BITCOIN value is STILL down as question marks hang over whether cryptocurrency markets can recover.
Cryptocurrencies including Bitcoin suffered dramatically since Musk announced that his company Tesla would not longer accept the payment for their vehicles.
Reacting to last weeks backlash after one person asked him about the anger he faced, Musk tweeted: “The true battle is between fiat & crypto. On balance, I support the latter.”
Meanwhile, a successful divorce lawyer has said she has seen a five-fold increase in divorce inquiries revolving around cryptocurrency since 2017.
Nicknamed the Diva of Divorce, Ayesha Vardag told the Telegraph called the usage of crypto wallets to mask wealth as a “cat and mouse game”.
“It can feel like a cat and mouse game with increasingly sophisticated techniques being used by parties to hide their true wealth during divorce proceedings,” she told the outlet.
“In the same way that offshore trusts and investments have been used as tools to facilitate hiding assets, Bitcoin and other cryptocurrencies can be used to hide your spouses’ true worth.
“As cryptocurrencies become more established they will undoubtedly enter mainstream divorce proceedings.”
Read our cryptocurrency live blog below for the very latest updates…
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INVESTORS URGED TO ACT WITH CAUTION
Experts warn investors should act 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.
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ETHEREUM PRICE TODAY
The value of Ethereum has dived from $4,260 (£1,007) on May 12 to $2,043.81 (£1,446.32) today.
At the time of writing, it’s down by 13.17% per cent in the last 24 hours.
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WHAT IS RIPPLE’S (XRP) PRICE TODAY?
The value of Ripple (XRP) has dived down to $0.798331(£0.56).
At the time of writing, it’s down by 12.99 per cent per cent in the last 24 hours.
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.
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WHAT CRYPTOCURRENCIES HAVE DECREASED MOST IN VALUE TODAY?
- Solana – £16.90 – Down by 33.69 per cent in 24 hours
- Polygon – £0.67 – Down by 29.72 per cent in 24 hours
- Fantom – £0.16 Down by 29.04 per cent in 24 hours
- Terra – £3.86 – Down by 25.86 per cent in 24 hours
- PancakeSwap – £8.40 – Down by 23.88 per cent in 24 hours
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WHAT CRYPTOCURRENCIES HAVE INCREASED MOST IN VALUE TODAY?
- SHIBA INU – £0.0000056 – Up by 10.44 per cent in 24 hours
- XinFin Network – £0.035- Up by 1.83 per cent in 24 hours
- Theta Fuel – £0.17 – Up by 0.45 per cent in 24 hours
- Dai – £0.71 – Up by 0.17 per cent in 24 hours
- THETA – £4.29 – Up by 0.04 per cent in 24 hours
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BITCOIN PRICE CHECK – USD
Right now, one Bitcoin is worth $34,455.90.
That’s -7.83 per cent lower than 24 hours ago.
The highest it’s been in the last day is $38,889.86, while the 24 hour low was $33,902.44, according to Coindesk.
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BITCOIN PRICE CHECK – GBP
Right now, one Bitcoin is worth £24,315.09.
That’s -7.64 per cent lower than 24 hours ago.
The highest it’s been in the last day is £27,483.04, while the 24 hour low was £23,958.48, according to Coindesk.
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ELON MUSK ‘SUPPORTS’ CRYPTO OVER FIAT CURRENCY
Tech billionaire Elon Musk shared his support for cryptocurrencies over legal tender.
Reacting to last weeks backlash after one person asked him about the anger he faced, Musk tweeted: “The true battle is between fiat & crypto. On balance, I support the latter.”
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WHAT ARE THE RISKS OF HUMMINGBIRD?
Charlie Barton, investment specialist at comparison site Finder, told The Sun: “Hummingbird is an extremely early stage cryptocurrency project and, given that, it’s very hard to evaluate the true strengths and weaknesses of it.
“Hummingbird is one of literally thousands of tokens to be launched in recent months.
“All projects of this type are to be treated as extremely high risk, with the very real possibility that these tokens are simply scams to enrich those who created the token.
“Tread carefully! Never invest more than you’re willing to lose, and always do your own research.”
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BITCOIN DIVORCES SOAR AS SPOUSES STASH THEIR WEALTH IN CRYPTOCURRENCIES, TOP LAWYER SAYS
A successful divorce lawyer has said she has seen a five-fold increase in divorce inquiries revolving around cryptocurrency since 2017.
Nicknamed the Diva of Divorce, Ayesha Vardag told the Telegraph called the usage of crypto wallets to mask wealth as a “cat and mouse game”.
“It can feel like a cat and mouse game with increasingly sophisticated techniques being used by parties to hide their true wealth during divorce proceedings,” she told the outlet.
“In the same way that offshore trusts and investments have been used as tools to facilitate hiding assets, Bitcoin and other cryptocurrencies can be used to hide your spouses’ true worth.
“As cryptocurrencies become more established they will undoubtedly enter mainstream divorce proceedings.”
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‘CRYPTO MARKET IS EVOLVING QUICKLY’
Simon Peters, cryptoasset analyst at multi-asset investment platform eToro, which lets investors buy virtual currencies such as Bitcoin, Ethereum and Dogecoin, said: “Whilst Bitcoin and ether remain very popular with eToro investors, the crypto market is evolving quickly.
“The past six months have seen investors increasingly diversify their crypto exposure in search of the so-called ‘next bitcoin’, with a notable interest in smaller, cheaper alternatives.
“Bitcoin’s meteoric price rise has boosted demand for alternative coins with much lower dollar value, which can be purchased in full by a much wider pool of potential investors.
