DOGECOIN is recovering after Elon Musk criticised crypto’s environmental impact, rising 29 per cent on Friday after a midweek dip.
It came after stocks plummeted by 17 percent this week, shaving $6.1billion in value from Bitcoin after the tech billionaire banned its use to buy Tesla.
Musk on Wednesday released a statement saying Tesla would no longer be accepting Bitcoin for purchasing vehicles.
According to CoinMarketCap, his tweet also triggered a fall in other currencies such as Dogecoin, which has also been promoted by the Billionaire tech entrepreneur.
Posting to his personal Twitter account, he wrote: ” Tesla has suspended vehicle purchases using Bitcoin. We are concern about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which ash the worst emissions of any fuel.”
Within minutes Bitcoin started plummeting, as much of the recent growth of the cryptocurrency was based on speculation of its future as a legitimate currency based off Tesla’s decision to accept payments.
However, Musk insisted he still “strongly believes in crypto”, adding: “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he wrote in a Twitter post.
However Dogecoin made something of a comeback at the end of this week.
Read our cryptocurrency live blog below for the very latest updates…
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DOGECOIN POPS AFTER MUSK TWEETS ABOUT ‘PROMISING’ SYSTEM IMPROVEMENTS
Cryptocurrency dogecoin jumped as much as 20% on Friday after Tesla boss Elon Musk said he was involved in work to improve the token’s transaction efficiency.
“Working with Doge devs to improve system transaction efficiency. Potentially promising,” Musk said on Twitter.
Dogecoin rose from about $0.43 to $0.52 on the Binance cryptocurrency exchange immediately after the tweet.
Near worthless in late 2020, dogecoin has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap.com, and is up more than a hundredfold this year as speculators have piled in to the asset class.
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NORTH KOREAN HACKERS WHICH ‘RIVAL THE CIA’ STOLE $2 BILLION IN CYBERATTACKS, UN REPORT FINDS
North Korean hackers which ‘rival the CIA’ stole $2 billion in cyberattacks, UN report finds -
STATE OWNED SWISS BANK LAUNCHES APP THAT SUPPORTS 13 CRYPTOCURRENCIES
Postfinance, the banking subsidiary of the national postal service of Switzerland, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more.
The bank’s new App, titled Yuh, allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks.
Postfinance has partnered with online trading platofmr Swissquote for the softeware, which was launched in May 11 during a virtual launch event.
Anyone who wants to test it is encouraged and welcomed be the bank to download and install the app on either an iOS or an Android device.
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NORTH DAKOTA CITY BECOMES THIRD PLACE IN US TO ACCEPT CRYPTOCURRENCIES
A city in the U.S. state of North Dakota has begun accepting cryptocurrencies for utility bill payments.
The city’s finance director says, “We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service.”
The city of Williston in the U.S. state of North Dakota announced Thursday that “it now accepts digital cryptocurrency payments for utility bills.”
The announcement continued: “Currently, utility bill payments are the only bills eligible to be paid with cryptocurrency.
“Quality assessments will be conducted, and volumes evaluated, before migrating other bills such as landfill, permits, and licenses.”
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PICTURED: TEXAN BITCOIN DATA MINING CENTRE IN HYDROCARBON BURNING OIL FIELD
A start-up bitcoin mining data center is seen on an oil field in North Texas.
As the value of bitcoin soars and concerns rise about the energy intensive process needed to obtain it, cryptocurrency entrepreneurs in the United States believe they have found a solution in flared natural gas.
Profitably creating, or mining, bitcoin and other cryptocurrencies requires masses of computers dedicated to guessing lengthy hexidecimal numbers — an endeavor that globally consumes more electricity than entire nations, but for which these start-ups say the hydrocarbon-burning torches placed next to oil wells are perfect.
Credit: AFP 
Credit: AFP -
IS YEARN FINANCE RISKY?
