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Bitcoin price: 'Worthless' coin facing major crackdown after 30% surge–JPMorgan alert – Express

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Jamie Dimon, JPMorgan Chase Chairman and CEO said on Monday that he believes Bitcoin is “worthless” despite the crypto asset surging by 30 percent in the month of October. Speaking at an event organised by the Institute of International Finance, he added: “I’ve always been a sceptic of stuff like that.” Mr Dimon went on to stress that regulation of the cryptocurrency sector by the United States government was both imminent and necessary.
At the end of September, Tesla CEO Elon Musk warned the government not to interfere with cryptocurrency or risk slowing down its advancement.
The JPMorgan CEO’s comments come as Bitcoin reaches its highest level since May.
The cryptocurrency gained more than 3 percent Monday to reach $57,597.60, according to Coin Metrics.
An increase of another 12 percent would take it back to its all-time high of around $65,000.
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Bitcoin price LIVE: 'Worthless' coin facing major crackdown after surge–JPMorgan alert
When Wall Street veterans gathered this week in Washington for the Security Traders Association annual conference. 
The focus was on emerging issues from “meme stocks,” to cryptocurrencies and free trading apps, signaled a new era for the world of finance.
This year’s gathering followed an extraordinary few months in which millions of young retail traders convening in online forums and trading through low-cost mobile apps have frequently piled into “meme stocks” – most notably video retailer GameStop in January.
The volatility of that episode was a common theme throughout the conference.
Several prominent figures spoke about how their kids had been drawn into the market after retail brokers like Charles Schwab Corp and Fidelity followed Robinhood Markets’ and dropped commissions.
At the end of last quarter Robinhood said it had 21.3 million active users, with an average age of 31.
Of those, half were first-time investors.
The company is also trying to recruit new users on college campuses, offering $15 to start investing and the chance to win $20,000 towards tuition.
Republican lawmaker Bill Huizenga, who has five kids, aged 15 to 24 said: “I’m thrilled that my kids are even talking about trying to invest and save and look towards the future.
“I would think we should be encouraging that.” 
A new stablecoin is expected to be available by the end of 2021 and it may disrupt the crypto landscape as it will be offered by Facebook, Inc. (NASDAQ: FB).
This new crypto currency, called DIEM (fka Libra) has been in development for a couple of years.
The company has also developed Novi, a crypto wallet and the whole project is supposed to be overseen by a consortium of financial interests called the Diem Association and backed by fiat currencies.
According to data from CoinMarketCap, there are currently more than 12,170 crypto currencies in existence (not all are active) and you’ve likely heard of just a handful.
The value of all those cryptos has fluctuated roughly from $2trillion to $3trillion (USD) in 2021.
Holly Andrews, Managing Director at KIS Finance, said people should only invest what they are prepared to lose in light of new research which found more than two thirds of crypto investors were borrowing to trade.
Ms Andrews said: “In recent years, cryptocurrencies have become far more mainstream with massive companies like PayPal now introducing cryptocurrency trading.
“Although cryptos, and specifically Bitcoin, have seen people make thousands or even millions in profit; they are incredibly volatile and can see investors losing massive percentages of what they put in very quickly.
“It’s concerning that so many people have turned to borrowed funds to purchase cryptocurrencies as they are incredibly volatile and offer no guarantees that the money will be returned.
“So, if you are thinking of making an investment into cryptocurrencies, you should only invest an amount of money that you can afford to lose and it should be funded through income or savings rather than a credit facility.
“Borrowing money to invest in cryptos can become a very vicious cycle that’s difficult to break.”
Only invest what you can afford to lose, says financial expert
A recent study by KIS Finance revealed that more than two thirds of cryptocurrency investors borrowed money to make their purchase, rather than dipping into their own income or savings.
Overall, more than two thirds (64 percent) of those who have invested in cryptos, used one or more credit facilities to do so.
Percentage of crypto investors who used one or more credit facilities to fund purchase, by age:
18 – 24: 70 percent
25 – 34: 64 percent
35 – 44: 68.9 percent
45 – 54: 62.5 percent
55 – 64: 45 percent
65+: 25 percent
As the data shows, those aged between 18 and 24 were the age group most likely to use borrowed funds to make their investment.
As bitcoin continues to soar, the United States government is reportedly considering a regulatory crypto crackdown.
The executive order, which is currently being considered, would see federal agencies charged with making recommendations on bitcoin and crypto and would touch on “financial regulation, economic innovation and national security,” according to Bloomberg. 
A “crypto czar” could also be appointed to “coordinate agencies’ work on digital currencies.”
Biden administration reportedly considering crypto regulation
The price of Bitcoin now stands at $57,572.94.  
Bitcoin is up 3.88 percent in the last 24 hours. 
It has a circulating supply of 18,840,956 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin nudges $57,572.94
The first cryptocurrency was created more than 10 years ago.
