Bitcoin tumbled as much as 15% on Sunday but the price of the cryptocurrency was trading slightly higher at $56,824 yesterday.
It follows Bitcoin this weekend plunging in its biggest drop since February.
Bitcoin, the world’s biggest and best-known cryptocurrency, dropped 7.7% to $55,408.08 on Sunday, losing $4,624.21 from its previous close.
It comes after Dogecoin’s price increased 91 per cent in 24 hours after Elon Musk tweeted about the cryptocurrency.
And a new cryptocurrency called SafeMoon has gained popularity in recent days recording a 99 per cent rise in value on Sunday.
However, investors should approach the currency with caution.
Safemoon is relatively unknown and no-one knows much about it – so be aware that the risk to your cash is much greater.
Read our cyptocurrency live blog below for the very latest updates…
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‘BRITCOIN’…?
Rishi Sunak has launched a taskforce to explore the potential for digital currency in the UK.
The Chancellor of the Exchequer shared the memo on Twitter, joking it could be called “Britcoin”.
The Bank of England and the Treasury will jointly examine how a central bank digital currency would work.
They will consider the risks as well as the benefits.
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MARKET WEAKNESS FORCES BINANCE DOWN
Binance Coin price dropped 20 per cent in 48 hours amid overall market weakness.
However, its rival – Ethereum – has managed to recover faster than other coins.
And there’s good news for Binance investors as, despite the drop, it’s bounced back quickly – and could soon reach record highs.
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INVESTORS ‘USING BITCOIN TO GUARD AGAINST INFLATION’
Bitcoin’s price is still up 89 per cent this year, despite the biggest single-day drop for months.
It comes amid speculation that big investors are using the largest cryptocurrency as a hedge against inflation after governments around the world ploughed trillions into coronavirus-related stimulus packages.
Bitcoin was changing hands for around $55,400 (£39,576) as of 5.37pm UK time, Coindesk.com reports.
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TESLA AND MASTERCARD EMBRACE CRYPTOCURRENCIES
Major firms including BNY Mellon, Mastercard Inc and Tesla Inc are among those to have embraced or invested in cryptocurrencies.
Bitcoin topped $60,000 early last month, fuelled by Tesla’s move to buy $1.5 billion of the digital currency for its balance sheet. For the past two weeks, it had traded in a tight range.
“When bitcoin markets create new highs, the price often range-trades and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.
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BITCOIN PRICE EDGES HIGHER ON MONDAY FOLLOWING MAJOR DROP ON THE WEEKEND
THE price of bitcoin has edged higher on Monday after a major drop over the weekend.
Bitcoin had its biggest one-day drop in two months on Sunday and it’s the latest wild movement for the cryptocurrency.
Last week Bitcoin hit record highs, surging above $64,000 for the first time ever.
Bitcoin tumbled as much as 15% on Sunday dropping back under $54,000 – that was its biggest drop in a single day since February according to Bloomberg.
On Monday bitcoin was trading slightly higher at $56,824. The price of bitcoin and other cryptocurrencies can rise and fall sharply, and you can be left with less money than you put in.
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VIRTUAL WALLET
If you have invested in Bitcoin, you can set up a virtual wallet to store, keep track and spend your digital money.
You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM – but not all businesses accept Bitcoin as a form of payment.
You can use the Where To Spend Bitcoin UK website to find merchants that accept the currency.
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MYSTERY BITCOIN CREATOR WORTH $60BILLION
The pseudonymous creator of Bitcoin is now one of the world’s richest people.
Based on their estimated holdings of the cryptocurrency, Satoshi Nakamoto is believed to be worth over $60billion (£44billion) today.
That would make them the 19th-wealthiest person alive, according to Forbes’ recently updated list of the world’s richest billionaires.
Bitcoin was the first decentralised currency – a digital currency created or “mined” using complex calculations carried out by computers.
It was created in 2009 by an unidentified coder known only as Satoshi Nakamoto.
They’re believed to own about one million Bitcoin, which is roughly five per cent of the total supply that will ever be created.
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RECORD-BREAKING PRICES
CRYPTOCURRENCIES like Bitcoin and Dogecoin are seeing record-breaking prices this week, but what’s the difference between them all?
