Bitcoin Adds Back $150 Billion As Visa, PayPal Rev Up Crypto Offerings And Institutions ‘Buy The Dip’

Novelty Coins Representing The Bitcoin Cryptocurrency : Illustration

After a stark plunge Thursday that wiped out $100 billion in market value, the world’s largest cryptocurrency is back near all-time highs Tuesday as corporations like Visa and PayPal join other institutional players in expanding their crypto offerings.

As of 4 p.m. EDT, the price of bitcoin has climbed 2% over the past 24 hours, pushing its market capitalization up to $1.1 trillion–about $40 billion shy from an all-time high on March 13 and pushing gains to roughly $144 billion since a sharp correction on Thursday, according to crypto-data website CoinMarketCap.

‘Analysts are pinning the resurgence to still-booming institutional adoption, including PayPal’s new cryptocurrency checkout service, which launched Tuesday and allows the company’s more than 375 million customers to shop using cryptocurrency at millions of online merchants (PayPal didn’t specify an exact figure, but says the program will expand in the coming months).

Qanda Senior Market Analyst Edward Moya calls the move “another massive cryptocurrency endorsement from Wall Street” and “further proof of mainstream acceptance” just one day after Visa said it will start settling transactions with cryptocurrency partners using a token built on the Ethereum blockchain, which underpins the world’s second-largest cryptocurrency, ether.

Moya notes that bitcoin, which is priced at about $59,080, could struggle to push past $60,000 again but says the recent developments “should be enough to keep the bullish trend going strong.”

Nigel Green, the CEO of $12 billion wealth advisory deVere Group, said in an email Tuesday that growing corporate investments from the likes of Tesla and billionaire Jack Dorsey’s Square are signs that institutions are employing the “buy the dip” mantra popularized by retail investors—meaning they’re loading up on bitcoin when prices plunge.

What To Watch For

Regulation. Though Wall Street is warming up to bitcoin, legendary hedge fund manager Ray Dalio warned last week that he thinks there’s a “good probability” bitcoin could be banned by the U.S. government, similar to how it banned gold nearly a century ago. The Securities and Exchange Commission has been slow to issue regulation for cryptocurrencies.

In an interview with Forbes, SEC Commissioner Hester Peirce said Gary Gensler, President Joe Biden’s nominee to head up the agency,  would likely be “sympathetic to the call for regulatory clarity.” When nations like South Korea started cracking down on cryptocurrency three years ago, prices crashed as much as 80% over the course of one year, though it’s unclear how such a development could affect markets today.

Key Background

Bitcoin prices have skyrocketed over the past year amid booming institutional adoption and inflation fears sparked by unprecedented government spending to combat the pandemic. Last week, billionaire Elon Musk tweeted that Tesla would start accepting bitcoin for vehicle purchases and retaining the cryptocurrency tendered, as opposed to converting it to U.S. dollars. Also this month, Fidelity Investments filed an application for its first bitcoin exchange-traded fund, and banking powerhouse Morgan Stanley said it would open up bitcoin exposure to its wealthy clients, though it’s limiting such funds to investors with “an aggressive risk tolerance.”

Surprising Fact

Bitcoin has surged nearly 800% over the past year. Its return of about 96% this year is more than any sector tracked by the S&P 500.

Further Reading

SEC Commissioner Explains Why A Delayed Bitcoin ETF Has Consequences (Forbes)

Bitcoin Plunge Erases $100 Billion In 24 Hours–Here’s How Long The ‘Bloodbath’ Could Last (Forbes)

Legendary Investor Warns Bitcoin Ban ‘Likely’ As Price Suddenly Soars Toward $60,000 (Forbes)

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I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com

Source: Bitcoin Adds Back $150 Billion As Visa, PayPal Rev Up Crypto Offerings And Institutions ‘Buy The Dip’

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Chamath Palihapitiya says he sees bitcoin going to $200K down the road, and what he discusses what he believes to be the future for Virgin Galactic. I really believe in the business, he says, it’s an incredible team. Subscribe to CNBC PRO for access to investor and analyst insights on bitcoin and more: https://cnb.cx/2BT2E7y
Bitcoin smashed through $40,000 to hit a new record high on Thursday helping to lift the total value of the entire cryptocurrency market above $1 trillion for the first time. The digital coin hit an all-time high of $40,367 at around 1:17 p.m. ET, just a few hours after blowing past the $39,000 level, according to data from Coin Metrics.
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Bee Network Is An Anonymously Managed Clone of Pi Network

https://i2.wp.com/onlinemarketingscoops.com/wp-content/uploads/2021/03/EtS_DYxUcAUXV1X.png?resize=811%2C610&ssl=1

How did it grow so fast?

As a new network offering a free coin that will be magnetizable one day, it could be attracting users that didn’t join other such networks (e.g. Pi network) early on. It seems that some people are really into maximizing their virtual currency holding.

Similar to Pi Network, Bee has a referral marketing model and provides higher digital coins to initial users creating MLM like incentives for users. Based on our qualitative assessment of online comments, people seem to be driven by the desire to make money with very limited effort and are not concerned about their privacy since they already freely provide their data to other companies such as Facebook.

Bee Network has registered over 7 million users worldwide on 2 Mar 2021, the 13th week since our global launch. We have seen that the ranking of countries with most users are constantly changing! This is a good sign which Bee Network has gained momentum and gone viral across different communities in different period.

It does not matter where you are from as we are all the pioneers in making Bee Network great together. Let’s keep it grows and spread the word to the rest of the world!

Institutions buy more Bitcoins per month and there isn’t enough for everyone. As bitcoin is circulating freely right now, blockchain data show, the number has been getting smaller with each passing month over the last year. The pattern suggests that the ever decreasing supply of bitcoin available to buy and sell might lead to a price surge as more investors jump into the cryptocurrency market.

Rafael Schultze – Kraft, Chief Technology Officer of Glassnode, blockchain data company, reported that a total of 26,000 new bitcoins have been minded since 2021, and Grayscale has bought 40,000 bitcoins this year, worth up to 1.5 billion US dollars. At the same time, it means that the speed at which Grayscale buys bitcoins is 154% of the supply of newly mined bitcoin this year.

Fewer bitcoins are becoming available to investors, so as a result, the bitcoin price drives up. A longer period that seen historically, potentially providing more support to bitcoin’s price strength in the long term despite short-term corrections like last week’s 21% retreat.

The followings are the benefits mostly used in BEE:

  • Majority knows crypto, minority grasped its growth.
  • Majority burns energy, minority mines the fruit.
  • Majority invests, minority cashes out.
  • Majority gambles, minority manipulates.
  • Decentralized Ecosystem
  • Gaming experience of Bee Network is built upon an ecosystem of decentralization.
  • Fair Game For Everyone
  • Anyone with mobile phone and internet access can join the game upon referral. No supercomputers needed.
  • Exciting Game Experience
  • You will be rewarded by active participation in the game of Bee Network.
  • You are only required to verify one of your Facebook accounts, or phone number, or Apple ID at stage 1. Bee Network will require further verification from you when the project has entered next phases.

Once you have chosen to use a phone number as your signup method, you can only login your Bee account by SMS verification to that phone number. Therefore, if your SIM card is not a fixed mobile phone for some reasons, we suggest you use Facebook or Apple ID as your sign-in method.

