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For Big Investors, the Recent Bitcoin Drop Presents More Buying Opportunities

Bitcoin has fallen deeply into a state of oblivion. Once trading for well over $64,000, the world’s number one digital currency by market cap has lost nearly $20,000 in value since last month and is presently trading for just over $47,000.

Bitcoin Is Still Being Bought Up

Among many analysts is an attitude of gloom and doom. Some consider the end of bitcoin to be near, while other largescale investors – such as Michael Saylor of MicroStrategy fame – think that this is the perfect opportunity to add more bitcoin to their private and company stashes and buy up.

Saylor has recently come out and admitted that not long after Elon Musk announced his company would not be accepting BTC payments for goods and services, his company purchased another $15 million worth of the digital asset. The recent dip can likely be attributed to Musk’s sudden dismissal of BTC payments, which a lot of people in the crypto space were relying on.

This was going to be a major push forward in the world of BTC. It would be seen as a legitimate and mainstream method of payment considering such a huge, billion-dollar company would allow its usage alongside fiat and credit cards.

Sadly, it does not look like this is going to pass, and bitcoin has suffered as a result, but for people like Saylor, the present conditions offer more opportunities to take advantage of. In a tweet, Saylor announced his company’s recent purchase:

MicroStrategy has purchased an additional 271 bitcoins for $15 million in cash at an average price of about $55,387 per bitcoin.

Thus far, the company has accumulated nearly $2.5 billion in BTC over the past nine months according to a filing with the Securities and Exchange Commission (SEC). MicroStrategy was one of the first major institutions to pledge public support to bitcoin and initially began buying the asset in August of last year.

While Saylor looks at the recent situation as something positive for men like himself, others are expressing disdain with Elon Musk and the fact that he is constantly saying things that have large effects on bitcoin and its competing altcoin cousins.

Maybe It’s Time to Think Before You Talk

Dennis Kelleher – CEO of Better Markets in Washington – explained to reporters:

The problem here is that a loose cannon CEO continues to shoot his mouth off about any number of potential market-moving events. It is clearly grossly irresponsible, but it may not be illegal.

For the most part, there is no evidence supporting the idea that Musk does what he does or says what he says on purpose. It could be that he just simply does not realize his power within the industry yet. However, perhaps it is time he takes a breather and really thinks about his next steps regarding crypto, as it clearly has an effect on the rest of us.

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Anthony Scaramucci: BTC Is Still the Crypto to Own

Bitcoin just keeps falling into oblivion. At the time of writing, the world’s number one digital currency by market cap has dropped into the $47,000 range, which is lower than it has been in quite a long time – especially considering at around this time last month, the asset was trading for well over $64,000. However, it was expected that BTC would undergo a hard correction considering how fast it moved up, and Anthony Scaramucci of Sky Bridge Capital believes the asset is still at the top of the financial ladder.

Scaramucci Is Defensive of the Recent Price Drop

As the founder of an investment firm, Scaramucci is defensive of the price drop and believes it is “still the currency to own.” While he says it is quite difficult to convince big investors that they should have bitcoin and additional cryptocurrencies, he believes that those who do possess it or that have added it to their portfolios in the past year are smart enough to hold it for the time being and not just sell it at the first signs of trouble.

In an interview, he explains:

As an investment adviser and someone who has been running money for 30 plus years, it is responsible of me to tell my clients to own one percent, two percent or even three percent. I am not telling them you have got to own 100 percent of your net worth in it, but if we are right, you do not want to be missing out on this.

Scaramucci is not the only man at press time to believe that bitcoin is and always will be at the top. Recently, Jack Dorsey – the man behind both Square and Twitter commented that:

Bitcoin changes everything… for the better, and we will forever work to make bitcoin better.

For the most part, Scaramucci is a true bitcoin man, and while he acknowledges that it may be a little smart to have a small portion of one’s portfolio devoted to specific altcoins, he says that all customers looking to enter the crypto market space should focus their attention on BTC. Even high-ranking coins such as Doge – which has recently become the fourth-largest cryptocurrency by market cap thanks to support from the likes of Elon Musk and a few other billionaires in recent days – is not enough to convince Scaramucci of its alleged prowess.

Not All Crypto Is Equal

He claims that Dogecoin is “too far off the scale” for his clientele at press time, stating:

Maybe it will be silver to bitcoin’s gold. This is happening. This is upon us right now. You either get it or you do not get it.

However, Scaramucci may be off the mark dismissing Doge so easily considering it is already on a path towards recovery from its recent price drop while BTC has sunk lower.

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Teacher Julie Bushnell Is the Latest Victim of a Bitcoin Scam

Julie Bushnell – a teacher situated in the United Kingdom – has lost several thousand dollars to a bitcoin scam that was using the likeness of famed South African entrepreneur Elon Musk, the man behind billion-dollar companies such as Tesla and SpaceX.

Julie Bushnell Has Lost A Lot of Money

It seems like Elon Musk just cannot seem to catch a break as of late. When his words are not bringing the prices of various forms of cryptocurrency down into the muck, his face is being used to promote fraudulent activity, which is sadly quite common in the crypto space. This is not the first time Elon Musk has been at the center of such an event, and it likely will not be the last.

Bushnell came across an article that appeared quite legitimate and seemed to mimic the look and structure of a piece published on the BBC. The article discussed a big bitcoin giveaway that was being hosted by Musk himself. He allegedly stated that anyone who was willing to donate bitcoin would see their figures double by his own hand… A common strategy amongst thieves.

