Cryptocurrency: Expert discusses success of Bitcoin
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Bitcoin was down by eight percent while Ethereum also tanked by 21 percent.
Binance Coin, XRP and Cardano were also down by double digits.
Dogecoin also dropped by nearly 20 percent in the last 24 hours.
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How high will dogecoin go? Experts pinpoint future for digital coin
Expert warns Bitcoin lacks major elements to make it a future currency Edul Patel, CEO and co-founder of Mudrex, said: “The markets are currently dragged down by bears.
“Although this was not a major panic selling session, the momentum prevailing across the markets is pretty bearish.
“BTC is toying with the $33,000 level.ETH fell below the $2,000 mark creating a sense of scare across altcoins.
“This sort of volatility can be expected to continue throughout the week.”
Cryptocurrency prices plummet in 24 hours (Image: Getty)
Bitcoin prices in danger following China’s crackdown (Image: Getty) This week analysts warned cryptocurrency prices were “in danger” following China’s brutal crackdown of crypto mines.
Adam James, senior editor at Hong Kong-based Bitcoin and crypto exchange OKEx, said China Bitcoin and Ethereum miners dumping CPUs is not a “surprise”.
He said: “[It] doesn’t come as a surprise given the fact that China seriously cracked down on Bitcoin mining in the country but the development may be interpreted as fundamentally bearish, nonetheless.”
Alex Kuptsikevich, FxPro’s senior financial analyst, added: “There is a summer lull in the crypto market which may just be the calm before the storm.
READ MORE: Cryptocurrency collapse: Economists panic over Tether
China closes crypto mines (Image: Getty) Trending “If the market is affected by a small number of open positions, then any small storm could turn into a large-scale sell-off, disrupting an avalanche of stop orders.
“But the most alarming thing for crypto-enthusiasts is that such an outcome will underscore the prolonged nature of the correction, increasing speculation around a new ‘crypto winter’ like in 2018.”
Back in May, the Bitcoin price crashed, losing 50 percent of its value and has continued to remain under pressure.
Ethereum, the second-largest cryptocurrency, also fell by more than half, with prices struggling to hold above $2,000 per ether token.
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KEY EVENTS ECB gives go-ahead to digital euro project 17:15 07:58 THIS BLOG IS NOW CLOSED This blog is now closed.See today’s updates here .
21:33 Bitcoin and Ethereum fall slightly after earlier gains The price of both Bitcoin and Ethereum has slipped slightly after gains the cryptocurrencies had earlier made.
Bitcoin’s value had edged above $33,000 at one point on Wednesday evening, but has since dropped to $32,711.40, according to CoinDesk.
Ethereum’s price has followed a similar trend and currently stands at $1,985.35 having jumped above $2 less than an hour earlier.
18:56 Not much demand for Bitcoin and other cryptocurrencies – Blackrock boss Blackrock’s chief executive of investment management has said he is seeing low demand for Bitcoin and other cryptocurrencies.
Larry Fink told CNBC there is “low interest” for crypto among long-term investors such as retirement funds and pension funds.
He said while he was “excited” about investors taking an interest in speculative assets, crypto is “totally unrelated” to the investment management firm.
Mr Fink said: “In my last two weeks of business travel, not one question has been asked about that [crypto].
“That is just not part of the focus on retirement and long-term investors.
“We see very little in terms of investor demand on those types of things.”
17:15 ECB gives go-ahead to digital euro project The European Central Bank (ECB) has given the go-ahead to a multi-year project to launch a digital version of the euro.
This will be an electronic equivalent of banknotes and coins and will probably be a digital wallet that eurozone citizens can store at the ECB.
It forms the latest drive from central banks to meet growing demand for electronic means of payment and tackle a boom in private sector digital currencies, such as Bitcoin.
15:12 Bitcoin bounces back above $32,000 Bitcoin’s price has bounced after falling to below $31,000 earlier in the day.
The value of the world’s most popular cryptocurrency $32,591.83, according to CoinDesk.
That has now fallen slightly to $32,293.70.
11:40 Cryptocurrency trade volumes dropped by 40% in June According to data from Cryptocompare, trading volumes experienced a sharp decline throughout June.
The data found trading experienced a slump of at least 40 percent.
Spot volumes suffered the most, with users trading 42.7 percent less compared to volumes in May.
In total, $2.7 trillion was traded last month.
09:22 China’s crackdown on cryptocurrency mining continues Anhui, a region in eastern China, has become the latest province to crackdown on cryptocurrency minig.