If the application still can’t proceed, we recommend you uninstall the application and delete the relevant data on your phone, and download the latest version on App Store or Google Play and launch again. This shall not affect your Bee balance given you have not signed out before a 24-hour session ends.

Dont forget to put this referral code in registration: arminham

Source: Bee Network is an anonymously managed clone of Pi Network

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One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More

In this photo illustration a Bitcoin logo is seen displayed...

While bitcoin remains about 15% below its record high from Sunday, a couple of the cryptocurrency’s biggest corporate backers have doubled-down on their bitcoin investments during the recent correction despite concerns over the token’s unshakeable volatility.

Business analytics company MicroStrategy said Wednesday morning that it spent slightly more than $1 billion buying about 19,452 bitcoin tokens during the recent correction, averaging about $52,756 per bitcoin.

As of Wednesday, the firm, which used debt to finance its recent bitcoin acquisition, holds roughly 90,531 tokens that it purchased at a combined price of nearly $2.2 billion–less than half the $4.5 billion they’re worth at current prices.

In a statement, MicroStrategy ژEO Michael Saylor said acquiring and holding bitcoin remains one of the company’s two biggest strategic priorities (in addition to growing its analytics software business) and that the investment “reaffirms [the firm’s] belief that bitcoin, as the world’s most widely adopted cryptocurrency, can serve as a dependable store of value.”

The move comes less than a day after payments fintech Square, cofounded and led by billionaire Jack Dorsey, revealed it’s also doubled-down on its bitcoin investment–investing another $170 million in the cryptocurrency this month after a $50 million investment in October.

At current prices, Square’s October investment is worth approximately $230 million–more than four times the purchase price; combined with the recent purchase, bitcoin represents about 10% of the cash Square had on hand at the end of last year.

MicroStrategy shares have plummeted 42% since a nearly 20-year high on February 9–the day after Tesla disclosed a $1.5 billion bitcoin investment; much of the plunge has been fueled by crashing bitcoin prices, which have similarly tanked Tesla shares.

Crucial Quote

“Bitcoin is a bank in cyberspace for people that don’t have the ability to run their own hedge fund,” Saylor said on CNBC Tuesday. “It’s not a stock; it’s an asset class, and so if I put $1 billion into a bank, and then came back and put another $10 billion in a bank, the bank is not overvalued, it’s just 10 times bigger.”

Surprising Fact

Bitcoin has plummeted about 16% from its record high of more than $58,000 on Sunday, but it’s still up more than 400% in the past year.

Key Background

In addition to corporations bulking up their balance sheets with volatile bitcoin, institutional investors continue to bolster adoption in the space. This month alone, the first two bitcoin exchange-traded funds launched in Canada, BNY Mellon announced that its wealth management arm will process cryptocurrencies alongside stocks and bonds, and news broke that Morgan Stanley’s $150 billion investing arm is considering adding bitcoin to its portfolio.

Chief Critic

Bitcoin prices reversed a recent rally on Sunday after Tesla CEO Elon Musk tweeted that its prices seemed “a little high,” fueling concerns among experts that the token’s volatility makes it an unreliable store of value. “The fall that has taken place since [Musk’s tweet] shows just how wild an instrument bitcoin is, how overbought it has become and how influential the Tesla CEO now is in the space,” Oanda Senior Market Analyst Craig Erlam said Tuesday. “I’m not sure any of that is a good thing.”

genesis-3-1

Further Reading

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Tesla Has Plunged 25% And Lost $200 Billion In Market Value Since Its Bitcoin Investment (Forbes)

Bitcoin Market Value Shoots Past $1 Trillion Amid Tesla-Fueled Surge (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

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I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.