But the crypto market continues to be highly volatile, with prices of cryptocurrencies soaring or plummeting within hours.
Corrections of 50 percent or more happen multiple times a year to all the major coins.
Marcus de Maria, Co-Founder and CEO of Investment Mastery, told Express.co.uk: “Data shows that most coins are held in wallets and very few on exchanges, creating a lack of liquidity.
“If a bigger player wishes to buy or sell, the impact on price is quite large, hence the volatility.”
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Konstantin Anissimov, executive director at CEX.IO said: “There is no doubt that investor sentiment is well fuelled as October marks the deadline when the SEC will have to make a decision as to either approve, reject or delay [action on a futures-linked bitcoin exchange-traded fund (ETF)].
“This sentiment has fueled some buyups amongst investors cutting across both retail and institutional sectors and has pushed the price of BTC to its highest level since May 12.
“The SEC is known for its conservative approach to Bitcoin ETFs, however, the current anticipation is based on the fact that the majority of the filings are based on Bitcoin Futures, as recommended by SEC Chairman Gary Gensler.”
Shiba Inu is a dogecoin spin-off and its value has surged by around 197.81 percent in a week.
Don Guo, CEO of fintech firm Broctagon, said it is impossible for the digital coin to reach $1 because there is simply not enough money in the world for this to happen.
Mr Guo told Express.co.uk: “In order for SHIB to reach a dollar, it requires a market capitalisation of one quadrillion US dollars.
“In comparison, the entirety of the U.S. National Debt is $23.3trillion – and even that staggering sum constitutes less than 3 percent of the amount required for SHIB to reach that price point.
“Given current trends, it is more likely that Shiba will remain within its ballpark of less than a fraction of a cent.”
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Shiba Inu price prediction: 'impossible' for coin to reach $1
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, said the US Securities and Exchange Commission (SEC) could soon greenlight a Bitcoin exchange-traded fund (ETF).
ETFs are securities that track coin values but can be bought and sold on an exchange similar to stocks.
Should the SEC bring one of these in, it would drum up attention behind BTC.
Mr McGlone told Stansberry Research there is a “high probability” it would create an ETF.
He said they could follow Canada with a “futures-based bitcoin ETF”, and capitalise on money flowing over the northern border.
He added the pressure is “quite strong and high” for regulators to stop “missing out”.
Bitcoin has suffered some significant value troughs over the past year. 
But now it appears ready to rally once again, now destined to meet a landmark target; $60,000 (£43,976.70).
Bitcoin fell victim to the rampant market instability in 2021, most recently in July, when it fell to $29,837.35 (£21,869.14).
The value – its lowest since December 2020 – came as China and some western nations called for tighter regulation.
Since then, it has gradually rallied to nearly double that at $56,555.08 (£41,451.76).
Investors hope the new positive attention directed towards the coin and favourable market conditions will pave the way to $60,000.
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Bitcoin has broken the $57,000 resistance and reaches a new cycle high on the tailwind of a 4.3 percent gain in the last 24 hours.
#Bitcoin breaks the $57K resistance and reaches a new cycle high on the tailwind of a +4.3% gain in the last 24 hours. $BTC is currently trading at $57,400.https://t.co/0mni0qasLY pic.twitter.com/7UA12jehFD
One expert has predicted that a Bitcoin price of “$100k over the coming months is all but certain”.
Earlier this month the US Securities and Exchange Commission revealed its growing interest in four separate Exchange Traded Funds which are linked to Bitcoin futures.
Speaking to Express.co.uk, Konstantin Anissimov, Executive Director at CEX.IO states that the approval of these funds by the SEC has helped push Bitcoin higher.
Zap Protocol founder Nick Spanos said: “Bitcoin’s run to $100k over the coming months is all but certain.
“Investors are becoming ever more resilient to adverse crypto news.”
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Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by an unknown person (or possibly group of people) using the alias Satoshi Nakamoto.
It was launched soon after, in January 2009.
Bitcoin is a peer-to-peer online currency and was the first-ever cryptocurrency to come into actual use.
All transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them.
According to Nakamoto’s own words, Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Bitcoin is a decentralized cryptocurrency
The price of Bitcoin now stands at $57,437.51. 
Bitcoin is up 4.24 percent in the last 24 hours. 
It has a circulating supply of 18,840,868 BTC coins and a maximum supply of 21,000,000 BTC coins.
Bitcoin up four percent in last 24 hours
Bitcoin has gained more than three percent Monday to reach $57,597.60 – the highest level since early May.
A rise of another 12 percent would return the coin to its all-time high of about $65,000. 
The cryptocurrency is now 31 percent up for the month and a staggering 98 percent up for the year.
Some are speculating this rally could see the next all-time high, though this would likely be followed by a correction. 
Bitcoin is worthless and government regulation is closing in on cryptocurrencies, according to the CEO of JPMorgan Chase. 
JUST IN – #Bitcoin is worthless and government regulation is coming for cryptocurrencies, says CEO of JPMorgan Chase.
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Bitcoin Is '100 Times Better Than Gold,' Michael Saylor Says – Here's Why | Bitcoinist.com – Bitcoinist