The region will shut down all cryptomining projects in a cleanup aimed at reducing power consumption as the province faces a “grave” shortage supply of electricity.
Major Chinese mining hubs including Sichuan, Inner Mongolia and Xinjiang have all issued detailed measures since to root out the business.
Before the clamp-down, China accounted for roughly 70% of global bitcoin production.
07:01 Experts identify ‘significant limitation’ to cryptocurrency rebound JPMorgan has claimed there is a “significant limitation” to the possibility of bitcoin and other cryptocurrencies rebounding.
A leaked report by the Wall Street giant warned El Salvador’s controversial plan to adopt Bitcoin as legal currency could sidetrack those efforts.
JPMorgan said: “Daily payment activity in El Salvador would represent [around] four percent of recent on-chain transaction volume and more than one percent of the total value of tokens which have been transferred between wallets in the past year.
“A significant and rising fraction [of Bitcoin is] held by wallets with light turnover.”
20:30 Jack Maller’s Strike app, powered by the Lightning Network, allows faster bitcoin transactions The new app is being widely used in El Salvador to help kick-start the use of bitcoin as a method of exchange.
Speaking to Coindesk, Mr Maller said: “Bitcoin is programmable money, and Lightning can help scale it to billions of people across the world.”
Lightning Network resolves bitcoin transactions without having to utilise the bitcoin blockchain to verify.
The Lightning Network can perform 25 million transactions per second, compared with ‘on-chain’ bitcoin transactions of seven per second.
18:28 A 101-carat diamond has been bought for £8.8m in cryptocurrency at a Sotheby’s auction The rare diamond was bought using cryptocurrency by a mystery buyer.
The sale “marks the latest milestone in the adoption of cryptocurrency”, Sotheby’s said in an Instagram post on Saturday.
The news comes as the auction house’s Hong Kong division said last month that it will accept cryptocurrency as a form of payment for the “exceptional 101.38-carat pear-shaped D flawless diamond, one of the earth’s rarest and greatest treasures.”
17:12 Former Barclays chief executive Bob Diamond in a merger with new digital currency USD Coin Circle, the company behind digital currency USD Coin, are set to float in the US in a £3.27billion merger with former Barclays chief executive Bob Diamond.
Circle will merge with Concord Acquisition Corp, Mr Diamond’s company.
The combined business will be taken over by a newly formed Irish holding company that will then list on the New York Stock Exchange.
The Circle an enterprise value of $4.5billion.
Circle runs USD Coin, a so-called stablecoin pegged to the US dollar and is used for digital transactions.
16:16 South Korean Bank Woori Financial to set to offer Crypto Custody Services Woori Financial Group, one of the biggest financial conglomerates in South Korea, is now set to offer crypto custody services.
The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company.
This conglomerate signals the third bank entering the market in the country, after KB Kookmin Bank and Shinhan Bank.
15:52 Banking giant BNY Mellon will provide services for a planned Grayscale bitcoin ETF BNY Mellon has signed an agreement with cryptocurrency asset manager Grayscale Investments to provide a set of services to its flagship Bitcoin (BTC) investment product.
On Tuesday, Grayscale said it selected New York’s BNY Mellon bank as an asset servicing provider for Grayscale Bitcoin Trust (GBTC), a major digital currency investment product providing indirect exposure to Bitcoin.
This week the digital asset manager Grayscale has disclosed a major milestone, it has become a US Securities and Exchange Commission (SEC) reporting company.
13:46 Bank of England reports ‘growing interest’ in cryptocurrency The Bank of England has reported a growing trend of increased institutional investment in bitcoin and other cryptocurrencies.
They suggested there could be some more big moves throughout the year.
The Financial Stability Report, published today, read: “Market intelligence suggests cryptoassets are largely held by retail investors, with institutional investors having limited exposure at present.
“However, there are some signs of growing interest in cryptoassets and related services from institutional investors, banks, and key payment system operators.
“These developments could increase the interlinkages between cryptoassets and other systemic financial markets and institutions.”
11:36 Bitcoin analyst predicts bullish breakout A bitcoin analyst has claimed the cryptocurrency is likely to break above than break down the narrow $32k to $36k.
Katie Stockton, founder of independent research provider Fairlead Strategies, said: “The consolidation phase itself is neutral, but we think a breakout is more likely than a breakdown.
“Intermediate-term momentum has been improving based on the MACD (Moving Average Convergence Divergence) histogram.”
09:47 Argentina could see workers paid in bitcoin A member of Argentina’s congress has submitted a bill that would allow workers to receive their salary in bitcoin.
