Bitcoin price news latest – Cryptocurrency in recovery after Elon Musk caused BTC and Dogecoin plunge as Ethereum soared

FRAUDSTERS impersonating Elon Musk have stolen more than $2million in cryptocurrency scams,the US Federal Trade Commission said on Monday.

In one type of scam, people are told that if they give a certain amount of cryptocurrency to a "celebrity" they will get more back.

"People have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators over just the past six months," the FTC said.

Scammers also impersonate government authorities or a potential romantic partner, the FTC said.

Overall, nearly 7,000 people reported losses of more than $80 million since October, with a median loss of $1,900, the agency said.

That's twelve times more reports of scams than the same period a year earlier, the agency said.

Read our cryptocurrency live blog below for the very latest updates…

  • Joseph Gamp

    NEW 'STOPELON' COIN STARTED TO PREVENT TESLA FOUNDER FROM INFLUENCING CRYPTOCURRENCY MARKET

    A new cryptocurrency called StopElon has been launched solely to prevent Elon Musk from influencing the cryptocurrency market.

    The token’s website states that it aims “to destroy the biggest market manipulator of them all, ” according to Bezinga.

    The outlet reports that StopElon’s plan is to use the capital raised through the project to gain full control of Tesla stock and fire the firm’s CEO.

    The founding community of stopelon said: “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account.

    “He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON.”

  • Joseph Gamp

    MECUM AUCTIONS ACCEPTS CRYPTO

    The popular collector car auction company Mecum Auctions has announced the company is now accepting crypto assets for payments.

    “We recognize the growing acceptance of cryptocurrency for commerce and are confident that by accepting crypto for collector cars, it will widen our scope of influence and introduce the Mecum Experience to an entirely new audience,” Mecum Auctions Chief Operating Officer Sam Murtaugh said.

  • Joseph Gamp

    WHAT IS YEARN FINANCE?

    Yearn Finance is a cryptocurrency, and its coins are referred to as YFIs.

    It’s also a decentralised currency – which is a very complex notion, but essentially aims to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.

    It was launched in February 2020 according to CoinMarketCap, and was founded by Andre Cronje.

    There is reportedly a fixed supply of YFI tokens. 

    Around 30,000 coins are in circulation.

  • Aliki Kraterou

    ELON MUSK LOST RANKING OF 2ND RICHEST PERSON IN THE WORLD

    Following his tweet, Elon Musk has lost his place as the second richest person in the world, as Tesla's shares fell 2.2%.

    His place took LVMH chairman Bernard Arnault.

    Amazon CEO Jeff Bezos remains in the first spot with a net worth of $197 billion. 

  • Aliki Kraterou

    CARDANO IS GOING UP

    (CoinMarketCap)
  • Aliki Kraterou

    GREEN CRYPTO

    Cardano that describes itself as “the most environmentally sustainable” cryptocurrency has become a a fully-decentralised community-run network, reports the Independent

    “This milestone will help Cardano better position itself to challenge major rivals in the cryptoverse,” Nigel Green, CEO of financial advisory firm deVere Group said.

    “Cardano is likely to be a challenger to ethereum as not only can it be used as currency, but its blockchain can also be used to build smart contracts, protocols and decentralised applications. Plus its is significantly more scalable than ethereum.”

  • Aliki Kraterou

    BANKS COULD CUT 200,000 JOBS OVER THE NEXT DECADE

    An analyst with Wells Fargo,has predicted that U.S. banks would cut 200,000 jobs over the next decade.

    Mike Mayo told the Financial Times: “This will be the biggest reduction in US bank headcount in history.

    "Digitisation accelerated and that played to the strength of some fintech and other tech providers,

    "Banks must become more productive to remain relevant. And that means more computers and less people," he said.

  • Aliki Kraterou

    WHAT IS YEARN FINANCE?

    Yearn Finance is a cryptocurrency, and its coins are referred to as YFIs.

    It’s also a decentralised currency – which is a very complex notion, but essentially aims to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.

    It was launched in February 2020 according to CoinMarketCap, and was founded by Andre Cronje.

