Source: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mystery-trade-cryptocurrency-market-transaction-blockchain-a9103611.html
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The Article Was Written/Published By: Anthony Cuthbertson
Chinese official says new digital currency is ‘close to being out’
Source: https://www.independent.co.uk/life-style/gadgets-and-tech/news/china-cryptocurrency-binance-bitcoin-banks-a9085161.html
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The Article Was Written/Published By: Anthony Cuthbertson
Latest fall despite analyst’s prediction that $10,000 is ‘new normal bottom’
Source: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-latest-value-crash-today-prediction-a9083226.html
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The Article Was Written/Published By: Anthony Cuthbertson
A person with access to restricted parts of a nuclear power plant in Ukraine used it to mine cryptocurrency, potentially exposing the facility’s top secret security plans, according to a court case.
It’s well known that cryptocurrency mining is a ‘power-hungry’ endeavor that consumes more electricity globally than some nations do. So working near a nuclear reactor seems only logical. Ukraine’s SBU security service apparently busted an illegal mining operation while checking the South Ukraine Nuclear Power Plant, the second-largest in the country. It is located near the city of Yuzhnoukrainsk, some 350 kilometers south of Kiev.
Luckily, the criminal enterprise seems to have been relatively small-scale and didn’t involve hijacking the plant’s equipment, which would have compromised its safety. Instead, they deployed several computers tailored for the kind of computation needed for mining at one of the plant’s administrative buildings, siphoning electricity from the local grid, court papers cited by local media said.
Also on rt.com
Bitcoin beware? After banning all cryptocurrencies China ‘close’ to releasing its own digital coin
The computer network created by the crypto crooks was connected to the plant’s intranet. The SBU says it may have compromised the site’s security arrangements, which are considered a state secret.
The papers don’t identify the perpetrators, but say investigators also searched the premises used by a National Guard unit tasked with guarding the power plant and confiscated more computer equipment there. So the people who were supposed to be defending the highly dangerous piece of Ukrainian infrastructure could well have been behind the scheme.
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Source: https://www.rt.com/news/467027-ukraine-nuclear-plant-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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The Article Was Written/Published By: RT
The People’s Bank of China (PBOC) is “close” to issuing its own digital currency, a senior official has said. The news follows a crackdown by authorities on cryptocurrency trading with some 100 exchanges closed since 2017.Source: https://www.rt.com/business/466389-china-own-crypto-currency/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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The Article Was Written/Published By: RT
The price of Bitcoin has surged, exceeding its one-year high. The world’s most popular cryptocurrency was trading at nearly $9,900 on Friday, continuing its 2019 rally that has seen its value nearly triple.Source: https://www.rt.com/business/462398-bitcoin-one-year-record/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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The Article Was Written/Published By: RT
Bitcoin is now trading at around $8,130, up a whopping 60.84 percent over the past month, with the price surging $3,086.14 over the period.
The cryptocurrency’s meteoric rise is reminiscent of its rocketing growth in the latter half of 2017, when prices reached over $18,400 on the back of buoyant capital markets, rampant speculation, and a turbulent political climate in Northern Asia spurred by saber rattling between President Donald Trump and North Korea’s dictator, Kim Jong-un.
While geopolitical tension is once again gripping the market (thanks to the ongoing trade war between the U.S. and China), that may only be one factor contributing to Bitcoin’s surge.
“Anticipation of the upcoming supply shock [of new BTC introduced via mining] may be creating upward pressure on the price of Bitcoin,” wrote Alyse Killeen, a partner at the investment and advisory firm Stillmark, in an email. “Bitcoin is introduced to the market when the Bitcoin protocol rewards miners who validate blockchain transactions. Specifically, the Bitcoin protocol gives BTC to miners for adding blocks to the blockchain. Today, miners earn 12.5 BTC for adding a new block that is accepted by the network. In May 2020, the time of the next ‘halvening‘, that reward will be reduced to 6.25 BTC, thereby reducing the total number of BTC introduced to the market on a daily basis.”
Killeen also noted that Bitcoin is inherently more valuable today than it was at the same time last year. More Americans can access Bitcoin through apps like Cash and Robinhood, and TD Ameritrade’s BTC contracts and (soon) eTrade.
Technology advances are also making Bitcoin more useful and more secure, Killeen wrote. The development of the Lightning Network is proceeding and creating a new application ecosystem, while the Blockstream Satellite network is creating redundancies in blockchain availability.
In fact, the number of businesses that take Bitcoin or other cryptocurrencies expanded exponentially yesterday thanks to an agreement between the U.S. dollar-pegged stablecoin purveyor Gemini (owned by the Winkelvoss twins of Facebook and Social Network fame) and the payment network Flexa, whose technology is undergirded by cryptocurrencies.
Using Gemini’s exchange and clearing house and Flexa’s transaction technology most of the stores an American consumer encounters in their trip to the mall now accept Bitcoin or other cryptocurrencies as payments.
That adoption doesn’t explain the bump in Bitcoin prices entirely. And skeptics of digital cryptocurrencies argue that there could be a simpler explanation for the rise in digital currencies right now — good old fashioned price manipulation.
As crypto-skeptic David Gerard wrote in this blog post yesterday:
It’s because the price of Bitcoin is a proxy for margin trading — and rather than investing in the commodity itself, you can make more money by manipulating this thin and ill-regulated market to burn the margin traders.
This also allows the large holders — the “whales,” and the exchanges themselves — to cash out to whatever little actual-money US dollars are available, in a trading system where the liquidity is mostly fake dollars called “tethers.”
Willy Woo explains how short squeezes work in crypto. This is a pattern we see over and over:
1) When the market is majority short, there’s too much money to be had to allow them to win.
2) Whales keep buying up the market until the shorts get liquidated.
3) At liquidation the short seller has to buy back at market price.
4) A tidal wave of buys cascade through the orderbooks, a chain reaction, the price goes vertical.
5) Whale payday. The whales that bought up the market sheparding the price up now dump their positions at profit.
6) Blow-off. The price comes down to its organic levels.
Other investors, like Travis Scher at the Digital Currency Group think that it’s as simple as a new class of investor looking at Bitcoin as a new store of value and a haven for investors looking to escape volatile public markets.
“I spend very little time trying to understand or explain short-term crypto price movements, as the price and the fundamentals often seem to move in diametrically opposed directions. So all I can say with certainty is that there are more buyers than sellers in recent months,” Scher wrote in an email. “But in this case, I do think that one factor driving the rally is that the narrative around Bitcoin as digital gold is growing. We fully expect Bitcoin to replace gold as the leading non-government controlled store of value over the coming decade.”
Source: https://techcrunch.com/2019/05/14/bitcoin-shrug-emoji/
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The Article Was Written/Published By: Jonathan Shieber
