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Dogecoin Has Fallen, but People Still Love It

In the cryptocurrency space, it is usually considerably easier to focus on the negative than it is to look at the positive. As of late, Dogecoin is enduring some heavy suffering, with the fourth largest cryptocurrency by market cap falling as much as 20 percent in recent days, so for the most part, we are likely to see a lot of news coverage about this drop.

Dogecoin Is Still a Beloved Asset

However, despite this little setback, there is nothing to suggest that the currency has lost its appeal. The asset has reached a heavy pinnacle in a rather short amount of time, and the currency is doing better than it ever has largely because it has gotten heavy attention from the likes of Elon Musk and several other mainstream investors and businessmen, and the asset is almost as popular as BTC in many ways.

Billy Markus – the software engineer that helped establish the asset – acknowledges that this kind of attention is rather solid for Dogecoin, though he is confident that this is not the only reason behind its recent success. He says that the community surrounding Dogecoin has also contributed greatly to its growing status. In a recent interview, he comments:

The crypto community can be pretty elitist and not very inclusive, and we wanted to make a community that was more fun, lighthearted and inclusive. It worked, and that is why the Dogecoin community consistently maintains a presence.

He further added:

It is definitely absurd, but there is something pure about it, too.

The popular cryptocurrency was started in the year 2013 as a joke and was never meant to be taken seriously. Largely considered a “meme coin,” the currency took about two hours to create according to Markus, who was primarily looking to develop something that would make fun of cryptocurrency.

Often recognized for the cute little Shiba Inu dog that serves as its mascot, Dogecoin – Markus explains – has also become a big hit with people over the last year because of the growing coronavirus pandemic, which has caused heavy lockdowns and prevented many people from leaving their homes and living normal lives. He says that many people have been stuck sitting around watching their money remain stagnant, and Dogecoin trading has given them something to look forward to.

He states:

People have been suffering, stuck in their homes and struggling, seeing their dollar not go as far as it has previously.

It’s Brought Attention to the Market

Mike Bucella – a general partner at crypto investment firm Block Tower – says that where Dogecoin has really succeeded is in driving more attention to the crypto space. He claims:

Very few things have done as much to bring eyeballs and people into crypto. That is a crazy thing to say, but Dogecoin specifically has brought in the retail masses.

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Did Vitalik Buterin Cause a Drop in Crypto Prices?

Earlier today, it was announced on Live Bitcoin News that the price of BTC had taken a drastic fall thanks, in part, to actions taken by Elon Musk, who announced that his company Tesla had decided not to accept bitcoin payments for goods and services. As it turns out, the price of BTC – along with several other leading altcoins – may have also fallen thanks to Vitalik Buterin, the co-founder of Ethereum.

Vitalik Buterin Moved a Bunch of Money

Buterin has donated more than $1 billion worth of Dogecoin to a COVID relief fund in India. This is not bad. In fact, it presents digital currency as a top charity tool and really pushes it forward in terms of legitimacy. However, Buterin is taking flack for moving several billion dollars of Ethereum, the cryptocurrency he helped to create.

This led to hardcore speculation amongst traders and investors who felt that Buterin was likely cashing out his stash. They then questioned whether ETH held a justified position as a leading digital asset.

This move was followed by Ethereum dropping below the $4,000 line, which was a new all-time high that the currency managed to attain just a few weeks ago. Unfortunately, the dismay did not end there. Dogecoin, which recently became the fourth largest cryptocurrency in the world, dropped roughly ten percent, leading the way to what has been recorded as a $300 billion loss amongst all leading digital currencies.

In addition, new details have emerged regarding why Tesla and Elon Musk are now turning their backs on crypto payments. Musk took to Twitter to explain that his main reason for saying “no” to bitcoin payments is that he is concerned about environmental hazards allegedly caused by mining. In his message, he states:

Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment.

The idea is that if Tesla accepts BTC payments, other large companies will follow suit, which will potentially cause mining to become an even larger enterprise. This could potentially lead to a larger carbon footprint and atmospheric damage that cannot be reversed.

All Depends on Elon Musk?

Alex Kuptsikevich – a senior financial analyst at FX Pro – explained his disdain with the idea that the entire crypto space could be affected by one man’s words. He stated:

Elon Musk has the ability to pump or dump bitcoin’s price almost on his own when it suits his interests. This heavy reliance on the entire market’s outlook on statements from one major investor is a huge gap for the crypto market, demonstrating its vulnerability. It should be noted that bitcoin’s fall coincided with a correction in the S&P 500, once again proving that the investor composition of both markets may be well correlated.

