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Post by Makers on May 21, 2021 6:12:11 GMT -5
Washington is rushing to regulate crypto. It’s a mess.
The SEC, CFTC, IRS, FinCEN and Congress all want a piece of crypto oversight. The confusion has some in the industry calling for clearer regulations.
The wild swings in crypto prices this year have enthralled and disheartened investors, alarmed Wall Street and focused the attention of regulators and lawmakers who already had cryptocurrency in their sights.
With shares of Coinbase, a prize of Silicon Valley investors who placed early bets on cryptocurrency markets, swinging along with the price of Bitcoin, tech is worried too.
The soundness and stability of cryptocurrencies has gone from a fascination of early, enthusiastic adopters to a mainstream concern. One particular worry is the ability of vague tweets from a single person — Tesla CEO Elon Musk, who has mixed his personal ardor for cryptocurrencies with the electric-vehicle company's business — to send crypto prices gyrating.
Washington once seemed befuddled by cryptocurrency, handing out confusing rulings. But the SEC is now chaired by Gary Gensler, who taught a course on blockchain at MIT. He made it clear at a recent House committee hearing that the crypto industry could come under greater regulation. "If one trades bitcoin in America today, there's not an investor protection regime," he said.
The early crypto scene was dominated by libertarian types seeking to evade or defeat regulation. But now, a substantial number of players in the crypto industry have been seeking more regulatory clarity. There are a number of areas where the industry interacts with regulators, from banking to securities to taxes.
That's part of the problem: Tokens that act like securities could fall under the Securities and Exchange Commission. The Commodity Futures Trading Commission is eager to keep its oversight of currency markets. And the Internal Revenue Service wants to make sure transactions that result in gains are properly taxed.
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Post by Makers on May 21, 2021 6:13:53 GMT -5
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Post by Makers on May 24, 2021 5:39:33 GMT -5
Bitcoin prices tumble 50% from peak and Mark Cuban calls the crypto crash the ‘great unwind’ Dogecoin prices are at 29 cents, down 60% from the early May peak for the meme asset Bitcoin prices on Sunday afternoon were in free fall anew, with the world’s No.1 crypto spiraling down more than 50% from a peak in around the middle of April, amid another bout of turbulence in the digital-asset sector. At last check, bitcoin prices BTCUSD, 6.78% were changing hands at $32,632 down 12% on the day, after hitting a 24-hour low of $31,179, which halved bitcoin from a mid-April peak at $64,829.14. Ether on the Ethereum blockchain ETHUSD, 8.00%, meanwhile, was seeing an even more severe slump, down at one point 18% at $1,922 on the session and down by nearly 60% from its all-time high hit earlier this month at $4,382.73. It was last down 13% at 2,033. The weekend carnage in crypto was drawing the attention of bulls and market participants, including billionaire Mark Cuban, who appeared to partly pin the slump on excess leverage and speculation on alternatives to bitcoin. However, to put the declines in greater context, bitcoin is still up 16% so far this year (it had been up more than 100% in the year to date), Ether is up 175% so far in 2021, and dogecoin is up more than 5,800% thus far in the year.
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Post by Makers on Jul 15, 2021 4:51:38 GMT -5
Ukrainian authorities revealed the discovery of a huge farm dedicated to cryptocurrency mining . More than 5,000 computers were found at the site, including 3,800 Sony PlayStation 4 consoles , running on large amounts of stolen electricity . Through a statement , the Security Service of Ukraine detailed that the biggest problem was not mining, but energy theft. Behind the farm was a large-scale macro electricity theft operation to power the devices that mined Bitcoin and other cryptocurrencies . The facility had tampered electricity meters that did not record actual energy consumption. This helped the owners avoid payments of $ 186,200 to $ 259,300 per month . What's more, They claim that the activity was so demanding that it could have caused power consumption spikes that left other people without power. In addition to the 3,800 PlayStation 4 consoles, more than 500 graphics cards, 50 processors, phones, laptops and documents on electricity consumption were secured at the site. This occurs just as the consequences of high energy consumption in cryptocurrency mining are being debated. Just last May, Elon Musk announced that Tesla would stop accepting Bitcoin until it came from clean energy . A few weeks ago, China , which concentrates more cryptocurrency mines than any country in the world, tightened the rules for energy consumption on farms, prompting many 'miners' to leave the country and settle elsewhere.