“As mainstream and institutional interest in crypto continues to increase, we can expect this hunt for the next big token to only intensify.”
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WHY DO PEOPLE INVEST IN CRYPTOCURRENCIES?
There are now more than 4,000 cryptocurrencies, according to Investopedia, as creators and investors look to emulate the rise of Bitcoin.
The second largest cryptocurrency is Ethereum and its values have also hit record highs this year.
It is seen as having better technology on its blockchain to offer decentralised finance compared with Bitcoin.
A meme-inspired crypto Dogecoin, has also seen record growth this year after Mr Musk tweeted his support for the cryptocoin and amateur Reddit traders attempted to push its value up this year.
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HOW DOES BITCOIN WORK?
To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.
To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.
There are currently about 21million Bitcoin tokens in existence. To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.
These addresses are in turn stored in Bitcoin wallets, which are used to manage savings. The bulk of Bitcoin “mining” is done in China, where energy costs are cheaper than in places like the UK or US.
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WHAT IS XRP?
XRP is 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.
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HOW THE VALUE OF BITCOIN HAS CHANGED OVER THE YEARS
The value of Bitcoin has fluctuated since it was launched in 2009.
- 2009-2011: One Bitcoin was equal to about one US dollar
- 2013: Bitcoin rises upward to $1,242
- 2014: Bitcoin falls to $530
- 2017: Bitcoin rose to $13,800 by the end of the year
- 2018: Price dropped to around $6,000 before halving again to around $3,000
- 2020: Started at $5,000 before ending the year around $28,000
- 2021 January: Bitcoin around $36,000
- February: Bitcoin around $50,000
- March: Bitcoin around $60,000
- April: Bitcoin soaring above $62,000
- May: Bitcoin tumbles to $39,790
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COINING IT IN
A novice crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.
Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.
Cryptocurrencies have soared in value in recent months due to institutional and high-profile backing for virtual coins such as Bitcoin.
There are lots of risks associated with cryptocurrency trading though as trading platforms where the coins can be bought and sold are only regulated for anti-money laundering.
There is little protection if things go wrong and the price of cryptos is highly speculative and volatile.
More on the story here.
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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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EXPLAINED: HAS CHINA BANNED CRYPTOCURRENCY?
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions.
They have also warned investors against speculative crypto trading.
Under the ban, these institutions, like banks and online payments channels, must not offer clients any service involving cryptocurrency.
This includes registration, trading, clearing and settlement
Although China has banned crypto exchanges and initial coin offerings – they have not barred individuals from holding cryptocurrencies.
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HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?
Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.
In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.
Developed market shares are up 14.3% over five years.
On paper that makes Bitcoin a higher performing asset than other investments.
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EXPLAINED: WHAT IS BITCOIN?
- 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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BITCOIN – SUNDAY MORNING PRICE CHECK
Right now, one Bitcoin is worth £25,999.09.
That’s 1.64 per cent higher than its value a day ago.
The highest the value has been in the past 24 hours is £27,483.04, and its lowest was £25,230.44, according to Coindesk.
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HOW MUCH IS HUMMINGBIRD WORTH?
Hummingbird Finance is currently worth less than $0.0000000025, according to CoinMarketCap.
The token’s value is so low that the major tracking website doesn’t say the specific price.
In comparison, it was worth a higher $0.000000011 earlier this week on May 17.
At the time of writing, the cryptocurrency is down by 15.47% over 24 hours and has a market cap of $55million.
The cryptocurrency has only been listed on CoinMarketCap since May 13.
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IS BITCOIN SAFE?
Anyone thinking of investing in Bitcoin or any other cryptocurrency should be very careful.
Their values are incredibly unpredictable, with the ability to plummet as quickly as they shoot up.
Like with all cryptocurrencies, this means if you choose to invest in Bitcoin, you can lose your money if the value of it drops.
For example, on January 9, 2018, Bitcoin and other major currencies crashed by £120billion after major monitoring platform CoinmarketCap decided to leave out the trading prices from South Korea.
Cryptocurrencies themselves are only regulated in the UK for anti-money laundering and counter-terrorist financing.
If you decide to invest, your money won’t be covered by the Financial Services Compensation Scheme (FSCS) which protects up to £85,000 of your savings if a firm goes bust.
You also won’t be able to go to the Financial Ombudsman Service if something goes wrong.
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ELON MUSK ‘SUPPORTS’ CRYPTO OVER FIAT CURRENCY
Tech billionaire Elon Musk shared his support for cryptocurrencies over legal tender.
Reacting to last weeks backlash after one person asked him about the anger he faced, Musk tweeted: “The true battle is between fiat & crypto. On balance, I support the latter.”
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BITCOIN DIVORCES SOAR AS SPOUSES STASH THEIR WEALTH IN CRYPTOCURRENCIES, TOP LAWYER SAYS
A successful divorce lawyer has said she has seen a five-fold increase in divorce inquiries revolving around cryptocurrency since 2017.
Nicknamed the Diva of Divorce, Ayesha Vardag told the Telegraph called the usage of crypto wallets to mask wealth as a “cat and mouse game”.
“It can feel like a cat and mouse game with increasingly sophisticated techniques being used by parties to hide their true wealth during divorce proceedings,” she told the outlet.
“In the same way that offshore trusts and investments have been used as tools to facilitate hiding assets, Bitcoin and other cryptocurrencies can be used to hide your spouses’ true worth.
“As cryptocurrencies become more established they will undoubtedly enter mainstream divorce proceedings.”
