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BITCOIN value is STILL down as question marks hang over whether cryptocurrency markets can recover.
Cryptocurrencies including Bitcoin suffered dramatically since Musk announced that his company Tesla would not longer accept the payment for their vehicles.
Reacting to last weeks backlash after one person asked him about the anger he faced, Musk tweeted: “The true battle is between fiat & crypto. On balance, I support the latter.”
Meanwhile, a successful divorce lawyer has said she has seen a five-fold increase in divorce inquiries revolving around cryptocurrency since 2017.
Nicknamed the Diva of Divorce, Ayesha Vardag told the Telegraph called the usage of crypto wallets to mask wealth as a “cat and mouse game”.
“It can feel like a cat and mouse game with increasingly sophisticated techniques being used by parties to hide their true wealth during divorce proceedings,” she told the outlet.
“In the same way that offshore trusts and investments have been used as tools to facilitate hiding assets, Bitcoin and other cryptocurrencies can be used to hide your spouses’ true worth.
“As cryptocurrencies become more established they will undoubtedly enter mainstream divorce proceedings.”
Read our cryptocurrency live blog below for the very latest updates…
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ELON MUSK ‘SUPPORTS’ CRYPTO OVER FIAT CURRENCY
Tech billionaire Elon Musk shared his support for cryptocurrencies over legal tender.
Reacting to last weeks backlash after one person asked him about the anger he faced, Musk tweeted: “The true battle is between fiat & crypto. On balance, I support the latter.”
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HOW DOES BITCOIN WORK?
To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.
To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.
There are currently about 21million Bitcoin tokens in existence. To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.
These addresses are in turn stored in Bitcoin wallets, which are used to manage savings. The bulk of Bitcoin “mining” is done in China, where energy costs are cheaper than in places like the UK or US.
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MAIN RISKS OF CRYPTO INVESTMENTS
- Consumer protection
- Price volatility
- Product complexity
- Charges and fees
- Marketing materials
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BITCOIN DIVORCES SOAR AS SPOUSES STASH THEIR WEALTH IN CRYPTOCURRENCIES, TOP LAWYER SAYS
A successful divorce lawyer has said she has seen a five-fold increase in divorce inquiries revolving around cryptocurrency since 2017.
Nicknamed the Diva of Divorce, Ayesha Vardag told the Telegraph called the usage of crypto wallets to mask wealth as a “cat and mouse game”.
“It can feel like a cat and mouse game with increasingly sophisticated techniques being used by parties to hide their true wealth during divorce proceedings,” she told the outlet.
“In the same way that offshore trusts and investments have been used as tools to facilitate hiding assets, Bitcoin and other cryptocurrencies can be used to hide your spouses’ true worth.
“As cryptocurrencies become more established they will undoubtedly enter mainstream divorce proceedings.”
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EXPLAINED: HAS CHINA BANNED CRYPTOCURRENCY?
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions.
They have also warned investors against speculative crypto trading.
Under the ban, these institutions, like banks and online payments channels, must not offer clients any service involving cryptocurrency.
This includes registration, trading, clearing and settlement
Although China has banned crypto exchanges and initial coin offerings – they have not barred individuals from holding cryptocurrencies.
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WHAT IS HUMMINGBIRD FINANCE?
Hummingbird Finance is a new cryptocurrency token, which launched in April 2021.
It’s a smart contract, or program, built on the Binance Smart Chain blockchain network.
Blockchain technology is at the heart of most cryptocurrencies, including Bitcoin. It can seem complicated, but it’s a kind of database used to record transactions.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “Hummingbird’s founders promise to use proceeds from the token to help finance charities to protect the species in the wild and spread awareness.
“But this promise can’t easily be verified, and the way the token works rewards holders for not selling their tokens, and taxing those who do.That raises suspicions of an aim to simply drive up the price on a wave of speculation and so traders would be wise to treat the token with extreme caution.”
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HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?
Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.
In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.
Developed market shares are up 14.3% over five years.
On paper that makes Bitcoin a higher performing asset than other investments.
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HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?
Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.
In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.
Developed market shares are up 14.3% over five years.
On paper that makes Bitcoin a higher performing asset than other investments.
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HOW THE VALUE OF BITCOIN HAS CHANGED OVER THE YEARS
The value of Bitcoin has fluctuated since it was launched in 2009.
- 2009-2011: One Bitcoin was equal to about one US dollar
- 2013: Bitcoin rises upward to $1,242
- 2014: Bitcoin falls to $530
- 2017: Bitcoin rose to $13,800 by the end of the year
- 2018: Price dropped to around $6,000 before halving again to around $3,000
- 2020: Started at $5,000 before ending the year around $28,000
- 2021 January: Bitcoin around $36,000
- February: Bitcoin around $50,000
- March: Bitcoin around $60,000
- April: Bitcoin soaring above $62,000
- May: Bitcoin tumbles to $39,790
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WILL THE CRYPTOMARKET RECOVER?
Cryptocurrency markets went down dramatically wiping billions from their value.
Bitcoin and Ethereum prices plummeted to their lowest since last year after months of record highs for the digital coins, highlighting just how unpredictable they are according to experts.
Read more here.
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HOW HAS BITCOIN AND ETHEREUM CHANGED IN THE LAST YEAR
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BITCOIN DIVORCES SOAR AS SPOUSES STASH THEIR WEALTH IN CRYPTOCURRENCIES, TOP LAWYER SAYS
A successful divorce lawyer has said she has seen a five-fold increase in divorce inquiries revolving around cryptocurrency since 2017.
Nicknamed the Diva of Divorce, Ayesha Vardag told the Telegraph called the usage of crypto wallets to mask wealth as a “cat and mouse game”.