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Bitcoin and gold are both valuable assets that can be used to protect against inflation; nevertheless, there are important differences between the two in terms of their history, accessibility, and other sources of demand.
Gold, undoubtedly, has a lengthy history and solid basis, while Bitcoin has barely more than a decade of existence to prove its worth as an inflation hedge.
In November of last year, the price of a single BTC soared beyond $65,000, setting a new record high. This increase was related to the introduction of a Bitcoin exchange traded fund in the United States; while others during the year were due to events involving Tesla and Coinbase, respectively.
As of this writing, BTC is trading at $$19,058.84, down 5.5% in the last seven days, data from Coingecko show, Sunday.
Despite the fact that BTC has lost over 73% of its value since its all-time high in 2021, crypto bull and MicroStrategy co-founder and CEO Michael Saylor is unfazed.
Not only does he think the digital coin will regain its former glory, but he also thinks the cryptocurrency has a lot of room to grow beyond its current high point.
While the value of the most popular cryptocurrency in the world has been falling in recent weeks, MicroStrategy has been buying the dip. With 130,000 BTCs in its vault, it is sitting on nearly $4 billion of the crypto.
“I think that the next logical stop for Bitcoin is to replace gold as a non-sovereign store of value asset and gold is a $10 trillion asset as we speak. Bitcoin is digital gold, it’s 100x better than gold,” Saylor said during the Money Festival hosted by MarketWatch on Wednesday.
Bitcoin has a market cap of around $365 billion, according to data by TradingView on Sunday.
And during the festival’s Best New Ideas segment, Saylor didn’t hold back when he predicted the crypto’s price tag may reach $500,000 within the next decade.
“The half-life of money in crypto is forever. You can move it on billions of computers at the speed of light. So if Bitcoin goes to the value of the yellow metal, it’s going to $500,000 per coin, and I think that happens this decade,” Saylor pointed out.
According to MarketWatch, Saylor has around 17,732 Bitcoins that he purchased for around $9,500. Meanwhile, MicroStrategy’s stock price has fallen almost 65% this year, just like Bitcoin.