José Luis Ramón said: “The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.”
Michael Saylor, CEO of MicroStrategy, noted Argentina’s exchange rate against the dollar has “weakened from 15 to 174 in five years”.
He added: “That means $100 saved in ARS would be worth $8.62 today.
“If saved in BTC, it would now be worth $5,270.Bitcoin is hope for Argentina.”
08:06 British police seize hauls of cryptocurrency as part of investigation into money laundering British police have seized record hauls of cryptocurrency totalling 294 million pounds as part of an investigation into money laundering.
London police said on Tuesday they had seized 180 million pounds of an undisclosed cryptocurrency.
This came less than three weeks after making a 114 million pound haul on June 24 as part of a money-laundering investigation.
Metropolitan Police Deputy Assistant Commissioner Graham McNulty said: “While cash still remains king in the criminal word, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.”
Detective Constable Joe Ryan continued: “Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the centre of this suspected money laundering operation.”
22:24 The UAE is to develop its own digital-currency The UAE’s central bank announced on Monday that it was developing a digital currency.
The development is meant to bolster the UAE’s global standing, with the country’s central bank aiming to enter the top 10 in the world.
Central Banks around the world are developing their own digital currencies to contend with Bitcoin.
In February, the UAE joined forces with China to work on the m-CBDC initiative.
CBDC stands for Central Bank Digital Currency.
20:41 Ethereums London hard fork possible launch on August 4 The news has been greeted with cautious optimism.
The updates scheduled for the London hard fork will help pave the way for the release of Ethereum 2.0.
This new version of Ethereum will replace the current proof-of-work consensus mechanism with the less energy-intensive proof-of-stake.
This protocol update will include five Ethereum improvements that will address the current high ‘gas fees’ for transactions and allow for an easier transition to proof-of-stake.
20:27 Cryptocurrency exchange Bullish set for public listing on NYSE The Bullish cryptocurrency exchange is backed by investors including PayPal co-founder Peter Thiel.
The exchange is a subsidiary of Block.one, a blockchain software company.
CEO of Block.one Brendan Blumer said: “Bullish’s real-time portfolio balancing tools, deep predictable liquidity, and industry-leading security and compliance represent a new breed of exchange design and can redefine how investors trade and manage digital assets.”
18:08 UK’s advertising watchdog (ASA) to clamp down on misleading marketing for crypto investments The clampdown is part of a wider move by regulators to prevent harm to consumers who wish to get involved in cryptocurrency trading.
Mark Taylor, Head of Financial Crime at CEX.IO said: “ASA’s initiative is a welcome one.It is unusual as they historically have relied upon customer complaints.
However, any action taken to better educate consumers about crypto and to be clear about the risks involved should be a welcome thing and it is no great surprise.The FCA has been regulating this type of miscommunication for a long time and with good intent.This matter is now getting the attention it requires and is no surprise.The financial industry has long been subject to rules concerning marketing and advertising and the need to be open and transparent with customers.”
16:50 TikTok block cryptocurrency adverts on its social media platform TikTok is a Chinese based company and so is following in the flow of events in the nation, where Beijing is cracking down on any crypto-related activity that it cannot control.
China is preparing to roll out a centralised contender to bitcoin, their own Central Bank Digital Currency (CBDC).
16:19 Paraguay next to embrace bitcoin with new legal tender legislation to be debated The legislation will be tabled by lawmakers on July 14.
Citizens in Paraguay could be able to use bitoin as legal tender within the country of 7 million.
Paraguayan Congressperson Carlitos Rejala and Senator Fernando Silva Facetti are planning to introduce a bitcoin bill to Congress on Wednesday, July 14.
Mr Rejala tweeted: “I am here to unite Paraguay, with a mega surprise for Paraguay and the world.”
He also said the bitcoin bill would be “an important project to innovate Paraguay in front of the world”.
15:12 US Senator Pat Toomey said he has invested in both bitcoin and ethereum The Senator has disclosed that he has tens of thousands of dollars parked in cryptocurrency investments.
US public records show the Pennsylvania Republican has invested approximately $30,000 in Grayscale Ethereum Trust and Grayscale Bitcoin Trust.
The Senator contacted US Treasury Secretary Janet Yellen asking for less burdensome regulations for the crypto-sphere.
He said the US regulations “would have a detrimental impact on financial technology, the fundamental privacy of Americans, and efforts to combat illicit activity”.
14:43 Cryptocurrency trading volumes slump by 40% in June Major cryptocurrency exchanges saw their trading volumes fall by more than 40 percent in June, according to new research.