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Post by Makers on Jul 20, 2021 6:42:34 GMT -5
Bitcoin falls below $30,000 as Delta variant fears spread globally
Bitcoin fell below $30,000 again as investors worldwide fret about the Delta variant and what it means for the next stage of the coronavirus pandemic.
The cryptocurrency is down roughly 6% over the last 24 hours, according to Coindesk. Other cryptocurrencies also fell: Ethereum is down about 7%, while dogecoin, the crypto that started as a meme currency, also slid nearly 7%.
Bitcoin was last trading at about $29,800 per coin on Tuesday, its lowest level since last month.
The fall comes after Wall Street was hit hard Monday by anxiety over the recent spread of Covid-19 and the threat it poses to the economic recovery. The Dow Jones Industrial Average (INDU) plummeted about 725 points, a drop of 2.1%. The S&P 500 (SPX) ended the day down 1.6% and the Nasdaq (COMP) was 1.1% lower.
Asian markets followed the skid on Tuesday, with Japan's Nikkei 225 (N225) falling nearly 1%. Hong Kong's Hang Seng Index (HSI) tumbled 0.8%. South Korea's Kospi (KOSPI) slumped 0.4%, while China's Shanghai Composite (SHCOMP) was flat.
"Bitcoin is the ultimate risky asset right now and it could see intense selling pressure if Wall Street enters into panic selling mode," wrote Edward Moya, senior market analyst for the Americas at Oanda, in a Monday research note.
Bitcoin and other cryptos have had a tough year, having been gripped by extreme volatility in recent months. In June, bitcoin (XBT) plunged below $30,000 for the first time since late January.
The latest drop came as investors worried about the impact of the Delta variant on the reopening of the global economy. Shares in airlines, cruise lines and energy stocks all took a dive in the United States on Monday. Long-term bond rates continued to slide as well, a sign that fixed income investors are now far more worried about a Delta variant-induced economic slowdown than they are about rising inflation fears.
European and US stocks were posed for a little bit of a rebound on Tuesday, though. Major indexes in Europe were up in early morning trade, with the FTSE 100 (UKX) in London France's CAC 40 (CAC40) each gaining about 1%.
US stock futures also edged higher. Dow futures were last up about 0.7%, while futures for the S&P 500 and the Nasdaq were up about 0.6% and 0.5%, respectively.
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Post by Makers on Dec 23, 2021 8:56:44 GMT -5
Crypto
Bitcoin Worth $15 Quintillion Is Just Another Day in Crypto
The industry is still plagued by trading glitches, infrastructure snafus, hacks and weirdness — just as it’s been from the start..
Cryptocurrencies made a giant leap in 2021, expanding well beyond their niche among geeks and Redditors. Wall Street strengthened its embrace, with Morgan Stanley Chief Executive Officer James Gorman declaring it no fad. New York Mayor-elect Eric Adams said he’ll initially get paid in Bitcoin. And tokenmania invaded pop culture, from sports, entertainment and gaming to high-end auctions. Even Major League Baseball umpires wore the FTX exchange’s logo on their chests.
Yet the industry often failed to get the basics right, still plagued by the same problems that have dogged it from the start: trading glitches, infrastructure snafus, hacks and other crypto weirdness.
Back when digital tokens fetched a pittance, this could be dismissed as a silly sideshow. Now, cryptocurrencies are worth real money — more than $2 trillion, assuming the tally isn’t garbled by a data error — and their backers want to overtake traditional finance and revolutionize much more. Their ability to do so — and crypto’s staying power — may hinge on addressing and fixing basic plumbing and security issues, assuming they can.
The industry uses “the Facebook model of ‘move fast and break things,’” said Larry Tabb, head of market structure research at Bloomberg Intelligence. “There's no regulatory push to solve these problems, so it just becomes more of an issue of competition. If I get fed up with one exchange, I'll switch to some other player.”
Crypto believers argue that snags are to be expected in an industry that’s still in its early days. It will find its footing, they say. Perhaps. Whatever the future holds, there sure were a ton of major screw-ups in 2021.
