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

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.

LAUNCH OF BITCOIN PIZZA

HACKERS BEHIND COLONIAL PIPE ATTACK GOT $90M IN BITCOIN

The hacker group Darkside which is believed was behind the Colonial Pipeline attack in the US received $90 million in bitcoin according to Elliptic.

The group, which is made up of a cohort of veteran hackers, compromised the 5,500-mile pipeline with a ransomware attack earlier this month, causing panic to erupt in 18 states along the East Coast as fuel supplies run low.

Blockchain analytics firm Elliptic said: « In total, just over $90 million in Bitcoin ransom payments were made to DarkSide, originating from 47 distinct wallets.

« According to DarkTracer, 99 organisations have been infected with the DarkSide malware – suggesting that approximately 47% of victims paid a ransom, and that the average payment was $1.9 million. »

A BITCOIN NUMBER PLATE WAS SOLD FOR £51K

MICROSTRATEGY BOUGHT ANOTHER $10M BITCOIN

WHY 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.

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.”

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.

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.

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. 

CARDANO IS GOING UP

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.”

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.

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.

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.

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.

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. »

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.

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. »

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.

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. »

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.

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. »

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. »

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.