May 2021 / 65 posts found

Bitcoin ($BTC USD) Cryptocurrency Hedge Funds Buy the Dip in Week of Reckoning – Bloomberg

by crypto journalist
Felix Dian is in fighting spirits after this week’s crypto meltdown. Like many pros, the former Morgan Stanley trader says Bitcoin’s volatility actually shows why hedge funds are in the digital-currency game: To ride boom and bust cycles with diversified bets so clients don’t get killed at times like this. Something is working. His $80 million crypto-focused fund at MVPQ Capital is up 14% in May and has more than tripled in value this year. In contrast, Bitcoin has plunged almost 30% this month, cutting the advance for 2021 to 42%. “We had kept dry powder,” he said in an […]

Bitcoin Nurses Losses as Musk’s Spats on Twitter Whipsaw Token – Bloomberg

by crypto journalist
Bitcoin nursed losses from a bruising weekend during which Elon Musk again whipsawed the token, in part by seeming to imply that Tesla Inc. may sell or has sold its holdings. The largest digital currency extended a bout of weakness to slide to $43,874 on Sunday, the lowest since February. It rallied to $45,200 as of 11:38 a.m. on Monday in Tokyo but remains about $20,000 shy of the record set in April. Other cryptocurrencies such as Ether and Dogecoin are also under pressure. Tesla Chief Executive Officer Musk spent the past couple of days dueling on Twitter with critics […]

Bitcoin (BTC USD) Cryptocurrency Price Erases Gain Since Elon Musk Embrace – Bloomberg

by crypto journalist
What Elon Musk giveth, he also taketh away. Bitcoin has erased all the gains it notched following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the digital asset and accept it as a form of payment for its vehicles. The world’s largest cryptocurrency has dropped roughly 40% from its record of almost $65,000 and was trading around $39,360 as of 6:36 a.m. in London, a level last seen before the EV-maker disclosed its investment. Elon Musk Photographer: Liesa Johannssen-Koppitz/Bloomberg Fueling the volatility is Tesla CEO Musk himself, who surprised crypto advocates last week with an […]

Michael Sung: China’s National Blockchain Will Change the World – CoinDesk

by crypto journalist
Professor Michael Sung is founder and chairman of CarbonBlue Innovations, a tech transfer platform for commercializing internationally sourced blockchain, fintech and digital finance innovation in developing countries. He is also co-director of the Fintech Research Center at the Fanhai International School of Finance at Fudan University.  This week, China will officially launch a major new blockchain initiative called the Blockchain-based Services Network (BSN). The BSN is a critical part of China’s national blockchain strategy that was announced by President Xi in late November 2019, but went largely under the radar as the simultaneous announcement of China’s digital RMB currency, called […]

Bitcoin plunges in value as China starts cryptocurrency crackdown days after Elon Musk warning | Daily Mail Online

by crypto journalist
Bitcoin has plummeted again after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them. The unit dropped below $40,000 for the first time in three months, falling by 10 per cent just a week after Elon Musk caused it to plunge by speaking out against its environmental impact.   Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas.  Bitcoin has plunged below $40,000 for the first time in more than three months after China said cryptocurrencies would not […]

Elon Musk Just Reopened an Old Wound in the Bitcoin World – Bloomberg

by crypto journalist
Earlier this year, when Tesla added Bitcoin to its balance sheet, CEO Elon Musk became an instant hero in the cryptocurrency’s community. Then he started tweeting about Dogecoin — which is a parody of the whole thing — and started to go from hero to troll. Then last week, Tesla announced that it would no longer accept Bitcoin as a payment because to energy consumption, making the heel-turn complete. But a statement he made on Saturday night about Dogecoin really picked open an old Bitcoin scab. Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it […]

Cryptocurrency Price Check: Bitcoin, Ethereum, Dogecoin Rising – TheStreet

by crypto journalist
Cryptocurrency prices on Monday were climbing, reversing last week’s tumble. Bitcoin, the world’s largest cryptocurrency, was up 5.8% to $37,720 in premarket trading. Ethereum rose 5.7% to $2,408, while Dogecoin advanced 5.8% to 34 cents, according to Coingecko. Cryptocurrency prices tumbled last week following a statement from the People’s Bank of China that the digital coins weren’t “real currencies” and amid a general market pullback. China reiterated a call for a crackdown on Bitcoin mining and trading, as the world’s second-biggest economy sought to ward off financial instability. Meanwhile, Coinbase Global  (COIN)  shares were climbing nearly 3% Monday after analysts at […]

Ethereum Closes In on Long-Sought Fix to Cut Energy Use Over 99% – Bloomberg

by crypto journalist
Users and developers of the world’s most-used blockchain have been wrangling with its carbon-footprint problem for as long as it’s been around. Now, they say, several recent breakthroughs will finally enable them to drastically cut energy use in a year or less. Ethereum and better-known-rival Bitcoin both operate using a proof-of-work system that requires a global network of computers running around the clock. Software developers at Ethereum have been working for years to transition the blockchain to what’s known as a proof-of-stake system — which uses a totally different approach to secure the network that also eliminates the carbon emissions […]

Vitalik Buterin Criticizes Elon Musk’s Idealistic Take on Cryptocurrency, Details Limits on Blockchain Scalability – Bitcoin News

by crypto journalist
Vitalik Buterin Criticizes Elon Musk’s Idealistic Take on Cryptocurrency, Details Limits on Blockchain Scalability Vitalik Buterin, one of the most renowned Ethereum founders, has rebuffed Elon Musk’s take on fixing cryptocurrencies in a new paper where he details the limits of blockchain scalability. Buterin touches on three subjects: storage, bandwidth, and computing power, commenting on their limits with today’s tech. Vitalik Buterin Criticizes Elon Musk’s Simplistic Take Vitalik Buterin, the founder of the second most successful cryptocurrency (Ethereum), criticized yesterday Elon Musk’s take on fixing cryptocurrencies just by raising some key aspects. In a new paper titled “The Limits to […]

Ethereum co-founder Vitalik Buterin destroys 410 trillion Shiba Inu coins – NZ Herald

by crypto journalist
Less than a week after donating over $1 billion in cryptocurrency to the India Covid Relief Fund and a range of other charities, the world’s youngest known crypto billionaire has burned over US$6.7billion ($9.29 billion) worth of the Shiba Inu coins. Ethereum co-founder Vitalik Buterin sent a whopping 410,241,996,771,871.894771826174755464 coins to a dead wallet address – effectively destroying them and now accounting for 41 per cent of the total SHIB in circulation. “I’ve decided to burn 90 per cent of the remaining Shiba tokens in my wallet,” Buterin – whose holdings in SHIB were gifted to him by the coin’s […]