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Bitcoin Has Taken a Nasty Stumble; Many Are Blaming Elon Musk

Bitcoin has taken a nasty slump of roughly 12 percent and has fallen into the high $49,000 range thanks to Elon Musk and Tesla.

Elon Musk Says “No” to Crypto Payments

Musk – the South African entrepreneur behind the electric car company – made headlines in February when he decided to add approximately $1.5 billion worth of bitcoin to the firm’s asset roster. He later decided that the time had come to make bitcoin a valid payment method for Tesla goods and products. This caused many analysts to go crazy with excitement, and the world’s number one digital currency by market cap surged through the roof.

One of the big things that bitcoin has always struggled with is its status as a speculative asset. For the most part, the currency – while popular – has always been seen strictly as a tool that can potentially increase one’s wealth overnight granted luck plays out to the person’s advantage. However, what many people forget is that bitcoin – along with many of its digital cousins – was designed to serve as a payment currency; something that would knock out credit cards and fiat.

Sadly, this has been a slow journey considering how volatile the cryptocurrency is. Many retailers are not willing to take a chance that they could lose profit within moments of completing a transaction, and to a degree, we cannot fault them. If you were to walk into a store and pay for $50 worth of merchandise with bitcoin, for example, and then the store does not convert it to fiat in time, this sets up a window that bitcoin could drop, meaning you will still walk away with everything you bought while the company has lost out.

This is not entirely fair, and thus several businesses have turned the idea of using crypto for payments away. Therefore, you can imagine the elation that true bitcoin fans had when it was announced that a large company like Tesla would be pushing forward with the bitcoin-as-a-payment-method agenda, but now it looks like Elon Musk is putting the brakes on.

A Huge Blow to BTC

Naturally, this is coming as a huge disappointment to many people. Yes, it is upsetting that bitcoin’s price has taken such a drastic turn for the worse, but it is even more upsetting that such a big barricade has been put in the asset’s way. To come this far as a potential payment method was something that many fans and traders could rejoice over. It was also widely whispered that Tesla was giving many other companies the confidence they needed to accept bitcoin for goods and services.

Now that Tesla is saying “no,” there is a good chance that other firms that were potentially thinking about bitcoin as “the next credit card” will suspend their financial choices as well.

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The SEC Is Still Scared of a Bitcoin ETF

Many analysts thought that with so much competition stemming from regions like Canada, the United States would give in sometime this year and submit to a bitcoin-based exchange-traded fund (ETF), but now it looks like that will not be the case.

A Bitcoin ETF May Not Arrive This Year After All

The Securities and Exchange Commission (SEC) has always been relatively stubborn when it comes to permitting bitcoin-based products and services, and despite many new ideas and developments, it looks like that stubbornness is continuing. The government agency has issued a statement on bitcoin, claiming that there is too much risk involved in the asset class and that traders need to remain extremely cautious when entering its doors.

While the statement does not necessarily say that the SEC has no intention of ever approving a bitcoin ETF, it does show an attitude of continued nervousness and fear surrounding crypto, and thus traders may be wrong to think 2021 will be the year where such an ETF is formally introduced.

The statement reads as follows:

The [SEC] staff strongly encourages any investor interested in investing in a mutual fund with exposure to the bitcoin futures market, as discussed below, to carefully consider the risk disclosure of the fund, the investor’s own risk tolerance, and the possibility, as with all investing, of investor loss. Among other things, investors should understand that bitcoin, including gaining exposure through the bitcoin futures market, is a highly speculative investment. As such, investors should consider the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying bitcoin market.

The battle to get a bitcoin ETF approved with the SEC has been a long and arduous one. While many firms – including Bitwise and Van Eck – have tried with all their might to earn the needed “yes” votes, they have all come up shorthanded.

According to many analysts, the U.S. was likely to become more open minded when it came to a crypto-based ETF this year given that Canada, the country’s neighbor to the north, has already given the greenlight to several ETFs that are both bitcoin and Ethereum-based. The SEC’s own Hester Pierce has even commented that the agency’s refusal to allow such a product up to this point has been a mistake.

Sadly, it does not look like the SEC is taking any new information from these facts. The organization is still warning of the alleged illicit behavior that exists with many forms of crypto, and thus are telling investors to really think twice before getting involved.

Still Too Much Fear

The statement goes on to say:

The areas identified relate to substantive requirements regarding valuation, liquidity, custody, arbitrage mechanisms for exchange-traded funds (ETFs) as well as potential manipulation and other risks associated with cryptocurrency-related markets.