Source: One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More

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More Contents:
Why the drop may not be over for Bitcoin just yet
ambcrypto.com – Today
[…] Miner’s activity, considered the most critical to Bitcoin’s price action, also signaled the price drop, with the same hinting at a further drop in Bitcoin’s price soon. Bitcoin miners are the biggest sellers in nearly every market cycle, so there is a consistent sale of Bitcoin from miners. Bitcoins from mining pools and individual miner wallets hit spot exchanges, generating liquidity in nearl […]
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Why the drop may not be over for Bitcoin just yet
[…] Miner’s activity, considered the most critical to Bitcoin’s[2] price action, also signaled the price drop, with the same hinting at a further drop in Bitcoin’s price soon. Bitcoin[3] miners are the biggest sellers in nearly every market cycle, so there is a consistent sale of Bitcoin[4] from miners. Bitcoins from mining pools and individual miner wallets hit spot exchanges, generating liquidity in nearl […]
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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin liftoff to $60,000 still in the cards
[…] the uptrend toward $60,000 The flagship cryptocurrency is flipping massively bullish after the biggest selloff in weeks. The price appears to have settled above $50,000, allowing bulls the chance to plan the next attack mission to […] Following the massive price drop, the MVRV is near the zero mark – hence Bitcoin is entering a buy zone. Bitcoin MVRV chart Ethereum makes a run for $1,800 after bouncing off critical support The pioneer altcoi […]
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Ark’s Cathie Wood says she’s still ‘very positive’ on bitcoin – helping the price rise back past $50,000
[…] She said the fall was part of a “healthy correction” after the recent surge in the bitcoin price. Wood said she thinks bitcoin is a better hedge against inflation than gold […] Ark Investment Management boss Cathie Wood said she remains “very positive on bitcoin” despite the recent price drop, helping the world’s biggest cryptocurrency recover to above $50,000. Bitcoin plunged on Monday and Tuesday as investors became nervous about the record-breaking rally tha […]
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Bitcoin dips. What’s next? – Santiment Community Insights
insights.santiment.net – Today
Assets covered: Bitcoin (BTC) Metrics used: Exchange Inflow, Holders Distribution, MVRV, Network Profit/Loss, Socia […] Summary: Some of the interesting and concerning signals about Bitcoin before the dip and where we are now […] The biggest spike since the start of the year suggesting a rising sell-side pressure as some speculator […] It didn’t take long for Bitcoin’s price to react to this sell-off wall […]
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PDAX exchange glitch leads user to buy Bitcoin for $6,000
[…] Bitcoin at discounted rate Exchange threatens lawsuit if users don’t refund the coin One of Asia’s biggest crypto exchange, PDAX, is currently at loggerhead with its user who bought Bitcoin for $6,000 during a technical glitch. PDAX exchange said the glitch led to Bitcoin price temporarily falling by 88 percent on the platform and trading suspended afterward in a pres […] of the exchange were also shut out of the platform over the weekend during a pivotal moment in Bitcoin as the price surged above $50k for the first time. Outage during Bitcoin price sure is fast becoming a normal thing as Coinbase, Binance also suffered a service outage severall […]
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Tesla’s Musk loses $15B in day; now 2nd richest in Bezos swap
[…] Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […] 5 billion in bitcoin to its balance sheet […]
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Jeremy discusses his open letter to the US Treasury, USDC & Open Blockchain Transaction regulations –
cryptowatchdaily.com – Today
[…] SMITH One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb […] “Investors are starting to tie Bitcoin and Tesla at the hip. While Tesla on paper made roughly a $1 billion on Bitcoin in a month that exceeded all its EV… VIEW MORE ARTICLE BY J […]
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BTC and ETH post-dip: Fundamental Analysis – Santiment Community Insights
insights.santiment.net – Today
[…] only Solana (SOL) managing to buck the trend for the time being: With all eyes now glued to the two biggest tokens, here’s a look at Bitcoin and Ethereum’s latest fundamentals: As noted in our yesterday’s report, Bitcoin’s exchange inflow exploded around its price ATH, vaulting by around +345% compared to its previous 7-day average […] Despite another downtrend, the amount of Bitcoin moving to known exchanges has largely normalized in the past 24 hours, although a few
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Rakesh Jhunjhunwala on Bitcoin: ‘Won’t buy it for even $5’
[…] While bitcoin price has surged over 90 per cent in 2021 alone, the 60-year-old ‘Warren Buffet’ of India has said h […] The unprecedented rally in bitcoin price has been fuelled by a series of investments by some of the world’s biggest companies like Tesla, Mastercard and Bank of New York Mellon […]
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BTC/USD Forex Signal: Bitcoin May Rebound to $55,000
[…] Bitcoin price is at $50,973, which is 13% above yesterday’s low of $44,900. Advertisement Bitcoin Volatility Continues Bitcoin, the world’s biggest digital currency, has had a difficult period in the past two days […] This happened as many investors started to take profit since the price has more than doubled this year. Also, the price declined as investors reacted to a relatively bearish call by Elon Musk, who said that the price had become extremely expensive […]
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Exchange demands users return Bitcoin bought for $6K during tech glitch
thebitcoinstreetjournal.com – Today
Exchange demands users return Bitcoin bought for $6K during tech glitch One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb […] that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bough […]
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Exchange demands users return Bitcoin bought for $6K during tech glitch
cointelegraph.com – Today
One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb […] that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bough […] 16 closure occurred during a pivotal moment in Bitcoin’s history as its price soared above $50k for the first time […]
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Cryptocurrency Market Tops $1 Trillion For First Time – Fasapay Information Center
fasapay.info – Today
[…] Bitcoin has driven the market’s revival, rising in price from below $5,000 last March to above $37,000 today. Follow the latest bitcoin news as it reaches a new record high price The world’s biggest cryptocurrency saw its market cap briefly rise above $700 billion, according to CoinMarketCap […] There appears to be broad consensus among many market analysts and cryptocurrency experts that bitcoin’s current price rally may be far from over. It is the third great bull run in bitcoin’s history, with previous market surges in 2013 and 2017 lasting between 18 and 36 months […]
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Indian startup founder’s preference for Chinese investors gone down from 29% to 3% in 2021
news.nextbigwhat.com – Today
Tencent, Alibaba had so far been a favourite from China, plans to exit their investments in India. Via YOU MAY ALSO LIKE Tesla’s biggest decline was fueled by Musk’s comment on the prices of Bitcoin and Ether ‘do seem high’. View Post Also plans to be net-zero on carbon emissions by 2039. View Post
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Introduction to Bitcoin
amber.app – Today
[…] In the past 12mths alone, the price of a Bitcoin has ranged between a high of $43,000 and a low of $4,500 per BTC […] This means that it takes less money buying and selling to significantly sway the price in either direction. The biggest real risk to the continued success of Bitcoin is just a question of: will people want this? Money needs users […]
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One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More
[…] 5 billion they’re worth at current prices. In a statement, MicroStrategy CEO Michael Saylor said acquiring and holding bitcoin remains one of the company’s two biggest strategic priorities (in addition to growing its analytics software business) and that th […] 5 billion bitcoin investment; much of the plunge has been fueled by crashing bitcoin prices, which have similarly tanked Tesla shares. CRUCIAL QUOTE  “Bitcoin is a bank in cyberspace for people that don’t have the ability to run their own hedge fund,” Saylor […]
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Exchange demands users return Bitcoin bought for $6K during tech glitch By Cointelegraph
Exchange demands users return Bitcoin bought for $6K during tech glitch One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb […]
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What Janet Yellen Gets Wrong About Bitcoin
[…] There’s little evidence that Bitcoin is a main channel for illicit activity. Janet Yellen has again blasted Bitcoin, but critics say several of her assumptions about the cryptocurrency are inaccurate […] But, Carter pointed out, the transactions aren’t the energy-intensive part of Bitcoin mining. Issuing new Bitcoins as part of the mining process and, to a lesser extent, maintaining consensus are what use energy […] Well, given that the currency experienced its biggest-ever price drop today, shedding about 20% of its value in about an hour, well, we’ll give her that one […]
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Ethereum Miners Are Likely to Accept EIP-1559 Activation
cryptonews.com – Today
[…] One of the biggest problems with first-price auctions currently used by Bitcoin and Ethereum is fee estimation […] Consider a stablecoin project or Wrapped Bitcoin (WBTC) – they represent claims on an asset in the real world, yet duplicating the claim would no […] Dominance to Drop – Pantera Capital CIO – What’s in Store for Ethereum in 2021? – Brace For More Bitcoin Flash Crashes In This Bull Market – Hut 8 Founder – BitMEX Explains the Attack to Doubtin […]
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Russian Orthodox Church will not accept Bitcoin in offering plate –
cryptowatchdaily.com – Today
[…] YOU MAY ALSO LIKE BITCOIN BLOCKCHAIN BUSINESS MARKETS POLICY & REGULATION TECH BITCOIN OPINION BITCOIN BLOCKCHAIN BITCOIN BLOCKCHAIN BLOCKCHAIN TECH BITCOIN INVESTMENT BY J […] SMITH One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb […]