If this sounds familiar, you are on the right track and you are keeping up to date with your crypto news. First off, this has proven to be a regular method of garnering illicit funds. One of the most recent cases took place last summer, when figures like Musk himself, along with former president Barack Obama, his vice president Joe Biden and Microsoft mogul Bill Gates all purportedly had their Twitter accounts compromised by a malicious actor.

The hacker – who turned out be in his late teens – promoted a bitcoin scam that said all followers of these individuals should donate their bitcoin to listed addresses. Anyone who took part in the event would see their money doubled, just like this present story. Sadly, everyone who sent money did not see their funds doubled. In fact, they never saw their money again, as the actor had no intention of doling out returns. Instead, he walked away with more than $120,000 in BTC, though he was later caught and took a plea deal to earn a shorter sentence granted he was willing to give the money back.

While it is unclear how the money was deposited, Bushnell says that she had been saving her money up for a down payment on a home. The amount totaled more than $12,000 USD, and the thought of getting it doubled sounded too good to pass up.

Trying to Get the Word Out

When her money was not returned to her, she informed the BBC, and now – all too aware of what had happened – says she wants to help people avoid her misfortune. She says:

I want to raise awareness of this scam, so it does not happen to other vulnerable people.

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Square Will Not Be Purchasing Anymore BTC

Square – the payment firm owned and run by Twitter CEO Jack Dorsey – has announced that it will not be buying anymore bitcoin in the coming future.

Square Says It Won’t Be Buying Anymore BTC Anytime Soon

Square is a huge company, not just for all the business it does, but also because it is one of the first institutions to pledge official support for bitcoin and purchase a large wad of it. The company ultimately bought more than $50 million worth of the world’s number one digital currency in late 2020, only to follow this up a few months later in 2021 with an additional purchase of more than $120 million, thereby bringing the amount of BTC the company owned to approximately $170 million at press time, and that is not including the gains it has likely experienced since then.

However, the firm has made it clear that bitcoin remains too vulnerable to price swings at the time of writing, and executives do not want to take anymore chances that they could lose out on profits. While the firm has mentioned it is not done learning about bitcoin, its investment options are laying low for the time being.

Amrita Ahuja – the chief financial officer of the enterprise – explained in an interview:

We do not have any plans at this point to make further purchases… I think we would be customer led. As we see the evolution of the bitcoin product or crypto products in general, I think we will make further assessments at that point.

Bitcoin initially reached its highest peak back in April after it was announced that crypto exchange Coinbase would go public on the Nasdaq. Following this move, bitcoin struck a price of approximately $64,000 per unit, though the momentum did not last. The currency later fell into the mid-$50,000 range, where it has seemingly hovered ever since.

However, Elon Musk recently delivered a blow to the world of digital currency after he announced that his company Tesla would no longer go forward in accepting bitcoin payments for goods and services. This ultimately sent BTC into a downward spiral, and at press time, it is trading for just over $49,000. This is about $15K less than its April high.

More Environmental Issues…

To be fair, respect for bitcoin remains high in the Square community, though Ahuja stated that there was also heavy concern over the amount of environmental damage the extraction process behind bitcoin could allegedly cause. She stated that bitcoin needs heavy innovation when it comes to renewable energy and mentioned:

There is a broader supply chain question around how renewables and clean energy become a greater part of the blockchain in general, and a greater part of the overall mining and transaction network. It is the overall fixed footprint of the network that we need to address.

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Elon Musk Manages to Send Dogecoin Up Again

It is hard to understand Elon Musk at times. There are moments when he appears to be quite clear regarding cryptocurrency, and other days when he seems to be way off the mark. Either he does not fully understand the influence he has on the space, or he does and says certain things knowing they will have certain impacts. Either way, he has now sent Dogecoin through the roof again with his latest words following the rough week it has had.

Elon Musk and Dogecoin Are Mixing Things Up

Over the past day, Dogecoin – now the fourth largest cryptocurrency in the world – has jumped in price by about 30 percent. This is huge considering the currency had fallen roughly 20 percent prior. The drop largely had to do with Elon Musk renouncing his decision to allow bitcoin payments for Tesla-based services and products. In addition, Vitalik Buterin – the co-founder of Ethereum, the world’s second largest cryptocurrency by market cap – sent more than one billion Doge units to a COVID relief fund in India, a move that had harsh repercussions.

Either way, the asset appears to be on a path towards recovery. Elon Musk is assuring crypto traders everywhere that he has full belief in the crypto system, and he is positive it is the future of finance. He appears concerned that his latest words were taken out of context, and he is trying to remedy the situation. He states:

To be clear, I strongly believe in crypto, but it cannot drive a massive increase in fossil fuel use, especially coal.

Basically, while he thinks there is a lot of power in crypto usage, he is worried that the mining of certain cryptocurrencies – particularly bitcoin – will do environmental harm that cannot be reversed down the line. This is an argument that is as old as the dickens, yet for some reason, it continues to make heavy headway, and many are arguing against BTC simply because they carry atmospheric concerns.

How Big Is the Mining Problem?

In the past, it has been stated that bitcoin mining now uses more energy than countries such as Iceland and Argentina. It is also said that it has as big a carbon footprint as the entire city of Las Vegas, Nevada. One of the primary problems with the mining sector as of late is that much of the activity stems from China, a country not known for its environmental prowess. Much of the BTC mining operations in the nation require fossil fuels and coal to operate, which tend to leave more pollutants in the air.

Thus, Kevin O’Leary – aka Mr. Wonderful on the television program “Shark Tank” – has commented that he will not be buying any more bitcoin mined in China. In a recent interview, he likened the asset to “blood money,” and stated that he will only be garnering bitcoin sourced from hydroelectricity and other clean methods.

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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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