Bitcoin volatility is largely driven by differing perceptions of the cryptocurrency's intrinsic value as a store of value and method of value transfer. There are currently over 4,000 different cryptocurrencies, but should you invest? Investing in cryptocurrencies has both advantages and disadvantages, and the answer to this question will be different for everyone.
Bitcoin (BTC) is a peer-to-peer cryptocurrency that was first described by the pseudonymous Satoshi Nakamoto in a 2008 paper. Following a series of negative tweets from Elon Musk, the world's second-richest man, Bitcoin (BTC), and most crypto markets suffered a massive loss this week. At the time of the press, the world's largest cryptocurrency was at $48,901, down 3.34%.
Ether, on the other hand, continues to climb toward $4,000 as institutional interest in the altcoin grows and investors get excited about the upcoming London hard fork. While, at the time of press, Ether dipped below $4k and was seen at $3,905.
Elon Musk's most recent foray into crypto markets came only a few hours ago, when he tweeted that he is working with Dogecoin developers to boost the cryptocurrency's performance.
In response to Musk's tweet, TradingView noted that Dogecoin's market capitalization had risen to $10 billion in the aftermath. The market capitalization of Dogecoin was around $49 billion at 6 a.m. on Friday, but it has since risen to $66.7 billion as of this writing, an increase of nearly $18 billion.
Crypto ransomware Attacks
According to Chainalysis, a blockchain data company, ransomware attacks were responsible for at least $81 million in stolen cryptocurrency this year.
Argentina's regulatory framework is being updated to include more controls on financial transactions involving cryptocurrencies.
As a result, Argentina's tax authority, AFIP, has issued Form 8126, which requests monthly reports on client data from crypto exchanges in the country.
By accepting cryptocurrency payments, a city in North Dakota is joining the cryptocurrency adoption race in the United States. It has partnered with BitPay, a cryptocurrency payment company, to begin accepting Bitcoin (BTC) as payment for utility bills.
With the potential rise of non-bank actors issuing currency, the deputy governor of the Bank of England has argued that public money in digital form could serve as a crucial anchor for confidence in money as a social convention.
Turkish customs officers busted an illegal smuggling operation in what is said to be the country's largest bust of illegal Bitcoin (BTC) mining equipment.