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There may now be as many as 100,000 bitcoin millionaires – CBS News
[…] That’s up from just 25,000 bitcoin millionaires three months ago. A year ago, there were about 15,000 millionaire bitcoin accounts. The biggest reason has to do with the highly volatile price of bitcoin, which has soared recently, in part because Tesla, Elon Musk’s car company, last month said it ha […] 5 billion in bitcoin. The move suggests that other companies might also decide to move more of their idle cash into bitcoin. The price of a bitcoin topped $50,000 earlier this month, and hit a high of just over $58,000 on Sunday […]
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Elon Musk loses $20 billion in single day after bitcoin warning | Stuff.co.nz
http://www.stuff.co.nz – February 23
[…] Tesla’s biggest decline since September was fuelled in part by Musk’s comments over the weekend that the prices of bitcoin and smaller rival Ether “do seem high” […] Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5 […]
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Whale Who Sold BTC Before 2021 Crash Cashed Out $156M Before Latest 20% Plunge – Cryptovibes.com – Daily Cryptocurrency and FX News ⋆
[…] Santiment data published on February 23 indicated that bitcoin dropped to $47,400 after BTC’s second-biggest transaction of 2021 happened. Bitcoin Sell-Offs Return The transaction involved 2,700 BTC that was worth $156 […] This sale piled pressure on the market which resulted in the formation of the biggest one-hour candle in bitcoin’s history […]
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Ethereum Miners Are Likely to Accept EIP-1559 Activation – Analysts
trading.rodeo – February 23
[…] One of the biggest problems with first-price auctions currently used by Bitcoin and Ethereum is fee estimation […] Consider a stablecoin project or Wrapped Bitcoin (WBTC) – they represent claims on an asset in the real world, yet duplicating the claim would no […] BTC Dominance to Drop – Pantera Capital CIO- What’s in Store for Ethereum in 2021?- Brace For More Bitcoin Flash Crashes In This Bull Market – Hut 8 Founder- BitMEX Explains the Attack to Doubtin […]
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Elon Musk loses $19 billion in a day after Bitcoin warning
http://www.smh.com.au – February 23
[…] Tesla’s biggest decline since September was fuelled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […] Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $US5 […]
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Many feared dead as Boko Haram attacks Maiduguri
thecable.ng – February 23
[…] Bitcoin drops 17% after Elon Musk’s comment on valuation Bitcoin, world’s biggest cryptocurrency, plummeted as much as 17 per cent on Tuesday, with prices tumbling below $50,000 as investors grew nervous at sky-high valuations.Advertisement Bitcoin has been on a […]
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Tesla shares drop 13% after Bitcoin plummets to below $50k | Daily
[…]   Musk, whose tweets on bitcoin have added fuel to the cryptocurrency’s rally, said at the weekend that the price of bitcoin and ethereum – the second-largest cryptocurrency – seemed high  BITCOIN DAILY: Bitcoin, which Tesla boss Elon Musk has been heavily touting, faced its biggest daily drop in a month, falling 17 percent to as low as $45,000 on Tuesday […]
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Analyst: Tesla’s Share Price Is Now Directly Tied to Bitcoin Value
http://www.breitbart.com – February 23
[…] Tesla shares dropped in premarket trading on Tuesday, down over 7 percent a day after the stock’s biggest loss in months. Tesla shares closed down 8.55 percent on Monday. This marked Tesla’s biggest drop since September 23, 2020, when it closed down 10.34 percent. Bitcoin’s price took a hit on Tuesday following a warning from U […] Bitcoin prices dropped by 16 percent in the last 24 hours, dropping below $50,000 to trade as low as $45,389 thi […]
2
Troops recapture Borno town — after army chief’s 48-hour ultimatum 
http://www.thecable.ng – February 23
[…] Bitcoin drops 17% after Elon Musk’s comment on valuation Bitcoin, world’s biggest cryptocurrency, plummeted as much as 17 per cent on Tuesday, with prices tumbling below $50,000 as investors grew nervous at sky-high valuations.Advertisement Bitcoin has been on a […]
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Tesla’s share price is now directly tied to the value of bitcoin, analyst says
Tesla’s share price is now directly linked to the price of bitcoin after Elon Musk’s company invested $1 […] It was Tesla’s biggest drop since Sept. 23, 2020, when it closed down 10.34%. Bitcoin’s price descended further on Tuesday after U […] his Twitter bio to BTC last month, causing it to surge 20%, and over the weekend he said the price of bitcoin and Ethereum seemed “high,” resulting in a sharp fall […]
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Elon Musk Isn’t The World’s Richest Person Anymore
jalopnik.com – February 23
[…] This is all because Elon’s net worth is inextricably tied with Tesla’s stock price, and Tesla’s stock price has been down in recent days […] Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […]
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Whale Who Bought BTC Earlier than 2021 Crash Cashed Out $156M Earlier than Newest 20% Plunge – Cryptovibes.com – Every day Cryptocurrency and FX Information
money-stacks.com – February 23
[…] Santiment knowledge revealed on February 23 indicated that bitcoin dropped to $47,400 after BTC’s second-biggest transaction of 2021 occurred. Bitcoin Promote-Offs Return The transaction concerned 2,700 BTC that was price $156 […] wrote on Twitter: “As we famous yesterday, there was an 11x alternate influx spike that initiated #Bitcoin’s price correction from its $58 […]
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Bank of Korea chief says crypto has no intrinsic value, expects volatility
marsmasters.com – February 23
[…] The official stated that he expects more price swings on the market, saying, “It is very difficult to predict the price, but its price will be extremely volatile […] 22, bitcoin saw a steep correction with its price plunging from above $58,000 to below $48,000 […] In an interview on Monday, United States Treasury Secretary Janet Yellen criticized Bitcoin and stated that the world’s biggest cryptocurrency is an “extremely inefficient way of conducting transactions […]
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Stocks making the biggest moves premarket: Home Depot, Palo Alto Networks, Shopify, AMC
http://www.cnbc.com – February 23
[…] (TSLA) — Tesla shares fell more than 5% in premarket trading on Tuesday, after suffering their biggest single-day loss in months on Monday. Wedbush analyst Dan Ives warns Tesla’s share price is now directly linked to the price of bitcoin after the electric vehicle maker’s investment in the cryptocurrency […]  The miss came despite a rebound in oil and gas prices. Shares fell 2.2% premarket. Shopify (SHOP) – Shopify priced a 1 […]
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Stocks making the biggest moves premarket: Home Depot, Palo Alto Networks, Shopify, AMC
cnbc-us.com – February 23
[…] Tesla (TSLA) — Tesla shares fell more than 5% in premarket trading on Tuesday, after suffering its biggest single-day loss in months on Monday. Wedbush analyst Dan Ives warns Tesla’s share price is now directly linked to the price of bitcoin after the electric vehicle maker’s investment in the cryptocurrency […]  The miss came despite a rebound in oil and gas prices. Shares fell 2.2% premarket. Shopify (SHOP) – Shopify priced a 1 […]
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The FUD for every top 10 coin and why you should be aware of it : CryptoCurrency
http://www.reddit.com – February 23
[…] Tether – Although its a stablecoin, Tether has possibly the biggest FUD even when compared to bitcoin because of its lack of auditing and what many believe to be “fake” money propping up the price of bitcoin. If tether is ever found out to be artificially pumping Bitcoin with fake reserves, it would make the value of Bitcoin artificial and cause a large crash […]
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Bitcoin Falls Below $50K
http://www.dailyforex.com – February 23
In its biggest daily drop in a month, Bitcoin fell below the $50,000 level after Elon Musk commented that prices were too high […] The cryptocurrency had been rallying since Musk put #Bitcoin in his Twitter bio and since some major companies, including Tesla and MasterCard, decided to adopt […] reference to the necessity of cryptocurrency regulation, Treasury Secretary Janet Yellen said that Bitcoin was extremely inefficient. “I don’t think that Bitcoin…is widely used as a transaction mechanism,” Yellen said during an interview at CNBC […]
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Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report
latestcrypto.news – February 23
Home Decrypt News Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report Decrypt News Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report By Andrew Asmakov February 23, 2021 In brief Northern Dat […] 6 Billion in Bitcoin Long Positions Shaurya Malwa – February 23, 2021 In brief Bitcoin traders lost over $1.6 billion yesterday betting on higher prices. The liquidations were some of the biggest ever. Bitcoin has continued its decline today […]
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Elon Musk loses $15B in a day after Bitcoin warning
[…] Tesla’s biggest decline since September was fueled in part by Mr. Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ethereum “do seem high […] Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5 […]
0
Top headlines: RIL to spin off O2C biz; Airtel, Qualcomm tie up in 5G boost | Business Standard News
[…] Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […]
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Crypto selloff sends Bitcoin tumbling below $50,000
http://www.cityam.com – February 23
[…] Bitcoin suffered its biggest daily drop in a month to fall as low as $45,000 before recovering to just over $48,500 […] Analysts pointed to Elon Musk, who commented the price was too high, for the sharp fall in bitcoin over the past day. Musk’s electric vehicle firm Tesla recently invested $1.5bn in bitcoin but as a result of his tweets is set to open lower later today […]
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Elon Musk’s wealth tumbles by $15 billion after Tesla shares dropped 9% in one day | Currency News | Financial and Business News | Markets Insider
[…] The slide appeared partly fueled by Musk’s tweets that bitcoin and Ethereum’s prices seemed high. Tesla also announced it would halt new orders for the lowest-priced version of its Model Y SUV […] The drop appeared to be fueled partly by Musk tweeting over the weekend that bitcoin and Ethereum p