Just this month, CoinMarketCap, a go-to source for crypto prices, spewed out incredibly wrong data for the entire market. Bitcoin prices exceeding $800 billion were displayed on its website, which valued all tokens in circulation at $15 quintillion — roughly 660,000 times U.S. gross domestic product.
The company, owned by digital-asset exchange Binance, responded in typically wacky crypto fashion: with glib, meme-filled tweets. “How did it feel to be a trillionaire for a couple hours?” read one, followed by the tears-of-joy emoji. Some industry watchers weren’t as sanguine in their response.
The incident blew over, and even market players affected by the gaffe seemed willing to forgive and forget. “It’s honestly just one of the things that is indicative of an emerging industry,” Coinbase Global Inc. President Emilie Choi said during a Dec. 15 interview at the Bloomberg Technology Summit.
While the CoinMarketCap incident didn’t appear to hurt anyone much, that wasn’t the case in other instances. Some mistakes sparked declines in Bitcoin, a situation compounded by the fact that automatic safety features — like the U.S. stock market’s circuit breakers — aren’t common in crypto. In October, a trader’s algo went haywire, sending the world’s biggest cryptocurrency down about 87% before it shot back up. In early December, Bitcoin saw a smaller but still harrowing plunge of as much as 20% when traders imprudently tried to sell too much amid thin weekend trading — exposing the downside of 24/7/365 crypto markets if there aren’t enough counterparties around.
Some disruptions left investors unable to trade at all. When Bitcoin fell more than 10% on May 19, both Coinbase and Binance suffered outages. Bitfinex faltered on Sept. 30.
Then there were moments when the blockchain infrastructure that powers crypto posed problems. Solana emerged in 2021 as a competitor to Ethereum, which is effectively a global supercomputer running software called smart contracts. But Solana broke for 17 hours in September, crippling a small but growing corner of decentralized finance, or DeFi.
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scooter
Premium Member
Posts: 2,897
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Post by scooter on Dec 23, 2021 9:25:08 GMT -5
no it's not.... the native token of Ripple >>>> XRP is the way
as soon as xrp wins/settles this bullshit/corrupt lawsuit vs the SEC it is going to fly
I've been accumulating since 1.20 or so all the way down to .55
its currently on a nice run up to .97 this morning.....but some of that could be due to the sologenic airdrop....the snapshot is tomorrow so I wouldn't be surprised to see a dip after the snapshot....however, this is easily a 4.00 plus coin....I won't be selling any until 10 plus
the use case of xrp is head and shoulders above btc...I think btc will be more of a store of value similar to gold/silver
CSPR is another good long term hold currently trading around .12
others cheap with huge potential: hbar, algo, xlm
you want a risky stock with big potential...mmat currently around 2.70
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Post by Makers on Jan 11, 2022 5:57:08 GMT -5
Bitcoin dipped below US$40,000 for the first time since September, putting it on pace for its worst start to a year since the earliest days of the digital alternative to money.
The original cryptocurrency bounced off the lows of the day after falling as much as 6 per cent to US$39,774 in New York trading, bringing its loss this year to about 14 per cent. The decline is the largest for a start of the year since at least 2012. It has slumped more than 40 per cent since reaching an all-time high of almost US$69,000 in early November.
“It has had a pretty shocking start to 2022,” said Fiona Cincotta, senior financial markets analyst at City Index. “There’s a lot going on. We know that Bitcoin is volatile but even for Bitcoin, we’re seeing some really big moves.”
Bitcoin, created in the wake of the 2008 global financial crisis by an anonymous individual or group that went by Satoshi Nakamoto, has still gained almost 500 per cent since the end of 2019. It first began trading in 2009 and pricing information from during the early days is limited.
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Post by Makers on Jan 22, 2022 12:01:23 GMT -5
Bitcoin extended its decline on Saturday, and has shed more than 50% from its record high in November while adding further momentum to the meltdown in cryptocurrencies.
Crypto Crash Erases More Than $1 Trillion in Market Value
“Margin positions being liquidated caused a wave of additional sell pressure, as assets that had been held as collateral were forcibly sold to pay for margin loans,” said Hayden Hughes, chief executive officer at Alpha Impact in Singapore.
