Connect with us

Crypto

Bitcoin ‘Undermining The Dollar’—Hillary Clinton Issues A Surprise Crypto Warning As El Salvador Helps The Bitcoin Price Suddenly Surge

Published

on

The bitcoin price, after a sharp sell-off earlier this week, has recovered some of its losses—surging back toward $60,000 per bitcoin and helping the wider crypto market rally. The bitcoin price is up 200% since this time last year, propelling the combined crypto market capitalization to almost $3 trillion.
Now, Hillary Clinton, the former U.S. presidential hopeful and secretary of state under president Barack Obama, has warned the rise of bitcoin and cryptocurrencies could undermine the U.S. dollar’s reserve currency status.

Hillary Clinton is the latest high-profile politician to warn over the rise of bitcoin and … [+] cryptocurrencies and their potential effect on the wider financial system.
“What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger,” Clinton said, speaking during a panel discussion at the Bloomberg New Economy Forum in Singapore, and adding she hopes “nation-states start paying greater attention to is the rise of cryptocurrency.”
Clinton, whose 2016 presidental campaign was marred by hacks, also criticized Russia’s president Vladimir Putin, accusing him of deploying “a very large stable of hackers and those who deal in disinformation and cyberwarfare.”
Recent data from Chainalysis has revealed North America is the world’s biggest victim of crypto-based ransomware attacks, with those hit by hackers paying out $131 million in cryptocurrency to criminals over a 12 month period. Most of the attacks were found to be from Russia-based gangs.
Following Clinton’s comments, El Salvador president Nayib Bukele announced the country is planning to build a “Bitcoin City,” funded initially by bitcoin-backed bonds.
In September, El Salvador became the first country in the world to officially adopt bitcoin as legal tender and now uses it alongside the U.S. dollar as its national currency. Other countries in the region are considering following in El Salvador’s footsteps. Earlier this month, it was reported Zimbabwe is exploring the adoption of cryptocurrencies as a means of payment.
“This is going to make El Salvador the financial center of the world,” said Samson Mow, the chief strategy officer of blockchain technology provider Blockstream, speaking alongside Bukele at an event closing a week-long promotion of bitcoin in El Salvador.
The news of El Salvador’s plans for a bitcoin city, designed to fuel investment into the country, helped the bitcoin price climb following a turbulent week.
The bitcoin price fell 20% through the middle of November, dropping to lows of around $55,000 per bitcoin after hitting a record high of almost $69,000 in the run-up to a closely-watched bitcoin upgrade being deployed.

The bitcoin price has rocketed 200% over the last year, helped by adoption from the likes of Elon … [+] Musk’s Tesla and the country of El Salvador.
Countries around the world are already grappling with how to rein in the red-hot bitcoin and crypto market.
In the U.S., president Joe Biden this week signed into law a huge infrastructure bill that includes tough new tax reporting requirements for bitcoin and crypto companies. From 2023, brokers will need to hand over customer names, addresses, phone numbers, capital gains, and losses to the Internal Revenue Service while companies receiving crypto payments worth more than $10,000 will have to report the sender’s identity to the government.
Earlier this week, India’s prime minister Narendra Modi called for countries to work together to stop cryptocurrencies “ending up in the wrong hands.”
India plans to ban the use of bitcoin and cryptocurrencies for payments but will allow digital assets to be held and traded in a similar way to stocks and bonds, according to local media reports.
A comprehensive ban on bitcoin and cryptocurrencies in China was partly blamed for a devastating bitcoin price and wider crypto market crash earlier this year.