Meet Lily The 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

Meet Lily, the 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

Lily, just 3 years old, has her own program in which she explains simple things to her followers on Facebook and Twitter (for now). In her fifth chapter, she explains how Bitcoin works with the help of sweet Skittles , her stuffed animals and of course, her parents.

She started Lily’s Show in August 2020, but on February 2 she posted a video of just over two minutes explaining the basics of Bitcoin , something that many adults still have doubts about.

The information is based on Michael Caras’ children’s book, ” Bitcoin Money: A Tale of Bitville Discovering Good Money.”

The little girl begins by saying that Bitcoin is “decentralized digital money!” In other words, it does not need a bank to exist, in addition to the fact that there are only 21 million of them in the world and it was created by Satoshi Nakamoto, whom he identifies as “a mystery”.

To explain how a transaction works, he uses wallets with sweets and pieces of wood, which represent bitcoin wallets and the blockchain . The various purses belong to her, her Teddy bear, a unicorn and Dolly, her stuffed animals.

In this way, each that a sweet ( Skittles ) passes from one bag to another, it represents a transaction that generates a piece of wood and when several of them are stacked it symbolizes the blockchain , which no one can see because it is anonymous.

Lily wonders “why is it so expensive?” . So he explains that it is because of the security he has; Money cannot be stolen, bank accounts cannot be hacked, only you have access with a 12-digit code, but if you lose it you are in “trouble” and you can lose all your money .

To finish little Lily takes off her glasses and tells her mother that she doesn’t need them to look smart, “silly mommy .” Besides mentioning that he loves bitcoins… and skittles .

Source: Meet Lily, the 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

When Gold Bugs Join the Crypto Bandwagon — Some Crypto 101
[…] Tierney, For Money Morning PS: If you’re interested in learning more about what Bitcoin is, and how Bitcoin works we have a comprehensive guide […]
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Cost of a single Bitcoin exceeds $50,000 for first time
bangordailynews.com – February 17
[…] As its price keeps rising, here’s a brief look at the bitcoin frenzy: How Bitcoin works Bitcoin is a digital currency that is not tied to a bank or government and allows users to spen […]
Let’s Learn about the working of Bitcoin In detail
incrediblethings.com – February 16
[…] Now, this is the question that how bitcoin works. Here are some important points that how bitcoin works– Basic functions- In simple words, bitcoin is a computer file that is store in one of the compute […]
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No Jargon Answer to What Is Bitcoin? | VanEck
http://www.vaneck.com – February 16
[…] I don’t think investors need to know how bitcoin works technically, but they need to be able to assess the opportunities and risks of investing in bitcoin […]
Bitcoin explained by a 3-year-old girl
en.cryptonomist.ch – February 16
[…]   The video explains in a very basic way how Bitcoin works, and the child’s story makes it so enjoyable that it’s no wonder it’s getting so much attention […]
Craig Wright – How the World Works; or, A Discourse on Fake News
craigwright.net – February 14
[…] who worked with him (of whom many are behind Bitcoin Core even today), created a false tale of how Bitcoin works to deceive those without the knowledge to understand the system […] The truth of how Bitcoin works is simple: the sending system, in step 1, transmits to every system it is connected to […]
When Will We See Bitcoin’s Top? – TECHOSMO
techosmo.com – February 14
[…] That’s because coins in a wallet age, and this age is something data junkies can track thanks to how bitcoin works under the hood […]
Understanding Bitcoin Public and Private Keys (2nd Edition) –
armantheparman.com – February 13
[…] If you do, it makes it easier to understand a lot more about how Bitcoin works […]
What is Bitcoin and Should I Invest in it?
[…] interest again last year when Maisie Williams said she bought some, but how much do you know about how Bitcoin works? The cryptocurrency has seen a seismic return in recent weeks […]
Triumph of the HODLers – Noahpinion
noahpinion.substack.com – February 12
[…] But then as the bubbles keep happening and the skeptics realize that this is just how Bitcoin works, they eventually lose their fear and jump into the market, and Bitcoin’s price rises […]
Money and Bitcoin According to Islamic Law and Economics – IslamicMarkets.com
islamicmarkets.com – February 12
[…] 48 APPENDIX 6: How Bitcoin Works […]
Mastering Bitcoin: Unlocking Digital Cryptocurrencies by Andreas M. Antonopoulos
http://www.goodreads.com – February 11
[…] The book goes over the technicals of how Bitcoin works from keys, addresses, wallets & transactions, the scripting language, t […]  · see review Nov 13, 2020 Alejandro Guariguata rated it it was amazing Do you want to understand how Bitcoin works? Read this book […] 11:34PM   Generate private key from bitcoin address online 1 5 Sep 08, 2020 09:15AM   Understanding How Bitcoin Works And Why It Is A Good Investment 2 5 May 13, 2020 01:06PM   Smart Solutions in Crypto Trading fo […]
How Does Bitcoin Work? | Visual.ly
visual.ly – February 9
[…] shared by nimbleappgenielondon on Feb 09 0 views 0 faves 0 shares In this article, we will see how bitcoin works? These bitcoin wallet apps allow the user to send and receive bitcoins safely and easily […]
Tesla bitcoin buy: Tesla invests $1.5B in bitcoin cryptocurrency
http://www.usatoday.com – February 8
[…] What is Bitcoin? A motion graphic explains what Bitcoin is and how Bitcoin works […]
The Unlucky Bastards Who Lost Bitcoin Fortunes
melmagazine.com – February 8
[…] ironic that the Bitcoin Thomas lost was payment for a video he made explaining — wait for it — how Bitcoin works […]
A German man is keeping $60 million in bitcoin from police by never revealing his password : technology
http://www.reddit.com – February 7
[…] or anything could make all your money go poof, and then it’d be impossible to recover, because of how bitcoin works […]

Bitcoin Can Collapse Completely, Says Agustín Carstens, Former Secretary of The Treasury

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

At the height of the cryptocurrency boom, the manager of the Bank for International Settlements (BIS) , Agustín Carstens , warned about the dangers of investing in them. The former finance secretary warned that Bitcoin is increasingly vulnerable and could completely collapse .

Yesterday, January 27, during the policy seminar of the Hoover Institution , the Mexican economist said that Bitcoin is a speculative asset, not money .

“Investors should be aware that Bitcoin can completely crash. Scarcity and crypto alone are not enough to guarantee exchange, “ explained Carstens , adding that Bitcoin is increasingly vulnerable .

The also former governor of Banco de México , affirms that central banks must control the issuance and management of digital money . Consider that they have the financial structure to guarantee the stability of the cryptocurrencies .

“For digital money to exist, the central bank must play a fundamental role, guaranteeing the stability of the value, ensuring the elasticity of the aggregate supply of said money and overseeing the general security of the system. Such a system must not fail and cannot tolerate serious errors , ”Carstens said

pic.twitter.com/18523AdPeg– Bitcoin (@Bitcoin) January 29, 2021

The BIS manager said that other private stablecoin projects, such as Facebook’s , are more credible than Bitcoin , but need to be regulated.