Investing in ANY cryptocurrency is very risky. It’s essentially gambling and there are no guarantees that you will see what you pay in go up in value.
It’s a speculative investment, with limited track records and no underlying value.
There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market.
Plus, investing in newer cryptocurrencies rather than Bitcoin, for example, is even riskier and makes you more open to scams and many experts advise against them.
As crypto investing is not regulated in the UK you don’t have the same protection as you do with investing.
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EXPLAINED: WHAT IS EOS?
EOS is the crypto token of the EOSIO platform, the latter which is designed to allow developers to build decentralized apps.
These are digital applications or programs that exist and run on a blockchain or peer to per network of computers instead of a single one.
The aim is to make it as easy as possible for programmers to embrace blockchain technology.
The technology is a kind of database used to record transactions and is at the heart of cryptocurrencies such as Bitcoin.
EOS launched in June 2018, having been developed by the company Block.one.
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SHIBA INU COIN: 5 THINGS TO KNOW ABOUT THE NEW CRYPTOCURRENCY
SHIBA Inu coins are one of the latest cryptocurrencies to hit the market – we round up five things you need to know.
It comes as crypto fans are on the hunt for the next success story to follow Bitcoin.
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THE SUN EXPLAINS: WHAT IS CARDANO?
Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.
It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation. The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.
It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.
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MUSK ‘STRONGLY BELIEVES IN CRYPTO’ AFTER TWEETS LED TO PLUNGE IN DIGITAL CURRENCY
Elon Musk says he still “strongly believes in crypto” after a series of his Tweets led to a huge plunge in the Bitcoin’s price.
“To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he wrote in a new post today.
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TEACHER LOSES HOUSE DEPOSIT IN FAKE ‘ELON MUSK’ BITCOIN SCAM
A teacher broke down in tears after losing her house deposit in a fake ‘Elon Musk’ Bitcoin scam.
Julie Bushnell said she felt ashamed and embarrassed after falling victim to the cryptocurrency con that cost her £9,000.
The scam was posted on a fraudulent website made to look like the BBC.
It used the name of entrepreneur billionaire Tesla and SpaceX CEO Elon Musk to suggest she could double her money in a Bitcoin giveaway.
Julie, from Brighton, East Sussex, forked out $12,650 (£9,007) which she had saved for a deposit on her first home.
More on the story here.
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NORTH KOREAN HACKERS WHICH ‘RIVAL THE CIA’ STOLE $2 BILLION IN CYBERATTACKS, UN REPORT FINDS
North Korean hackers which ‘rival the CIA’ stole $2 billion in cyberattacks, UN report finds -
RISKS OF CRYPTOCURRENCY
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
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WHAT YOU NEED TO KNOW ABOUT BITCOIN
Bitcoin got you baffled? Here’s what you need to know:
- Bitcoin is a virtual currency
- It’s traded between people without the help of a bank
- Every transaction is recorded in a public ledger, or “blockchain”
- Bitcoin is created by mining
- Mining involves solving difficult maths problems using computer processors
- Bitcoin can be traded anonymously, which can make it a popular way of funding illegal activities
- The value of Bitcoin fluctuates wildly
- Bitcoin is one of many different cryptocurrencies but by far the most popular
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PICTURED: TEXAN BITCOIN DATA MINING CENTRE IN HYDROCARBON BURNING OIL FIELD
A start-up bitcoin mining data center is seen on an oil field in North Texas.
As the value of bitcoin soars and concerns rise about the energy intensive process needed to obtain it, cryptocurrency entrepreneurs in the United States believe they have found a solution in flared natural gas.
Profitably creating, or mining, bitcoin and other cryptocurrencies requires masses of computers dedicated to guessing lengthy hexidecimal numbers — an endeavor that globally consumes more electricity than entire nations, but for which these start-ups say the hydrocarbon-burning torches placed next to oil wells are perfect.