Bitcoin’s decline from its peak has wiped out more than $600 billion in market value, and over $1 trillion has been lost from the aggregate crypto market. While there have been much larger percentage drawdowns for both Bitcoin and the aggregate market, this marks the second-largest ever decline in dollar terms for both, according to Bespoke Investment Group.
Bitcoin fell as low as $34,042.78 Saturday, a drop of 7.2%, before paring most of those losses. Other digital assets also slid, with Ethereum down 12%. Solana and Cardano each fell at least 17%, according to Coinbase.
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scooter
Premium Member
Posts: 2,897
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Post by scooter on Jan 22, 2022 13:24:17 GMT -5
I am buying the blood....I may need a third job soon.
XRP SUSHI CRV CSPR HBAR XLM ALGO
all added this morning....I am broke now....
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Post by Makers on Jan 25, 2022 6:51:22 GMT -5
There are few things scarier for investors than a bear market - unless you're involved in crypto, in which case a winter is worse.
The chilling term refers to a sharp slump, followed by a drop-off in trading and months of market doldrums - a phenomenon that memorably befell the crypto market in 2018.
Bitcoin's price plunged by more than 80 per cent to as low as US$3,100 from the end of 2017 through December of the following year, a period characterised by the boom-and-bust of initial coin offerings and several big banks shelving their plans to start cryptocurrency trading desks. Bitcoin would not reach a new high until December 2020, according to data compiled by Bloomberg.
Memories of 2018 are sparking fears that a repeat is playing out now after the world's largest cryptocurrency plummeted 50 per cent from its most recent high of almost US$69,000 in November.
The crypto universe has shed more than US$1 trillion (S$1.35 trillion) in market value on growing conviction that the United States Federal Reserve is set to start ratcheting back the ultra-accommodative policy settings that fuelled a boom in risk assets. The pullback has hit all corners of the crypto ecosystem, from Bitcoin to memecoins and publicly listed crypto exchanges.
While the collapse has been rattling enough on its own, it has spawned an even bigger concern that the pain may persist for many months, according to UBS.
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Post by Makers on Apr 20, 2022 8:09:53 GMT -5
Allianz Chief Economic Advisor Mohamed El-Erian says that the Federal Reserve’s response to inflation will cause the prices of cryptocurrencies, like bitcoin, to “go higher.” He noted: “That’s what you get when you’ve waited too long to recognize what inflation is and to take action.”
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Post by Makers on May 12, 2022 3:57:47 GMT -5
Coinbase
Hidden away in Coinbase Global’s disappointing first-quarter earnings report—in which the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase’s service that may come as a surprise to its millions of users.
Coinbase shares fell 15.6% in after-hours trading after the exchange released its earnings, dragging the crypto exchange's stock price down to 80% below its Nasdaq debut in April 2021. Besides reporting a declining user base and lower than expected revenue, trading volume on the Coinbase exchange declined from $547 billion to $309 billion in the first quarter, over the same period last year. Coinbase warned that trading volume was likely to decline further in the current quarter.
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Post by Makers on Jun 13, 2022 4:03:09 GMT -5
Bitcoin USD (BTC-USD)
24,298.38 -3,274.09 (-11.87%)
As of 09:00AM UTC. Market open.
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Post by Makers on Jun 27, 2022 2:48:48 GMT -5
A $2 Trillion Free-Fall Rattles Crypto to the Core
What started this year in crypto markets as a “risk-off” bout of selling fueled by a Federal Reserve suddenly determined to rein in excesses has exposed a web of interconnectedness that looks a little like the tangle of derivatives that brought down the global financial system in 2008. As Bitcoin slipped almost 70% from its record high, a panoply of altcoins also plummeted. The collapse of the Terra ecosystem — a much-hyped experiment in decentralized finance — began with its algorithmic stablecoin losing its peg to the US dollar, and ended with a bank run that made $40 billion of tokens virtually worthless. Crypto collateral that seemed valuable enough to support loans one day became deeply discounted or illiquid, putting the fates of a previously invincible hedge fund and several high-profile lenders in doubt.
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