“In general, private stablecoins cannot serve as the foundation for a sound monetary system ,” he said. “But to remain credible, they must be strictly regulated and supervised. They must build on the foundations and confidence that the existing central banks give them and, therefore, be part of the existing financial system .

For now, many countries are targeting Central Bank digital currencies (CBDC) . In fact, 86% of major central banks are actively exploring CBDCs , according to a recent BIS survey.

Carstens indicated that national CBDCs would be used in various ways, such as the transmission of monetary policy and the management of interest rates. He explained that they should be complementary to the existing cash system , as completely replacing all bank accounts and cash with digital money is “undesirable” and “unrealistic .”

By: Entrepreneur en Español Entrepreneur Staff

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Sam Dolke

00:00 Intro 00:28 Halving and Support explained 03:34 Analysis of the previous Bull run 05:31 Analysis of this Bull run 06:42 How to counter Pullbacks 09:00 Conclusion 10:15 Outro Bitcoin is now worth more than 41k and it just keeps on climbing. But is this growth sustainable? Is a pullback, correction or crash in front of our door? Unfortunately timing the market is impossible but we can look at historical data and trends to get a general idea of the possibilities. In this video we’re going to do a technical analysis and look at previous trends.

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Does China Have A Role In Bitcoin’s Rise

Everyone loves Bitcoin. Personally, I can’t get enough of it. Though I just sold all of my XRP, as an aside, because I learned it was being delisted from Coinbase next week, Bitcoin, on the other hand, I am keeping for the moonshot.

Now that Grayscale has its Bitcoin Trust exchange-traded fund, the market cap for Bitcoin has hit a trillion dollars. It is approaching $40,000 per coin.

We know the role central banks are playing in BTC’s rise: debasement of currency via money printing. But what about China?

This is the most curious one for me, especially following what appears to be the self-exile of Jack Ma, the billionaire founder of Alibaba BABA +4.1%. Ma got into some trouble with Beijing regulators following the postponed listing of his fintech company Ant Financial, owners of AliPay, which is ubiquitous in China (you can also find it at your local CVS for some reason). Now there is talk of breaking up the Jack Ma tech empire, something akin to what anti-Big Tech advocates here in the U.S. have been asking be done of Google and Facebook.

One can almost see Chinese billionaires buying up Bitcoin, just in case Beijing comes for their wealth. Lord knows the dollar is in decline, and they probably already own a ton of stocks.

The Chinese currency, out of all the G10 currencies, has the strongest statistical correlation to BTC over the last 12 months, at around 84%. That means that as the RMB gets stronger against the dollar, so does Bitcoin, 84% of the time, says Vladimir Signorelli, head of Bretton Woods Research in Long Valley, New Jersey.

“When Bitcoin rises, the RMB is rising right along with it,” he says, adding that the euro has a 74% to 75% correlation with Bitcoin. The Russian ruble has a 25% correlation.

Bitcoin Could Soon Hit $70,000, And That Has Nothing To Do With Currencies. As Bitcoin Shoots Past $40,000, It Unequivocally Reminds Us That It’s Not Money

Bitcoin: Time To Exit

And then there is the Jack Ma effect. He’s the “canary in the coal mine” says Signorelli. “There could also be an internal dynamic in China keeping Bitcoin bullish,” he says. “You have Jack Ma’s total disappearance since October. Was it a canary in the coal mine for every millionaire and billionaire in China that you need to have a Plan B? There is a real risk of outright confiscation of your wealth. They see it clearly now.”

China’s crypto market has a massive user base. Singapore-based ZB.com Exchange is one of the top four exchanges that are popular among Chinese users. “Our in-app community is very active with Chinese users right now,” says Oman Chen, ZB’s CEO. The seven-year-old company runs digital asset trading platforms ZBM, ZBX and Bithi, cryptocurrency wallets like BitBank, and has a venture capital and research arm. “Most of these traders are very optimistic about the price of Bitcoin,” Chen says.

QCash, a stable coin trading pair supported on ZB.com, which is anchored to the Chinese yuan, is seeing strong trading volumes, according to ZB data. QC is the most liquid yuan-based stable coin.

China’s Digital Yuan Experiment

Last month, China gave its digital yuan a test drive in Suzhou. The experiment lasted roughly 10 days, but stands as a testament to China’s interest in crypto beyond the Bitcoin phenomenon.

Xinhua newswire reported on one resident surnamed Lu who had bought some snacks at a store in the Tianhong Shopping Mall using digital yuan. She transferred 66.6 yuan (about $10.21) from her digital wallet to the vendor’s account with no need for a cell tower connection.

Lu was one of the 100,000 residents of Suzhou who were given 200 digital yuan in the pilot program and could spend it at designated brick-and-mortar stores as well as online at JD.com between Dec. 12 to 27. Noted: not Alibaba.

This doesn’t mean the Chinese government loves Bitcoin, of course. Just that its population is more accustomed to the concept of cryptocurrency than the average American. Go ahead, ask your dad if he knows what Bitcoin is.

“The Chinese government considers Bitcoin a commodity, not a currency,” says Aries Wanlin Wang, a Chinese cryptocurrency investor.

The digital RMB (DCEP) program in Suzhou has adopted some blockchain functionalities but it is not the fully decentralized kind that true Bitcoin lovers want.

“The Chinese government wants to promote the digital yuan before anyone else,” says Wang. “They see the potential of a new payment and clearance system in the digital currency era. It may substitute the current Swift system,” he says, which tracks interbank transactions and is led by the U.S.

Crypto For Poor Countries

Last month, Venezuela’s government said it was giving up on its currency and would switch slowly to a digital system. Their Bolivar is worth less than seashells found on Margarita Island so it makes sense.

Argentina should be next. All of this will drive continued enthusiasm for Bitcoin, no matter the price. At the start of 2020, Ripio, one of Argentina’s largest crypto exchanges, had around 400,000 users and then ended the year with over a million.  

Argentina’s tight control over dollars (no one wants pesos there), coupled with a new 35% tax, plus limits as to how many dollars you can buy (just $200), means the Argentines have discovered Bitcoin in a big way, too.

China’s currency, unlike those two basket case currencies of South America, is strong and getting stronger. Moreover, its central bank has been moving on a digital form of its currency for at least three years. They lead on this within the big and medium-sized emerging markets. Indeed, the only country ever talking about Bitcoin is Venezuela, run by the mightily corrupt Socialists United party.

“Even though Beijing has a strong resistance to cryptocurrencies, namely Bitcoin, they have taken the part of blockchain technology that is beneficial to their country’s development,” says Chen from Singapore.

“The central bank’s digital currency can not only give the country a higher level of control over the fiat currency but also snatch back some Chinese users from third-party digital payment platforms such as Alipay and WeChat,” Chen says. Since central bank digital currency is issued at the national level, like fiat currencies, the state endorsement is more powerful to skeptics and it accelerates demonetization in favor of crypto.

Bitcoin, in China at the moment, is rising with the fortunes of a stronger yuan and the digital yuan experiments.

Rich Chinese nationals may be thinking, ‘you know what, I rather have something that is loaded and convertible and beyond the reach of Beijing and perhaps the reach of the PBoC’ — that’s the central bank of China.

In this way, they don’t have to worry about currency devaluation and Bitcoin becomes a tax hedge. The top income tax rate in China is around 45%.