This is due to China’s crackdown on bitcoin as well as lower volatility among the factors depressing activity.
Spot trading volumes fell around 42.7 percent to $27 trillion, with derivative volumes were also down by 40.7 percent to $3.2 trillion.
CryptoCompare said: “Headwinds continued as China persisted with its crackdown on bitcoin mining.
“As a result of both lower prices and volatility, spot volumes decreased.”
13:42 Apple’s co-founder says bitcoin is better than gold Steve Wozniak, who co-founded Apple, launched his own cryptocurrency and said bitcoin is better than gold.
Launching his own WOZX token, Mr Wozniak said: “Gold is limited and you have to look for it; Bitcoin is the most amazing mathematical miracle.
“I do not invest in bitcoin, but I believe in it for the future.”
12:48 Hydroelectric plant finds mining bitcoin more profitable than selling electricity A power plant, which is 124 years old, has started mining cryptocurrency as it is more profitable than selling electricity.
The Mechanicville facility in New York state has joined the crypto craze following China’s crackdown on cryptocurrency mines.
Albany Engineering CEO Jim Besha told the Albany Times Union said: “We think this is the oldest renewable energy facility in the world that’s still running.”
He added that the plant “can actually make more money with bitcoin than selling the electricity to National Grid.”
11:34 Crypto analyst suggests bitcoin’s price could break out of slum Cole Garner at CryptoQuant said bitcoin’s narrow $32k-$36k band could finally be broken after weeks of being stuck.
He said: “Since 2019, a touch of the green box historically signals a big bullish move is right around the corner.
“The last touch was in October 2020, just about $10k.
“We’re almost there.”
10:09 Bitcoin analyst says the leading cryptocurrency is gearing up for a massive move Will Clemente told his 136,000 followers that he is looking at an indicator that suggests Bitcoin is about to escape its tight range, just above $30,000 in the coming days.
He said: “Still watching for a massive move from Bitcoin.Just keeps coiling.
“Setting up for the biggest volatility squeeze since breaking down from [$65,000].
“With on-chain showing strong accumulation, expecting a squeeze to the upside.”
09:18 FBI issues warnings against cryptocurrency attacks The FBI stated there are groups that are actively tracking vulnerabilities in various companies.
They explained how these groups are using a group of techniques include sim swapping, tech support fraud and account stealing.
The FBI has advised cryptocurrency holders to use two-factor authentication and to be aware of the information they share on social media.
However, they said it was very difficult to prevent sim swap attacks.
08:50 Major cryptocurrencies trading higher after tepid weekend trade The crypto market jumped as much as six percent in the last 24 hours with eight out of the top 10 digital currencies trading higher this morning.
The Federal Reserve singled out a surge in crypto asset prices for the first time in its overall assessment of the stability of the financial system.
They said the rise reflected increased risk-taking by investors.
Edul Patel, CEO and Co-founder, Mudrex, said: “It was a pretty silent weekend in the cryptocurrency markets.
Major cryptocurrencies remained consolidated.Both, Bitcoin and Ethereum, have defended their crucial support levels.Crypto traders would be looking for any cues regarding the momentum in the markets.
“As long as the markets make a move on either side, traders would quickly jump on the bandwagon and tip the scales.
“Long-term investors would, however, be pretty excited because of the consolidation seen in the past few days.
“Such consolidations generally pave the way for a quick pump and push the markets higher.”
07:43 Expert pinpoints the future for dogecoin’s performance The cryptocurrency has been on the rise recently following a period of sustained decreases.
Dogecoin has risen by 1.84 percent in the last 24 hours and spiked in recent weeks, sparking fears of a cryptocurrency bubble.
The cryptocurrency hit record highs in recent days after online communities drove up the price of the digital coin.
Michael Kamerman, CEO of broker Skilling, said the “parody currency” often appeals to investors due to its status and popularity on social media and with celebrities.
He told Express.co.uk: “The resurgence in attention to Dogecoin, which was originally launched as a parody currency, may seem attractive to investors due to its volatility but for the currency to ever have intrinsic value, scalability and security issues need to be addressed.
“It’s moved by headlines, tweets, celebrity, or corporate endorsements and while that’s likely belittled by “traditional” investors, it’s what brings the masses to cryptocurrencies.
“The masses understand headlines, tweets, and endorsements and the masses will likely mature as crypto enthusiasts and begin to appreciate the movement for its more technical nuances.
“However, the main driver behind Dogecoin’s popularity is its online communities, coupled with support from high-profile business magnates like Elon Musk.”
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