    There is reportedly a fixed supply of YFI tokens. 

    Around 30,000 coins are in circulation.

  • Aliki Kraterou

    GRAYSCALES CRYPTOCURRENCY DROPS

    Grayscale’s Cryptocurrency AUM has dropped to $42 billion.

    The company now has $42.2 billion worth of crypto AUM, down from $53.1 billion on 13 May 2021, reports Finance Magnates.

  • Aliki Kraterou

    WHI IS BITCOIN BAD FOR THE ENVIRONMENT?

    A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.

    The Centre for Alternative Finance has estimated that Bitcoin now accounts for 0.59% of global electricity production.

    That may seem like a small number but it's enough energy to keep kettles in the UK boiling for 33 years.

    Reports suggest most Bitcoin mining happens in China and is fuelled by burning coal in the Xinjiang region.

  • Aliki Kraterou

    STOPELON

    A new cryptocurrency called StopElon has been launched solely to prevent Elon Musk from influencing the cryptocurrency market.

    The token's website states that it aims "to destroy the biggest market manipulator of them all, " according to Bezinga.

    The outlet reports that StopElon's plan is to use the capital raised through the project to gain full control of Tesla stock and fire the firm's CEO.

    The founding community of stopelon said: "Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account.

    "He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON."

  • Aliki Kraterou

    MECUM AUCTIONS ACCEPTS CRYPTO

    The popular collector car auction company Mecum Auctions has announced the company is now accepting crypto assets for payments.

    "We recognize the growing acceptance of cryptocurrency for commerce and are confident that by accepting crypto for collector cars, it will widen our scope of influence and introduce the Mecum Experience to an entirely new audience," Mecum Auctions Chief Operating Officer Sam Murtaugh said.

  • Aliki Kraterou

    IS BITCOIN MELTING?

    Michael Kramer, founder of Mott Capital Management, LLC, wrote a post on his blog stating that "Bitcoin is melting."

    At the time the cryptocurrency was trading close to $44,000, and he noted that the digital currency "may have further to fall."

    Nick Mancini, research analyst at crypto sentiment data provider Trade The Chain told Forbes: "Bitcoin is not full-on melting, but we are seeing the first large scale correction since the bull run started in early 2020.

    "Bitcoin is now 35 percent from it’s all time high of $64,900 in April, and it seems a combination of weakened sentiment, caused by CPI numbers, and Elon’s negative tweets are behind the recent fall."

  • Aliki Kraterou

    WHAT IS CARDANO?

    Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.

    It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

    Every time someone buys or sells the cryptocurrency, it's permanently recorded on the platform's blockchain.

    Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It's managed by the Cardano Foundation.

    The "altcoin" has been designed to make sure that investors can have some say in how the currency is run.

  • Aliki Kraterou

    RISK OF CRYPTOCURRENCIES

    Investing in cryptocurrencies is essentially gambling and there are no guarantees that you will see what you pay in go up in value.

    Cryptocurrencies are VERY high risk and a speculative investment, with limited track records and no underlying value.

    There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market.

    If you're planning to invest in newer cryptos, keep in mind these are riskier than others, such as Bitcoin, and would make you more open to fraud.

    Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said: "Investors should treat trading in cryptocurrencies with extreme caution, and dabble at the edges of their investment portfolio, only with money they can afford to lose."

  • Aliki Kraterou

    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.

  • Aliki Kraterou

    CONTINUED

    An investor's capital gain is the difference between the cost of the cryptocurrency and how much the investor sold it for.

    Nimesh Shah, chief executive of tax advisory firm Blick Rothenberg told Moneyweek: "In broad terms, a UK resident making a capital gain made on the disposal of cryptocurrency is taxed at 10% up to the basic rate of tax (£37,700 to the degree the basic rate is not used) and 20% thereafter."

  • Aliki Kraterou

    HOW ARE CRYPTOCURRENCY GAINS TAXED?

    HMRC does not consider cryptocurrency gains to be money or currency. Instead,it has grouped crypto assets into four main categories: exchange tokens, utility tokens, security tokens, and stablecoins.