source

Crypto

Cryptoverse: Bitcoin miners get stuck in a bear pit – Reuters

Published

on

Sept 27 (Reuters) – Spare a thought for the beleaguered bitcoin miner.
In late 2021, miners were the toast of the town with a surefire path to profit: hook powerful computers up to cheap power, crack fiendishly complex maths puzzles and then sell newly minted coins on the booming market.
A year's a long time in crypto.
Global revenue from bitcoin mining has dropped to $17.2 million a day amid a crypto winter and global energy crisis, down about 72% from last November when miners were racking up $62 million a day, according to data from Blockchain.com.
"Bitcoin miners have continued to watch margins compress – the price of bitcoin has fallen, mining difficulty has risen and energy prices have soared," said Joe Burnett, head analyst at Blockware Solutions.
That's put serious pressure on some players who bought expensive mining machines, or rigs, banking on rising bitcoin prices to recoup their investment.
Bitcoin is trading at around $19,000 and has failed to break above $25,000 since August, let alone regain November's all-time high of $69,000.
At the same time, the process of solving puzzles to mine tokens has become more difficult as more miners have come online. This means they must devour more computing power, further upping operating costs, especially for those without long-term power pricing agreements.
Bitcoin miners' profit for one terahash per second of computing power has fluctuated between $0.119 and $0.070 a day since July, down from $0.45 in November last year and around its lowest levels for two years.
The grim state of affairs could be here to stay, too: Luxor's Hashrate Index, which measures mining revenue potential, has fallen almost 70% so far this year.
2140: THE LAST BITCOIN
It's been painful for miners.
Shares of Marathon Digital (MARA.O), Riot Blockchain (RIOT.O) and Valkyrie Bitcoin Miners ETF (WGMI.O) have sunk more than 60% this year, for example, while crypto-mining data center operator Compute North filed for bankruptcy last week.
Yet mining is ultimately a long-term proposition – the last bitcoin is expected be mined in 2140, more than a century away – and some spy opportunity in the gloom.
"The best time to get in is when market's low, the same mining rigs that went for $10,000 earlier this year you can get that for 50% to 75% off right now," said William Szamosszegi, CEO of Sazmining Inc which is planning to open a renewable-energy powered bitcoin mining operation.
Indeed, many miners are cutting back on buying rigs, forcing makers to cut prices.
For instance, the popular S19J Pro rig sold for $10,100 in January on average, but now sells for $3,200, analysts at Luxor said, also noting prices for bulk orders of some mining machines had fallen by 10% in just the past week.
Chris Kline, co-founder of crypto investment platform Bitcoin IRA, said miners would have to be "hyper-focused" on energy efficiency, both to bring costs down and to avoid any repercussions from climate change-related regulations.
"From managing their balance sheet, processing units and energy costs, miners will look to stay afloat regardless of current market conditions," he added.
Our Standards: The Thomson Reuters Trust Principles.
Crypto companies were undeterred by initial failure to obtain licences to operate in Britain and were submitting new applications, the Financial Conduct Authority said on Thursday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Continue Reading

Crypto

Crypto market volatile; Terra Classic Lunc leads the laggards, Bitcoin above $19k | Mint – Mint

Published

on

  • The American currency scaled past the 111 level against a basket of currencies — making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.

Cryptocurrencies are trading volatile tracking feeble global equities after recession fears in major economies like the US and Europe sparked. The US Fed’s aggressive approach to tame inflation at the cost of economic growth further dampened the mood. Fed has hiked the rate by another 75 basis points. Wall Street and European stocks slipped sharply last week, while energy prices settled lower and bond yields climbed to multiyear highs. The American currency scaled past the 111 level against a basket of currencies — making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.
On CoinMarketCap, at the time of writing, the global crypto market is at $939.57 billion up by 0.28% over the last day. However, total crypto market volume dropped nearly 37% over the last 24 hours and is at $49.82 billion.
Meanwhile, the total volume in DeFi is currently at $3.11 billion — 6.25% of the total crypto market 24-hour volume. The volume of all stablecoins is now $45.65 billion which is 91.63% of the total crypto market 24-hour volume.
Ethereum is the top trending cryptocurrency today followed by PancakeSwap and XRP.
The crypto leader Bitcoin is trading at a little over 19,000 mark at $19,090 up by 0.5%. Its market cap is nearly $366 billion. The digital coin’s dominance is currently up by 0.12% over the day at 38.95%.
Meanwhile, the second largest cryptocurrency Ethereum is performing near $1,331 and is up by 0.75%. Its market cap is around $163.3 billion.
Recently, Ethereum launched the most-awaited Merge which led to a transition of proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
Data from Coinglass showed that Ethereum has liquidated more than $759 million since September 15.
However, both Bitcoin and Ethereum have dipped by nearly 5% and 9% respectively in the last seven trading sessions.
Among top-performing cryptocurrencies in the last 24 hours are — Reserve Rights climbing by 9.5% followed by Chainlink up 5.5%. Algorand, Chiliz, and eCash surged by 4-5.5%.
On the other hand, Terra Classic Lunc took lead in the laggards list by plunging more than 7%, followed by XDC Network shedding nearly 5%, Stellar and DogeCoin tumbling more than 3% each. Axie Infinity, Helium, Nexo, Celsius, and Synthetix dived between 2-3%.
Terra tokens are under pressure as currently, Terraform Labs CEO Do Kwon is facing multiple jurisdictions. An arrest warrant has been issued by the Seoul Southern District Prosecutors Office against Kwon who is the forefather of TerraUSD algorithmic stablecoin and sister token Luna that wiped out reportedly $60 billion in the cryptocurrency market. Kwon’s whereabouts are unknown, although, the co-founder of Terra tokens denied rumours of being on the ‘run’ from government agencies.
Last week, US Fed in its latest policy statement said, “the Committee is highly attentive to inflation risks.”
FOMC further said, in support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt, and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that was issued in May.
FOMC is committed to returning inflation to its 2% objective.
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp

source

Continue Reading

Crypto

Bitcoin news – live: Price crash continues as crypto ‘stable’ coin UST uncouples from dollar – Yahoo News

Published

on

source

Continue Reading

Trending

Copyright © Diaily Meta News