People might not remember, but this time last year gold was at $1515 an ounce; it’s now around $1850. The dollar on a gold basis has lost 20% or more of its value, notes Signorelli, searching for reasons why Bitcoin has doubled in less than four weeks.

“If you put your currency and inflation hedges into BTC instead of gold, man…you’re doing fantastic,” Signorelli says. “My suspicion is that as Chinese wealth increases, it is going to be increasingly difficult for Beijing to prevent their nationals from seeking ways to preserve their capital outside of the RMB. If they can’t buy U.S. real estate or stocks, and U.S. and European bonds pay little, they’ll take some more risk with Bitcoin, I think.”

Kenneth Rapoza

Kenneth Rapoza

I’ve spent 20 years as a reporter for the best in the business, including as a Brazil-based staffer for WSJ. Since 2011, I focus on business and investing in the big emerging markets exclusively for Forbes. My work has appeared in The Boston Globe, The Nation, Salon and USA Today. Occasional BBC guest. Former holder of the FINRA Series 7 and 66. Doesn’t follow the herd.

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China Uncensored

Bitcoin. It’s a big deal in China. It can be used to subvert government controls. And the government can’t shut it down. At the Oslo Freedom Forum, China Uncensored producer Matt Gnaizda sat down with Bitcoin expert Leo Wheese. He’s the President of the Bitcoin Association of Hong Kong. YouTube demonetizes our channels! We need your support!! https://www.patreon.com/ChinaUncensored We also accept bitcoin! http://www.chinauncensored.tv/bitcoin/ Make sure to share this video with your friends! __ Subscribe for updates: https://www.youtube.com/ChinaUncensor… __ Twitter: https://twitter.com/ChinaUncensored Facebook: http://www.facebook.com/ChinaUncensored Instagram: http://instagram.com/ChinaUncensored or check out the China Unscripted Podcast! http://chinaunscripted.libsyn.com/ __ © All Rights Reserved. #bitcoin xrp libra bitcoin news btc

Iceland’s Giant Mining Farm Beats The Crypto World

Working around the clock, seven days a week, the computers were part of the largest concentration of Bitcoin mining power in the world. By solving and packaging complex “blocks” of encrypted data, the machines helped secure and expand the worldwide network of digital currency. And in return for their work, they generated vast fortunes for their owners. The Genesis Mining, operated by Iceland’s largest IT provider, pulled in what’s estimated to be millions a year.

Enigma is one of the largest cryptocurrency mining facilities in the world. First built to exclusively mine Ethereum, the facility is being continuously upgraded for mining state-of-the-art Blockchain technology. Enigma’s computational performance is achieved with specifically designed mining rigs that efficiently mine hashing algorithms for various cryptocurrencies such as Zcash, Dash, Monero and others. The Enigma facility is powered by geothermal energy, and resides in the capital of Iceland.

 Some see cryptocurrency as an answer to the volatility of unbacked, non-scarce paper currency. Cryptocurrency is scarce by design, meaning that it is not subject to the dilution caused by expanding the supply of money supply—that is, cryptocurrency is not subject to inflation as we understand it. For this reason, many are turning to cryptocurrency as a hedge against increasingly volatile fiat currencies including the U.S. dollar.

When we launched Genesis Mining over six years ago, we set out to build the largest and most trusted crypto mining company in the industry.

Today we proudly serve over 2,000,000 customers, employ hundreds of people, and manage  over a dozen large-scale data centers across our three core divisions — hosted mining which makes up 20% of our business, farm management for institutional clients, and our self-mining facilities, the biggest part of the business.

While these numbers are validating, our team is driven by far more than revenue metrics and customer growth. We are driven by our strong belief that the need for decentralization has never been greater than it is today and that blockchain has the power to solve many of the problems caused by centralization.

Over the past few years, we’ve seen organizations of all sizes announce initiatives that promote corporate social responsibility and aim to make the world a better place. Seeing these initiatives inspired us to begin exploring different opportunities that would allow us to give back. 

As the industry leader in institutional crypto mining, we view it as our moral and ethical responsibility to push the industry forward and proactively look for ways to support research and causes that we believe will make the world a better place. 

While there are many clear use cases for how our computing power can be leveraged, we’re open to hearing from any and all researchers, governments, and organizations who could benefit from what we have and would like to explore partnering together in ways that will move the world forward. 

Bitcoin is beautifully transparent in how it operates. It depends upon a mathematically controlled scarcity mechanism called “blockhalving” in order to sustain its value into the future. Blockhalving reduces the reward for mining new BTC by 50% every 210,000 blocks. Current production is at 1,800 BTC per day right now, and will stay that way until the next blockhalving in May 2020. Knowing everything we know right now, we can determine that it will take until the year 2140 for miners to actually mine the last Bitcoin.

Yes, we’ve mined 85 percent of the world’s most popular cryptocurrency. But it’s still going to take more than a hundred years to reach 100 percent, and even after this point of no return, miners will still have opportunities to generate revenue. They’ll simply move from solving complicated math problems that create new BTC to instead solving complicated math problems that confirm transactions on the network, collecting rewards in the form of transaction fees for their role in supporting the network. At such a time when Bitcoin reaches full maturity with 21 million BTC in the wild, there’s bound to be a lot of transactions to process.

It won’t be the end, it will be a new beginning in which cryptocurrency is far more ordinary and mainstream. With that in mind, here are three actionable takeaways for the crypto enthusiasts wondering what to do in response to this 85 percent news item.

Mine while you still can.

As described above, the Bitcoin mining is going to continue for quite some time and can’t accurately be described as done. With 15 percent of the total supply remaining, the crypto community still stands to generate some 3,150,000 BTC before this game is truly over. With BTC price lately holding around $10,000, there’s more than $31 billion up for grabs at today’s market prices. There’s no telling how this value will change going forward. Grab some while you still can!

Bitcoin mining is a much different game with 15 percent of the supply remaining versus when there was still 100 percent remaining. You nowadays need high-powered hardware in order to compete against the centralized commercial mining operations that benefit from economies of scale. These pay less for the electricity that powers their mining rigs, and they run lots of them at once. You might consider getting an ASIC mining device in order to stand a chance of successfully earning some Bitcoin for yourself, or you can rent access to supercharged offsite hardware by engaging a cloud mining company.

Source: Genesis Mining Corp.

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Peer To Peer CryptoFree Technology Using Games & Betting Options

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Bitcoin is money, and money has always been used both for legal and illegal purposes. Cash, credit cards and current banking systems widely surpass Bitcoin in terms of their use to finance crime. Bitcoin can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks.

Bitcoin is designed to be a huge step forward in making money more secure and could also act as a significant protection against many forms of financial crime. For instance, bitcoins are completely impossible to counterfeit. Users are in full control of their payments and cannot receive unapproved charges such as with credit card fraud. Bitcoin transactions are irreversible and immune to fraudulent chargebacks.

Bitcoin allows money to be secured against theft and loss using very strong and useful mechanisms such as backups, encryption, and multiple signatures. Some concerns have been raised that Bitcoin could be more attractive to criminals because it can be used to make private and irreversible payments. However, these features already exist with cash and wire transfer, which are widely used and well-established.

The use of Bitcoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems, and Bitcoin is not likely to prevent criminal investigations from being conducted. In general, it is common for important breakthroughs to be perceived as being controversial before their benefits are well understood. The Internet is a good example among many others to illustrate this.