“It can feel like a cat and mouse game with increasingly sophisticated techniques being used by parties to hide their true wealth during divorce proceedings,” she told the outlet.
“In the same way that offshore trusts and investments have been used as tools to facilitate hiding assets, Bitcoin and other cryptocurrencies can be used to hide your spouses’ true worth.
“As cryptocurrencies become more established they will undoubtedly enter mainstream divorce proceedings.”
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CONTINUED – BOOM & CRUST
Amazingly, Laszlo insists he has absolutely no sleepless nights over his impulse purchase one lunchtime in 2010.
He has said: “I don’t regret it. I think that it’s great that I got to be part of the early history of Bitcoin in that way.
“People know about the pizza…everybody can kind of relate to that and be [like] ‘Oh my God, you spent all of that money!’”
The Florida man was an early contributor to Bitcoin’s software when it was barely a year old.
He even coded a programme that made it possible for fans to mine the currency using their computer’s graphics cards (GPU).
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BOOM & CRUST
Crypto cash fans around the world are tucking into slices of pizza today – thanks to one man’s very, very costly appetite.
Programmer Laszlo Hanyecz made history when he made the first “real world” purchase with Bitcoin more than a decade ago.
However, little did he know when he spent 10,000 Bitcoin on two Papa John’s pies it would also secure him a place in the crypto currency hall of fame.
He also had no clue that 11 years later the coins – worth around £30 at the time – would be now be worth more than £306million.
It is a fortune which could have bought him a private island, a luxurious mansion, and several private jets.
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EXPLAINED: HAS CHINA BANNED CRYPTOCURRENCY?
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions.
They have also warned investors against speculative crypto trading.
Under the ban, these institutions, like banks and online payments channels, must not offer clients any service involving cryptocurrency.
This includes registration, trading, clearing and settlement
Although China has banned crypto exchanges and initial coin offerings – they have not barred individuals from holding cryptocurrencies.
-
WHAT IS HUMMINGBIRD FINANCE?
Hummingbird Finance is a new cryptocurrency token, which launched in April 2021.
It’s a smart contract, or program, built on the Binance Smart Chain blockchain network.
Blockchain technology is at the heart of most cryptocurrencies, including Bitcoin. It can seem complicated, but it’s a kind of database used to record transactions.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “Hummingbird’s founders promise to use proceeds from the token to help finance charities to protect the species in the wild and spread awareness.
“But this promise can’t easily be verified, and the way the token works rewards holders for not selling their tokens, and taxing those who do.That raises suspicions of an aim to simply drive up the price on a wave of speculation and so traders would be wise to treat the token with extreme caution.”
-
HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?
Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.
In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.
Developed market shares are up 14.3% over five years.
On paper that makes Bitcoin a higher performing asset than other investments.
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‘CRYPTO MARKET IS EVOLVING QUICKLY’
Simon Peters, cryptoasset analyst at multi-asset investment platform eToro, which lets investors buy virtual currencies such as Bitcoin, Ethereum and Dogecoin, said: “Whilst Bitcoin and ether remain very popular with eToro investors, the crypto market is evolving quickly.
“The past six months have seen investors increasingly diversify their crypto exposure in search of the so-called ‘next bitcoin’, with a notable interest in smaller, cheaper alternatives.
“Bitcoin’s meteoric price rise has boosted demand for alternative coins with much lower dollar value, which can be purchased in full by a much wider pool of potential investors.
“As mainstream and institutional interest in crypto continues to increase, we can expect this hunt for the next big token to only intensify.”
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WILL THE CRYPTOMARKET RECOVER?
Cryptocurrency markets went down dramatically wiping billions from their value.
Bitcoin and Ethereum prices plummeted to their lowest since last year after months of record highs for the digital coins, highlighting just how unpredictable they are according to experts.
Read more here.
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WHAT IS TETHER?
Tether (USDT) was originally launched as Realcoin in 2014, but has since changed its name and been updated over the years.
It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.
British pounds aren’t currently available, according to its website.
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IRAN USES CRYPTO MINING TO LESSEN IMPACT OF SANCTIONS, STUDY FINDS
Around 4.5 per cent of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies that can be used to buy imports and lessen the impact of sanctions, a new study has found.
At its current level of mining, Iran’s bitcoin production would amount to revenues close to $1 billion a year, according to figures from blockchain analytics firm Elliptic.
The United States imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country’s oil, banking and shipping sectors.
The process is energy intensive, often relying electricity generated by fossil fuels which Iran is rich in.
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BITCOIN PRICE CHECK – USD
Right now, one Bitcoin is worth $34,555.75
That’s -9.19 per cent lower than 24 hours ago.
The highest it’s been in the last day is $38,728.98, while the 24 hour low was $32,727.31, according to Coindesk.
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HOW THE VALUE OF BITCOIN HAS CHANGED OVER THE YEARS
The value of Bitcoin has fluctuated since it was launched in 2009.
- 2009-2011: One Bitcoin was equal to about one US dollar
- 2013: Bitcoin rises upward to $1,242
- 2014: Bitcoin falls to $530
- 2017: Bitcoin rose to $13,800 by the end of the year
- 2018: Price dropped to around $6,000 before halving again to around $3,000
- 2020: Started at $5,000 before ending the year around $28,000
- 2021 January: Bitcoin around $36,000
- February: Bitcoin around $50,000
- March: Bitcoin around $60,000
- April: Bitcoin soaring above $62,000
- May: Bitcoin tumbles to $39,790
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BITCOIN PRICE CHECK – GBP
Right now, one Bitcoin is worth £23,875.05.
That’s -12.22 per cent lower than 24 hours ago.
The highest it’s been in the last day is £27,369.35, while the 24 hour low was £23,128.03, according to Coindesk.
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FIVE RISKS OF CRYPTOCURRENCY INVESTMENTS
The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
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