    Chris Etherington, private client tax partner at RSM UK told: Moneyweek:

    "Individuals resident in the UK are taxed on their gains from cryptocurrencies in much the same way as those making gains on stocks and shares.

    "Every time an individual swaps one coin for another, or indeed any other asset when purchasing goods, they are triggering a disposal for UK capital gains tax purposes."

  • Aliki Kraterou

    BITCOIN MINING USES LESS ENERGY THAN TRADITIONAL BANKING, REPORT CLAIMS

    Bitcoin mining only uses half the energy that the traditional banking system does, according to a new report.

    The analysis also states that gold  consumes much more energy than bitcoin.

    "Bitcoin is most often compared to the traditional banking system (for payments, savings, and settlement) and gold (as a non-sovereign store of value).

    "But the energy usage of these industries is opaque as they do not publicly disclose their energy footprints," Galaxy Digital Mining wrote.

  • Aliki Kraterou

    WHAT CAUSED MUSK'S CHANGE OF HEART?

     Bitcoin’s price fell to a three-month low, following Elon Musk's tweet and only slightly rebounded when he confirmed Tesla had not sold it holdings.

    Nic Carter of Castle Island Ventures, a blockchain-focused investor told the Telegraph:"The idea that is prevailing in the community is that he had a change of heart because he didn’t want any PR issues or political impediments.

    "There’s no new information that’s surfaced. It’s pretty shocking to see him promulgate these very discredited talking points."

  • Niamh Cavanagh

    HOW RISKY IS KISHU INU?

    All cryptocurrencies are risky.

    The pricing is volatile and you could lose all your money.

    There is no regulation of individual coins so you are not protected if something goes wrong or if you have been scammed.

    Newer coins such as Kishu Inu can also be more risky as they don't have a long track record so it can be harder to verify their value and performance.

    It is harder and can take longer compared with regulated investments to get your cash out, especially if you are dealing with a smaller exchange.

    Many coins may also appear popular but could be part of pyramid schemes.

    For example, some use marketing strategies that encourage and reward followers who promote or 'pump' the cryptocurrency on social media so more people buy-in and the value goes up.

  • Niamh Cavanagh

    WHAT IS CARDANO?

    Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.

    It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

    Every time someone buys or sells the cryptocurrency, it's permanently recorded on the platform's blockchain.

    Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It's managed by the Cardano Foundation.

    The "altcoin" has been designed to make sure that investors can have some say in how the currency is run.

    It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

  • Niamh Cavanagh

    WHAT IS BITCOIN?

    Bitcoin got you baffled? Here’s what you need to know:

    • Bitcoin is a virtual currency
    • It’s traded between people without the help of a bank
    • Every transaction is recorded in a public ledger, or “blockchain”
    • Bitcoin is created by mining
    • Mining involves solving difficult maths problems using computer processors
    • Bitcoin can be traded anonymously, which can make it a popular way of funding illegal activities
    • The value of Bitcoin fluctuates wildly
    • Bitcoin is one of many different cryptocurrencies but by far the most popular

     

    BITCOIN POSTS RECORD WEEKLY OUTFLOWS AS GAINS STALL

    Bitcoin hit record outflows last week, as investors diversified into cryptocurrency assets with new developments in their specific network such as ethereum, data from digital currency manager CoinShares showed on Monday.

    Outflows for bitcoin products and funds totalled $98 million, or 0.2% of total assets under management. For the year, total bitcoin inflows amounted to $4.3 billion.

    In 2020, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion, data showed.

    Since hitting a record just under $65,000 in mid-April, bitcoin's price has fallen 35%.

    Bitcoin was down 5.2% at $44,073, driven by tweets from Tesla Inc. chief Elon Musk.

    WHAT IS CHIA?

    A popular cryptocurrency created by BitTorrent inventor Bram Cohen, Chia is described as “green money for a digital world”.

    Chia launched last week and has already become popular in some countries in Asia, such as Vietnam and China, reports the Telegraph.

    “Instead of consuming massive amounts of electricity… proof of space leverages the over-provisioned exabytes of disk space that already exist in the world today,” Chia claims.

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