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Source: https://cryptofree.com

Bitcoin Just Suddenly Surged Toward $12,000 But Now Might Not Be The Time To Buy Here’s Why

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Bitcoin, after a prolonged period of stability, has suddenly leaped higher—jumping over the closely-watched $10,000 per bitcoin level for the first time since June and surging toward $12,000.

The bitcoin price has added some 20% over the last seven days, hitting highs of $11,420 on the Luxembourg-based Bitstamp exchange, amid equity market jitters and a rally in the price of gold, considered a safe haven asset.

However, some market watchers have warned the recent bitcoin price gains might not last—with the options market signalling just a 7% probability of bitcoin returning to its all-time high of around $20,000 before the end of 2020.

“Our view for the balance of 2020 is still high volatility with a year end of around $7,000 [per bitcoin] with a drive higher to new highs in 2021,” Gavin Smith, the chief executive of bitcoin and crypto consortium Panxora, said via email following the publication of Finder’s latest cryptocurrency prediction report, adding he expects “a short term washout this year before the true rally takes hold.”

changelly5

In March, the bitcoin price fell sharply, in line with global stocks and other commodities, as the coronavirus pandemic spread around the world and countries went into lockdown to contain it.

The bitcoin price quickly bounced back, boosted by a highly-anticipated supply squeeze and bullish signals including investment giant Paul Tudor Jones revealing he was buying bitcoin as a potential hedge against the inflation unprecedented central bank stimulus measures designed to prop up coronavirus-hit economies could bring.

Smith’s warning chimes with comments made by Binance chief executive Changpeng Zhao (CZ) last week, who said bitcoin is still tied to the stock market and a future crash could send the bitcoin price lower.

“People should not take the description of bitcoin as a safe haven asset too literally,” CZ told Bloomberg.

Others have also warned the bitcoin price could be heading lower in the short term.

“There won’t be as much money going into bitcoin while people try to survive,” Jimmy Song, author of Programming Bitcoin, said in Finder’s Cryptocurrency Predictions 2020 report.

“Until the prices rise in the grocery store, bitcoin won’t really start taking off. I suspect that’ll take another nine months or so.”

Finder’s report, released last week ahead of bitcoin’s surge toward $12,000, revealed half of the 28 bitcoin and crypto experts surveyed thought it was the right time to buy bitcoin, with 32% recommending investors hold and 18% saying it was time to sell.

Another panelist, University of New South Wales associate professor of finance, Elvira Sojli, said she expects the bitcoin price to be under $10,000 by December 31 2020. The panel’s consensus was for the bitcoin price to climb to just under $13,000 by the end of the year.

“If anything, the second or third wave of Covid-19 may drive [the bitcoin price] down,” Sojli said, pointing to the coronavirus’ devastating economic impact.

Meanwhile, as bitcoin began its rally past $11,000, the bitcoin options market was signalling just 7% probability of the price returning to its all-time high of $20,000 per bitcoin, data from crypto derivatives analytics firm Skew revealed, with the market putting the odds of $10,000 per bitcoin by Christmas at around 50%.

“Options market is repricing quickly the probability of [new highs] by the end of the year, from 4% to 7% over the last week,” Skew chief executive Emmanuel Goh told bitcoin and crypto news site Coindesk.

MORE FROM FORBESVisa, Mastercard And PayPal Are Changing Their Tune On Bitcoin And Crypto

Elsewhere, others are confident the bitcoin price is going to continue to soar.

“There are significant changes since March in the way that institutional investors view bitcoin,” Joe DiPasquale, the chief executive of BitBull Capital, said via email.

“Now that institutions have moved into bitcoin in 2020, the price has shown more support over the last couple of months. We will not see a repeat of the March crash, but bitcoin will still remain somewhat more volatile than equities.”

“I think the price needs to take a bit of breather—it has moved quite a lot in a short-period of time,” Bill Herrmann, the managing partner of hedge fund Wilshire Phoenix, said via email, adding he could see the bitcoin price hit its all-time highs by the end of the year “if we continue to receive regulatory clarity and continued institutional adoption,” pointing to last week’s decision by the U.S. Office of the Comptroller of the Currency to allow banks in the country to custody digital assets as triggering the latest rally.

“It is huge for the space and that should serve as a tailwind for quite some time.”

Trying to forecast bitcoin price moves has proven difficult, however, and some have warned against trying to predict market moves.

“Predicting the price of bitcoin on an exact timeline is a fool’s errand,” Peter Wall, the CEO of UK-listed crypto miner Argo Blockchain, said via email, though adding he is “very optimistic in the medium to long-term, as we believe bitcoin will again be one of the best performing asset classes in the coming months and years.”

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

Source: https://www.forbes.com/

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Bitcoin Drops Below $9,000 Due to Concern Over Surge in COVID-19 Cases

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Around 19:45 UTC on Saturday (June 27), the price of Bitcoin dropped below the $9,000 level for the first time since May 27 due to growing concerns over the surge in the number of COVID-19 cases in the U.S. and some other parts of the world.

Data from Johns Hopkins University’s Coronavirus Resource Center tells us that the first case of COVID-19 in the U.S. was reported 155 days ago, and that since then, 2,467,554 COVID-19 cases and 125,039 deaths have been reported there.

On Friday (June 27), the number of daily confirmed new cases (5-day moving average) reached 40,021 in the U.S., and as you can see in the chart below, the daily number of new cases is going up not just in the U.S., but Russia, India, Mexico, and some other parts of the world:

COVID-19 confirmed new cases - 27 June 2020.png

Regardless of whether the U.S. is still going through the first wave of COVID-19 or it has started experiencing the second wave, there is no denying that what is happening now could severely impact the re-opening of businesses across the country, especially in those states that have recently been badly hit, such as Arizona, Florida, and Texas.

Renewed concerns over the impact of COVID-19 on the U.S. economy resulted in big losses on Friday in the U.S. stock market, with the Dow, the S&P 500, and the Nasdaq finishing the day down 2.84%, 2.42%, and 2.59% respectively.

As we have seen since the start of the COVID-19 pandemic, Bitcoin has shown on several occasions a moderately high positive correlation to the S&P 500, and this week it has been been no different.

According to data from CryptoCompare, Bitcoin is currently (as of 22:57 UTC on June 27) trading at $8,981, down 2.11% in the past 24-hour period:

24 Hour CC Chart for BTC-USD on 27 June 2020.png

Since Wednesday (June 24), Bitcoin has dropped from $9,655 to $8,981, i.e. a loss of almost 7% in just three days. Bitcoin’s drop below the $9,000 level occured at around 19:45 UTC on June 27.

Just a few hours earlier, prominent crypto analyst Alex Krüger noted the return of Bitcoin’s positive correlation with U.S. stocks, and said that his technical analysis of large cap U.S. stocks sugegsts that the next few days would be difficult for both stocks and Bitcoin, and predicted Bitcoin’s fall below the $9K level.

Around the same time that Krüger was giving his short term price prediction for Bitcoin, Joseph Todaro, Managing Partner at crypto-focused investment firm Blocktown Capital, sent out a tweet that showed that he is another one of those people in the crypto community who believes that there is currently a high degree of positive correlation between Bitcoin and the S&P 500.

By: Siamak Masnavi

Source: https://www.cryptoglobe.com

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Bitcoin dropped again, why? Big money players buy 20,000 more BTC, wirecard drama explained, and BTC on Ethereum growing fast.
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