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Bill Ackerman Talks Bitcoin and Inflation; Says Both May Last a While

Bill Ackerman is a billionaire investor that knows a thing or two about financial stability and wealth. In a recent interview, he commented that cryptocurrency is a fascinating thing and that it could potentially benefit from some of the poor economic circumstances America is dealing with.

Bill Ackerman Likes Bitcoin, Thinks Inflation May Last a While

For the past year, inflation has been a serious problem in the United States and abroad. The coronavirus pandemic has struck our global markets like nothing else has in the past, and thus the status of the U.S. dollar and virtually every other form of fiat has dropped in the past 12 months.

This has potentially allowed bitcoin to incur the meteoric rises it has been experiencing since last summer. Many people no longer see it as just a speculative asset; it is now a hedge tool that can keep one’s wealth stable during times of economic strife.

While the situation has been good for bitcoin and cryptocurrencies, standard monetary markets are experiencing heavy problems, and Ackerman does not think this is going to be a short-term issue. In his interview, he comments that things are going to last this way for some time, claiming:

I think [inflation is] not temporary. Look at every commodity price, right? Copper, lumber, energy even before the colonial pipeline issue. Look at housing prices. Look at bitcoin, right? Everything is inflating. That is driven by a once-in-a-moment history. People are emerging from a pandemic with the endless spirit that comes from being locked up.

One of the things Ackerman thinks may be contributing to the present situation is that the Fed is doling out historically low interest rates. He says that he can understand why the Fed took such a route, but this cannot last forever if the economy is to ever fully recover. He says:

I think they are going to have to raise rates for sure, and I think they adjusted their policy just at the wrong time. Preemptive policy toward inflation, I think, is a better approach, particularly in a world where we have massive, massive economic stimulus. I think with rates where they are, there is a very good risk of the economy overheating.

An Extraordinary “Phenomenon”

Ackerman also took a few moments to discuss bitcoin and other forms of cryptocurrency, which he thinks are “brilliant” and “fascinating.” He says:

I think crypto is a fascinating phenomenon. I think it is a brilliant technology and I kick myself for not understanding it. It is one of the best speculations ever, but it is not a place where I would feel comfortable personally putting any meaningful amount of assets in. Therefore, I would not invest our firm’s assets.

He is likely referring to the large number of institutions that are buying crypto like crazy as of late.

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Stanley Druckenmiller: BTC Will Be at the Top for a Long Time

As of late, bitcoin has been suffering somewhat. The world’s number one digital currency by market cap has fallen into the high $53,000 range, which is about $2,000 less than where it has been all week. While bitcoin falls, other currencies – such as Ethereum – are reaching record highs, yet analyst and big-time investor Stanley Druckenmiller is confident that no permanent harm will come to the currency, and that it will remain at the top of the crypto ladder at least for the time being.

Steven Druckenmiller: BTC’s Price Cannot Be Beaten

Bitcoin has always been the father of crypto. It first emerged in 2009 (that is when it was first mined) and several competing altcoins have come about following its initial introduction, though to be fair, none have come close to bitcoin’s present market cap. While other coins may have become popular for other reasons – for example, Ethereum is widely lauded for its smart contract capabilities – bitcoin remains at the top in terms of price, and according to Druckenmiller, this is not going to change at any point in the immediate future.

In addition, he is confident that the present suffering bitcoin has endured is only temporary, and that the currency is about to get much bigger. This is due, in his opinion, to new federal policies that are taking place. While these policies remain nameless at the time of writing, he comments that they are likely to cause many more problems for the U.S. dollar and lead to further inflation.

Speaking about bitcoin, Druckenmiller says:

It is going to be very hard to unseat bitcoin as a store of value asset because it has a 14-year-old brand. It has been around long enough, and obviously there is a finite supply.

But while bitcoin is still number one in the world of crypto, Druckenmiller seemed to hint that at some point – perhaps in a coming century – another cryptocurrency could wind up taking the top spot. He says there are multiple cryptocurrencies being introduced every day, and it is certainly possible for one of these assets to potentially take over as the leader of the digital world. He mentioned:

The quality of the competition that is going to come against the incumbents in this space is going to be brutal. That is why I think it is just too early to call who is going to be the winner when it comes to the payment system, commerce, that kind of stuff.

More Disastrous Policies Coming?

Druckenmiller also says that the Fed is likely to make even more disastrous decisions that could ultimately spell doom for USD and other forms of fiat. He claims:

I cannot find any period in history where monetary and fiscal policy were this out of step with the economic circumstances. Not one.