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Cryptocurrency prices today under pressure: Bitcoin falls 3%, ether 6%; Uniswap gains | Mint – Mint

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  • The global cryptocurrency market cap today remained below the $1 trillion mark

Cryptocurrency prices today came under pressure after the US Federal Reserve delivered another big interest-rate hike and warned of economic pain from the aggressive policy tightening still to come. The Fed’s determination to raise rates to levels that hammer inflation at the cost of sliding asset prices sent a chill across global markets.
Bitcoin, the world’s largest and most popular cryptocurrency, was trading more than 2% lower at $18,627, came close to dropping below $18,000 level. The global crypto market cap today remained below the $1 trillion mark, as it was down over 2% in the last 24 hours at $943 billion, as per CoinGecko. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, continued to underperform and fell more than 6% at $1,260.
“Bitcoin, Ethereum, and most cryptocurrencies traded lower on late Wednesday after the Federal Reserve raised interest rates by 75 basis points marking the third consecutive time this year. BTC continues to struggle below the $19,000 since bears are more powerful than bulls in the market. The second largest crypto, Ethereum was seen changing hands above the $1,200 level. The price of ETH has been dipping since the Merge took place as miners continued to dump their ETH in the market coupled with macroeconomic factors. If the selling pressure from miners increases, ETH is likely to fall below the $1,000 level,” said Edul Patel, CEO and Co-founder of Mudrex.
Meanwhile, dogecoin price today was also trading about 3% lower at $0.05 whereas Shiba Inu slipped more than a per cent to $0.000011. Other crypto prices’ today performance also declined as XRP, Stellar, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apecoin, Cardano, Chainlink, Tron, Tether prices were trading with cuts over the last 24 hours, whereas Uniswap gained.
Such a backdrop offers little respite for crypto markets. They were already reeling from a $2 trillion plunge from a 2021 record high, an unraveling pockmarked with blowups such as the Three Arrows Capital hedge fund and the Terraform Labs project — whose co-founder Do Kwon is wanted by authorities.
(With inputs from agencies)
 
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Bitcoin's Accumulated Momentum Is Going To Be Hard To Stop – Bitcoin Magazine

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While "the smartest people in the room" scan the horizon, bitcoiners are out there actually building the future they want to live in.
The below is a direct excerpt of Marty's Bent Issue #1259: "Bitcoin is action. The accumulated momentum is going to be hard to stop." Sign up for the newsletter here.
This morning I listened to a recent Macro Voices podcast with Brent Johnson from Santiago Capital. It was a very good conversation about the state of the global economy, particularly focused on the dollar's relative strength against other currencies and how things may play out as the dollar continues to strengthen as prophesied by the "Dollar Milkshake" theory. Here's a link to the episode for those interested.
Toward the end of their discussion Erik (the host) and Brent make it clear without saying anything explicitly that it is insane that global markets are essentially beholden to the whims of a very select few people, central bankers, out of the billions who are alive on this planet. The fact that the world hinges on the cryptic language of people who are completely disconnected from reality and do not suffer the consequences of their actions is a bit baffling. With that being said, what I'd like to focus on is the fact the Erik and Brent ended their conversation with a brief detour to discuss the next world reserve currency. Both gentlemen acknowledged that it would likely be a cryptocurrency – likely produced by one of the governments or a coalition of governments – and will certainly not be bitcoin.
To your Uncle Marty, this is an incredibly hilarious line of thinking from a couple of individuals who seem to "get it" in regards to the fact that the fiat system is doomed for failure and it's failure is being driven by incompetent central planners. To think that the solution to bad central planning from an incompetent group will be better central planning from the same group via a fresh slate a CBDC or something like it would provide. Even funnier is the fact that they emphatically proclaim that bitcoin most certainly will not become the dominant money in the world while deriding "bitcoin maximalists". This is our edge, freaks.
While "the smartest people in the room" scan the horizon waiting to place their bets on something that hasn't materialized yet and is sure to end in failure if it ever does because it will suffer from the same centralized attributes that doomed the dollar, bitcoiners are out there actually building the future they want to live in. The macro mensches of the world can continue to sit on the sideline and pontificate about what they think will come to market. Bitcoiners will continue to act and bring their distributed, censorship resistant, sound money to market. And the headstart bitcoin has amassed is approaching insurmountable. It is a step-function improvement on the incumbent monetary system in every way.
It's provably scarce and extremely hard to change.
You can send it over the internet.
You can divide more granularly.
It is extremely hard to prevent someone from receiving or sending bitcoin if used correctly.
And, what might be the most underappreciated aspect, it is beginning to become an integral part of the energy sector. And as we're finding out now energy is pretty damn important. Arguably the most important asset on the planet. Bitcoin becoming an essential for energy producers makes it significantly harder to kill from a logistical and political perspective.
We are so early.

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