BITCOIN and Ethereum as well as other cryptocurrencies continue to be volatile as the markets continue their rollercoaster ride.
The two largest currencies, Bitcoin and Ethereum, have seen prices fluctuate considerably over the past week.
7
The market’s recent comeback stalled yesterday as several major coins took a tumble.
This included the likes of Bitcoin, Ethereum and Dogecoin which all fell again despite having trended upwards for much of Friday.
The market movements come as Elon Musk took to Twitter to post memes mocking the market downturn.
The CEO of SpaceX and Tesla tweeted a meme of a split couple discussing lyrics from Linkin Park’s hit In the End suggesting a breakup – like the billionaire’s relationship with Bitcoin.
The meme was accompanied by the hashtag #Bitcoin and a broken heart emoji.
The billionaire’s tweeting caused Bitcoin’s value to decrease by six percent, while other cryptocurrencies like Ethereum (by seven percent) and Dogecoin (by eight percent) also nosedived.
Buying cryptocurrencies, like any investment, is a very risky business and making money is never guaranteed.
You should make sure you know the risks of investing in cryptocurrencies and that you can afford to lose any money you put in.
Cryptocurrencies are highly volatile, so the value of your investments can go down as well as up in the blink of an eye.
Some products and cryptocurrency services are very complex to understand.
You should only invest in things you understand.
Cryptocurrencies are a speculative investment, with limited track records and a lack of a reliable basis.
There is no guarantee that you can convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market.
Fees and charges may also be higher than with regulated investment products.
We know that crypto firms may also overstate the returns or understate the risks. Be careful.
7
What is Bitcoin’s price today, June, 5?
Despite a brief rise, the price of Bitcoin has started to deplete having dropped by over £1,000 in the past 24 hours.
The price of Bitcoin is currently sitting at $35952.66 (£25,394.42) on June 5, still well down from its all-time high of $64,621 on April 14 (£45,616).
Elon Musk‘s comments have continued to impact the cryptocurrency markets.
7
This included when Musk has hit out at Bitcoin’s huge energy use as well as initially pulling Tesla’s support of Bitcoin payments.
The bitcoin network currently uses more electricity than the entire country of The Netherlands, according to the Cambridge Bitcoin Electricity Consumption Index.
His about-turn came days after the cryptocurrency plunged when Musk declared that Tesla would no longer accept Bitcoin payments to buy cars.
The founder cited the harmful effects to the environment that comes with mining the cryptocurrency, which is a hugely energy-intensive process.
The price of Bitcoin dropped last month as Turkey banned cryptocurrency payments.
People considering investing in Bitcoin or shares and stocks have been warned over “risky” tips being shared on TikTok.
7
What is Ethereum’s price today, June, 5?
At the time of writing on June 5, the second-largest cryptocurrency Ethereum has dropped 0.13% to $2625.15 (£1,854.22), which is still higher then its value a week ago.
The value of Ethereum had plummeted from $4,260 (£3,002.11) on May 12.
Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.
It was founded by eight people, one of which is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.
He recently became the world’s youngest crypto billionaire as Ethereum soared in value.
Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.
A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit.
7
What is Ripple’s (XRP) price today, June, 5?
The value of Ripple (XRP), at the time of writing, was $0.95 (£0.67), representing another significant fall in value over the past few days.
XRP is a form of digital currency that can be used on the Ripple network.
It can either be transferred between individuals or banks.
For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP.
The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.
The founders of Ripple created XPR before the company Ripple existed.
7
7
What cryptocurrencies have increased the most in value today, June, 5?
- Theta Fuel is up by 12.00%, according to coinbase.com.
- Numeraire up by 9.98%
- Solana up by 8.49%
- 1inch up by 7.10%
- Cosmos up by 3.24%
New crypto coins – a warning
EXPERTS warn investors should ace with “extreme caution
The price swings can be wild and there is a real risk investors could get burned.
This is due to the lack of data in which you can base your investment risk on and the increased possibility of scams.
Cryptocurrency firms aren’t regulated in the way that other financial firms are. This means that you won’t have any protection if things go wrong
DRIVE DOWN COSTS
Martin Lewis urges drivers to check car insurance ahead of rule change
HOUSE THAT?!
7ft wide home on sale for £150k is so tiny it’s barely visible from the road
URGENT RECALL
New recalls include Home Bargains snacks over fears they could make you sick
MONEY SMART
Thrifty couple now debt-free after paying off their mortgage 28 years early
ALDI DEALS
Aldi’s Specialbuys include a BBQ and a pizza oven – and you can pre-order today
NUG LIFE
We test supermarket chicken nuggets including Aldi and M&S to see which are best
What cryptocurrencies have decreased the most in value today, June, 2?
- NuCypher went down by 18.61% according to coinbase.com.
- UMA went down by 10.69%
- Kusama is down by 6.52%
- Augur is down by 5.89%
Elon Musk has huge influence over the crypto market as he announces he will no longer accept Bitcoin for Tesla products