A start-up bitcoin mining data center is seen on an oil field in North TexasCredit: AFP Start-ups say the hydrocarbon-burning torches placed next to oil wells are perfect to tackle the problem of electricity consumption in mining BitcoinCredit: AFP
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WATCH: MOMENT CYBER COPS SWOOPED ON CRIME BOSS AND HACKER – SEIZING HALF A MILLION POUNDS WORTH OF BITCOIN
Moment cyber cops swooped on organised crime boss and hacker Grant West seizing half a million pounds worth of Bitcoin -
HOW RISKY IS KISHU INU?
All cryptocurrencies are risky. The pricing is volatile and you could lose all your money.
There is no regulation of individual coins so you are not protected if something goes wrong or if you have been scammed.
Newer coins such as Kishu Inu can also be more risky as they don’t have a long track record so it can be harder to verify their value and performance.
It is harder and can take longer compared with regulated investments to get your cash out, especially if you are dealing with a smaller exchange.
Many coins may also appear popular but could be part of pyramid schemes.
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THE SUN EXPLAINS: WHAT IS CARDANO?
Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.
It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation. The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.
It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.
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IN PICTURES: BITCOIN ADVERT ON HONG KONG TRAM
Credit: AP -
MUSK ‘STRONGLY BELIEVES IN CRYPTO’ AFTER TWEETS LED TO PLUNGE IN DIGITAL CURRENCY
Elon Musk says he still “strongly believes in crypto” after a series of his Tweets led to a huge plunge in the Bitcoin’s price.
“To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he wrote in a new post today.
-
TEACHER LOSES HOUSE DEPOSIT IN FAKE ‘ELON MUSK’ BITCOIN SCAM
A teacher broke down in tears after losing her house deposit in a fake ‘Elon Musk’ Bitcoin scam.
Julie Bushnell said she felt ashamed and embarrassed after falling victim to the cryptocurrency con that cost her £9,000.
The scam was posted on a fraudulent website made to look like the BBC.
It used the name of entrepreneur billionaire Tesla and SpaceX CEO Elon Musk to suggest she could double her money in a Bitcoin giveaway.
Julie, from Brighton, East Sussex, forked out $12,650 (£9,007) which she had saved for a deposit on her first home.
More on the story here.
-
RISKS OF CRYPTOCURRENCY
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
-
BITCOIN ADVERT ON PUBLIC TRANSPORT IN HONG KONG
A tram in Hong Kong emblazoned with a Bitcoin advertCredit: AP -
EXPLAINED: WHAT IS BITCOIN
Bitcoin got you baffled? Here’s what you need to know:
- Bitcoin is a virtual currency
- It’s traded between people without the help of a bank
- Every transaction is recorded in a public ledger, or “blockchain”
- Bitcoin is created by mining
- Mining involves solving difficult maths problems using computer processors
- Bitcoin can be traded anonymously, which can make it a popular way of funding illegal activities
- The value of Bitcoin fluctuates wildly
- Bitcoin is one of many different cryptocurrencies but by far the most popular
-
PICTURED: TEXAN BITCOIN DATA MINING CENTRE IN HYDROCARBON BURNING OIL FIELD
A start-up bitcoin mining data center is seen on an oil field in North Texas.
As the value of bitcoin soars and concerns rise about the energy intensive process needed to obtain it, cryptocurrency entrepreneurs in the United States believe they have found a solution in flared natural gas.
Profitably creating, or mining, bitcoin and other cryptocurrencies requires masses of computers dedicated to guessing lengthy hexidecimal numbers — an endeavor that globally consumes more electricity than entire nations, but for which these start-ups say the hydrocarbon-burning torches placed next to oil wells are perfect.
A start-up bitcoin mining data center is seen on an oil field in North TexasCredit: AFP Start-ups say the hydrocarbon-burning torches placed next to oil wells are perfect to tackle the problem of electricity consumption in mining BitcoinCredit: AFP