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Should Tesla Allow Doge Payments? Musk Asks Twitter for Help

Elon Musk – the South African entrepreneur behind billion-dollar companies such as Tesla and SpaceX – wants your opinion regarding Tesla accepting Dogecoin payments in the future.

Elon Musk Wants to Know if Doge Payments Are the Right Thing

The famed technician has taken to Twitter to ask his followers if Tesla should move forward in its crypto-themed journey and accept Doge for products and services. Apparently, the question is deemed important amongst his social media fans as within ten minutes of posting the question, approximately 400,000 people took to Twitter to provide their answers, and as many as 80 percent of participants have voted in favor of Doge payments in the coming future.

Tesla and Elon Musk have been huge promoters for the world of digital currency. Tesla may not have been one of the first institutions to pledge support for bitcoin, but it sure bought a whole lot of it three months ago. The electric car company set a record by purchasing as much as $1.5 billion worth of bitcoin last February.

Musk has also been a longtime fan of the world’s number one digital currency by market cap, though over the past few weeks, he appears to have shifted his attention over to Doge, which has seemingly become the fourth largest digital currency in the world and was recently trading as high as 69 cents.

Following the bitcoin purchase, Tesla also made headlines when it announced that it would permit bitcoin payments for all products and services offered by the company, making it one of the first major firms to adhere to bitcoin’s initial purpose. Bitcoin and digital currencies were always designed to serve as payment currencies, though their volatility has consistently gotten in the way.

These assets can go up and down at a moment’s notice, and thus many retailers have said “no” to accepting crypto payments for products, but this past year has seen several businesses starting to ease up a bit, one of which has been Tesla.

If Elon Musk is serious about accepting Dogecoin in the future as a payment method, he will need to be very careful about what he says and does with it. For example, last weekend saw the entrepreneur hosting the popular sketch comedy program “SNL.” Two skits about Dogecoin involving Musk ultimately caused the currency to drop heavily in price, though at press time, it has recovered somewhat.

Watch Your Mouth!

If he agrees to accept Dogecoin as a method of payment, the fluctuations it is likely to endure will no doubt affect his company, and he will need to be mindful of what he says about it considering anything can potentially send it through a tunnel of disarray.

Aside from this, Musk has also stated that he will be launching a new satellite he is calling “Doge-1” to the moon in 2022. It will also be fully funded by cryptocurrency.

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Could Bitcoin Be Heading Into Unstable “2017-ish” Territory?

Bitcoin appears rather stable as of late. The currency has had some relatively wonky up-and-down moments over the past few weeks, but for the most part, the currency has found some sturdy ground to stand on over the past two days and is trading for a little over $56,000. It is not the $64,000 it was at just a few weeks ago, but it is certainly not the $49,000 it briefly dropped to after that.

Bitcoin Is Seeing Some of the Same Patterns

Either way, one research group is now claiming that bitcoin could wind up taking huge slides in price like it did in 2017 and 2018. Vanda Research says that investors need to brace themselves for what they are calling a “broader correction” in today’s market, which means bitcoin could be taking a trip down south in the coming months.

Vanda claims that some of the technical changes occurring on bitcoin charts as of late are reminiscent of the activity and behavior investors saw roughly four years ago. In a statement, the organization claimed:

The meteoric rise of cryptocurrencies has a whiff of déjà vu. When the rally started to look tired in November of 2017, investors rotated to lesser-known altcoins like Ripple and Ethereum, which quickly became household names, too. In the months that followed, cryptocurrencies cratered as retail investors rushed to the exit.

What is happening now is somewhat similar according to the company’s statements. Bitcoin, while previously mentioned as stable, has gone through a few twists and turns over the past few weeks. As a result, many investors have turned to altcoins such as Doge and ETH to stay strong in the market, and these coins – along with a few others – have skyrocketed.

Dogecoin, for example, rose to nearly 70 cents, the highest it has ever been up to this point, while Ethereum also charged through a new all-time high and is selling for more than $4,000. This is exactly what occurred at the end of 2017; bitcoin appeared tired in comparison to some of these newer assets, and currencies such as Litecoin, Ripple and Ethereum all blasted into considerably stronger territory.

Sadly, much like bitcoin’s success during that time, these currencies and their highs did not last long. While things eventually changed, it took well over a year for the market to find its footing again, and to be fair, these assets – back then – were not trading for the numbers they are at now, suggesting that a fall could be even more catastrophic for several mainstream coins.

Where Will Other Coins Go?