Some of these currencies are gaining legitimacy thanks to support from well-known, mainstream companies such as PayPal, Mastercard, Facebook and Tesla.
Prices are also rising ahead of the float of Coinbase – a company that lets you buy and sell other cryptocurrencies.
As a result of sky high prices, some people are looking at investing in currencies like Bitcoin, Dogecoin and Ethereum in the hopes of cashing in on the action.
However, it’s important to note that while some of these cryptocurrencies are currently doing very well, prices are extremely volatile and investors should be wary.
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SCAM WARNINGS
THERE have been warnings around scams related to cryptocurrencies,
Bitcoin’s surge last week was helped by Coinbase going public – it’s the first cryptocurrency exchange to trade its shares on a stock exchange.
Bitcoin hit previous highs in February, when Tesla announced it would soon be allowing customers to make purchases using Bitcoin.
That announcement came with the revelation that the Elon Musk controlled firm had also invested $1.5 billion in Bitcoin itself.
Bitcoin broke through the $20,000 price mark for the first time in December as interest in bitcoin becomes more mainstream.
But the price previously plummeted when the coronavirus crisis first hit, sinking to £3,300 last March.
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EXPLAINED: WHAT CAUSED THE BITCOIN PRICE TO DIP THIS WEEKEND?
The latest plunge over the weekend was down to a blackout in China’s Xinjiang region.
The area reportedly powers a lot of bitcoin mining, according to CoinMarketCap.
It also follows a decision on Friday by Turkey’s central bank to ban the use of cryptocurrencies for purchases.
Meanwhile, the Bank of England today revealed that it is exploring its own digital currency.
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BANK OF ENGLAND AND THE TREASURY TO EXPLORE POTENTIAL FOR DIGITAL POUND
The Government will set up a new taskforce to explore whether the UK should have its own digital currency, one of a series of possible reforms designed to benefit the financial technology sector.
The Bank of England and the Treasury will jointly explore the objectives of establishing a central bank digital currency, and explore the risks as well as the benefits.
It is a step along the path of creating an e-pound, a sort of digital bank note. However, authorities said they are still committed to supplying cash to those who need it.
Digital currencies are already being explored or even implemented in several other countries.
They could bring benefits in the way cross-border payments are made, and also take advantage of a general decline in cash payments.
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WATCH: WHAT IS THE NEW CRYPTOCURRENCY SAFEMOON?
What is the new cryptocurrency SafeMoon? -
TESLA AND MASTERCARD EMBRACE CRYPTOCURRENCIES
Major firms including BNY Mellon, Mastercard Inc and Tesla Inc are among those to have embraced or invested in cryptocurrencies.
Bitcoin topped $60,000 early last month, fuelled by Tesla’s move to buy $1.5 billion of the digital currency for its balance sheet. For the past two weeks, it had traded in a tight range.
“When bitcoin markets create new highs, the price often range-trades and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.
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EXPLAINED: COINBASE GOES PUBLIC
Coinbase went public on the Nasdaq stock exchange in New York City on April 14.
The company isn’t doing a traditional initial public offering (IPO), and will instead do a direct listing.
In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.
A direct listing doesn’t allow the business to raise new funds, but it offers current shareholders the chance to sell their stocks on the market.
Coinbase’s overall valuation will begin at $65.3billion, making it the biggest new US stock market entrant since Uber in 2019.
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BITCOIN IS ‘STORE OF VALUE’
Bitcoin is a “store of value” but is not ready to become a medium of exchange, a leading finance expert has said.
Federal Reserve Bank of Dallas President Robert Kaplan said: “Right now it’s clear it’s a store of value.
“It obviously moves a lot in value, which could keep it from spreading too far as a medium of exchange and wide adoption, but that can change.”
-
‘BRITCOIN’
Rishi Sunak has launched a taskforce to explore the potential for digital currency in the UK.
The Chancellor of the Exchequer shared the memo on Twitter, joking it could be called “Britcoin”.
The Bank of England and the Treasury will jointly examine how a central bank digital currency would work.
They will consider the risks as well as the benefits.
-
TREASURY & BANK EXPLORE POTENTIAL FOR DIGITAL POUND – PA
The Government will set up a new taskforce to explore whether the UK should have its own digital currency – one of a series of possible reforms designed to benefit the financial technology sector.
