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 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 […]
Binance, Coinbase and a number of other cryptocurrency exchanges appear to have crashed or restricted trading amid a mass sell-off of key tokens Wednesday, worsening a slide over the past week that has cut $700 billion off the value of cryptocurrencies. Coinbase, Binance and other exchanges went down Wednesday. Key Facts Outage reports for cryptocurrency exchanges Binance and Coinbase surged Wednesday as hundreds registered issues on DownDetector over the course of a few hours. Coinbase acknowledged the outage on Twitter and said it was working to resolve the issue, while Binance informed users it had stopped withdrawals of Ethereum, the […]
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 […]
The price of bitcoin popped about 4% on Monday after Tesla CEO Elon Musk tweeted that he was having active discussions regarding its sustainability. This content was originally published here.
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 is about 39% lower than its all-time high of $64,829.14 which was hit in mid-April as negative newsflow has dampened sentiment. This content was originally published here.
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 […]
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 […]
Tesla chief Elon Musk doesn’t appear to be shying away from bitcoin, despite the crypto-wide sell-off, which cut the value of bitcoin in half at one point over the last 24 hours. This content was originally published here.