Vanda explains:

Under the pretext of institutional support, retail investors started rotating out of speculative retail stocks and pouring their money into bitcoin… [Dogecoin] has [now] failed to climb back to year-to-date highs, and if and when Ethereum suffers the same fate, the cryptocurrencies will likely face a wave of redemptions.

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Sean Culkin Cut from Chiefs; Won’t Get BTC Salary

Apparently, the NFL (National Football League) really does not care much for bitcoin. Either that or they just did not need Sean Culkin, the tight end of the Kansas City Chiefs. Culkin made headlines not too long ago when he announced that he was set to receive his entire annual salary as a football player in bitcoin, though now it looks like this dream is not going to become a reality.

Sean Culkin Cut By the Chiefs

At 27 years of age, Culkin signed a future contract last February with the Chiefs and agreed to an annual salary of just shy of $1 million. He was going to serve as a primary backup to six-time Pro Bowl tight end Travis Kelce. All seemed well, and Culkin, in many ways, was going to be just another big football star that accomplished great physical feats on the field.

But then, something interesting happened. As it turned out, Culkin was a fan of cryptocurrency, claiming in an interview not long after being drafted:

I fully believe bitcoin is the future of finance and I wanted to prove that I had real skin in the game – not just trying to make a quick buck. I will be converting my entire 2021 NFL salary to #bitcoin.

This was tweeted on April 26, just a few weeks before he was cut by the team. Had his plans for a bitcoin-based salary gone through, Culkin would have been the second football player in history to garner digital currency for his time on the football field, the first being Russell Okung of the Carolina Panthers, though Culkin had an advantage in that he was planning to convert his entire salary to BTC.

Okung – who’s payment was around $13 million when he was playing for the Panthers – announced in the year 2020 that he was only going to convert half of his salary into the world’s largest and most popular digital currency by market cap. Thus, he was playing it safe, and decided to keep nearly $7 million in cash to ensure that he could remain afloat should the entire industry disappear overnight.

What Will Happen Now?

Culkin, on the other hand, was willing to bet his entire financial stake on bitcoin and would have converted his entire $920,000 annual salary into the digital currency. Sadly, it is not to be now that he will not be playing for the Chiefs, and at the time of writing, it is unclear if he will sign with another team or if his football prospects have come to an abrupt and premature end.

Either way, even if Culkin never steps onto the field again, it looks like he has a few things to fall back on. He spent his earlier years garnering a BA in finance and is presently at work on his MBA.

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Switzerland’s UBS Group Looks Into Providing Crypto Tools to Customers

The line between crypto and traditional banking services is beginning to thin out even more. UBS Group, one of the largest investment firms in Switzerland, has announced that it is looking into potentially offering its wealthiest clients varying crypto options as demand for digital assets has grown exponentially in the past few years.

UBS Group Has Joined the Crypto Rankings

Crypto continues to boom in popularity, with the space now becoming more legitimized and mainstream following the coronavirus pandemic which has brought global financial spaces to their knees. Many people no longer trust standard banks or fiat given the amount of money printing that has occurred over the past 12 months and the idea that inflation is continuing to spread. Thus, many have turned to BTC and its altcoin cousins as stores of wealth.

Initially, digital currencies were simply speculative tools that could potentially make one wealthy overnight. However, now they are seen as much more. People look upon them as hedge tools that can keep one’s portfolio steady during times of economic strife.

And as crypto grows stronger, it appears many more banks are looking to offer digital currency investment options to their clients so they can remain competitive, and now it appears UBS is joining the game. To be fair, Switzerland has always been rather open minded when it comes to digital currencies. Switzerland even hosts what has become known as Crypto Valley, a section in Zug that is home to several digital currency and blockchain-based businesses.

But while Switzerland may have been home to bitcoin companies, perhaps offering the asset to investors was another story. Either way, UBS has not cemented any decisions yet and is in the process of considering all options when it comes to giving customers the chance to purchase and trade crypto.

The bank has released the following statement:

We are monitoring the developments in the field of digital assets closely. Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.

A Lot of Banks Are Hopping Aboard

The crypto path for banks initially opened last July when many standard financial institutions got the greenlight from the Office of the Comptroller of the Currency to offer crypto custody services to their clients. Large companies such as BNY Mellon were now able to suddenly provide their clients with crypto investment tools that could hold their digital assets.

From there, many other banks have made partnerships with organizations such as NYDIG in New York so that they could take their crypto offering services to higher levels. The enterprise was a division of Stone Ridge, which made headlines in late 2020 as one of the first institutions to publicly support bitcoin and purchase more than $100 million worth of the asset along with companies such as Square and Massachusetts Mutual.

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