The Bank of England and the Treasury will jointly explore the objectives of establishing a central bank digital currency, and explore the risks as well as the benefits.
It is a step along the path of creating an e-pound, a sort of digital bank note. However, authorities said they are still committed to supplying cash to those who need it.
Digital currencies are already being explored or even implemented in several other countries. They could bring benefits in the way cross-border payments are made, and also take advantage of a general decline in cash payments.
Currently, only the Bahamas has such a currency, although China is trialling it in several cities.
-
SCAM WARNINGS
THERE have been warnings around scams related to cryptocurrencies,
Bitcoin’s surge last week was helped by Coinbase going public – it’s the first cryptocurrency exchange to trade its shares on a stock exchange.
Bitcoin hit previous highs in February, when Tesla announced it would soon be allowing customers to make purchases using Bitcoin.
That announcement came with the revelation that the Elon Musk controlled firm had also invested $1.5 billion in Bitcoin itself.
Bitcoin broke through the $20,000 price mark for the first time in December as interest in bitcoin becomes more mainstream.
But the price previously plummeted when the coronavirus crisis first hit, sinking to £3,300 last March.
-
WHAT CAUSED THE WEEKEND BITCOIN DIP?
The latest plunge over the weekend was down to a blackout in China’s Xinjiang region.
The area reportedly powers a lot of bitcoin mining, according to CoinMarketCap.
It also follows a decision on Friday by Turkey’s central bank to ban the use of cryptocurrencies for purchases.
Meanwhile, the Bank of England today revealed that it is exploring its own digital currency.
-
BITCOIN PRICE EDGES UP AFTER WEEKEND PLUNGE
The price of bitcoin has edged higher today after a major drop over the weekend.
Bitcoin had its biggest one-day drop in two months on Sunday and it’s the latest wild movement for the cryptocurrency.
Last week Bitcoin hit record highs, surging above $64,000 for the first time ever.
Bitcoin tumbled as much as 15% on Sunday dropping back under $54,000 – that was its biggest drop in a single day since February according to Bloomberg.
Today, bitcoin was trading slightly higher at $56,824.
-
TESLA AND MASTERCARD EMBRACE CRYPTOCURRENCIES
Major firms including BNY Mellon, Mastercard Inc and Tesla Inc are among those to have embraced or invested in cryptocurrencies.
Bitcoin topped $60,000 early last month, fuelled by Tesla’s move to buy $1.5 billion of the digital currency for its balance sheet. For the past two weeks, it had traded in a tight range.
“When bitcoin markets create new highs, the price often range-trades and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.
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WHAT IS COINBASE?
Coinbase is an American cryptocurrency exchange platform, and customers can buy and sell around 50 cryptocurrencies on its site, including bitcoin.
The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.
As of March 2021, Coinbase was the largest cryptocurrency exchange in the US by trading volume.
Coinbase says it has more than 56million verified users across 100 countries.
The company has benefited from bitcoin’s rise in value, which has rocketed by 1,000% over the past year and hit a new record high yesterday.
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WHEN DID COINBASE GO PUBLIC?
Coinbase went public on the Nasdaq stock exchange in New York City on April 14.
The company isn’t doing a traditional initial public offering (IPO), and will instead do a direct listing.
In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.
A direct listing doesn’t allow the business to raise new funds, but it offers current shareholders the chance to sell their stocks on the market.
Coinbase’s overall valuation will begin at $65.3billion, making it the biggest new US stock market entrant since Uber in 2019.
-
MYSTERY BITCOIN CREATOR ONE OF RICHEST PEOPLE EVER
The pseudonymous creator of Bitcoin is now one of the world’s richest people.
Based on their estimated holdings of the cryptocurrency, Satoshi Nakamoto is believed to be worth over $60billion (£44billion).
That would make them the 19th-wealthiest person alive, according to Forbes’ recently updated list of the world’s richest billionaires.
Bitcoin was the first decentralised currency – a digital currency created or “mined” using complex calculations carried out by computers. It was created in 2009 by an unidentified coder known only as Satoshi Nakamoto.
They’re believed to own about one million Bitcoin, which is roughly five per cent of the total supply that will ever be created.