Bitcoin news LIVE – Shares plunge in biggest intraday drop in weeks losing $4k – Dogecoin, Ethereum, NFT latest

WHAT IS ETHEREUM?

Ethereum is the second-largest cryptocurrency – one which some have said could eventually overtake Bitcoin as the dominant coin in the market.

It is also a ledger technology – using “blockchain” – that companies are using to build new programmes.

Blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit.

There were eight co-founders of Ethereum – all of whom boast “huge personalities, huge egos, some more than others,” cryptocurrency author Camila Russo told Decrypt.

BITCOIN DROPS 7.7 PER CENT

Bitcoin, the world’s biggest and best-known cryptocurrency, dropped 7.7 per cent to $55,408.08 today, losing $4,624.21 from its previous close.

Ether, the coin linked to the ethereum blockchain network, fell 6.53 per cent to $2,165.91, losing $151.2 from its previous close.

RISKS OF CRYPTO INVESTMENTS

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies. We take a look below:

• 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.
• 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.  

CRYPTO KING

The pseudonymous creator of Bitcoin is now one of the world’s richest people.

Based on their estimated holdings of the cryptocurrency, Satoshi Nakamoto is believed to be worth over $60billion (£44billion) today.

That would make them the 19th-wealthiest person alive, according to Forbes’ recently updated list of the world’s richest billionaires.

Bitcoin was the first decentralised currency – a digital currency created or “mined” using complex calculations carried out by computers.

It was created in 2009 by an unidentified coder known only as Satoshi Nakamoto.

WHAT IS DOGECOIN?

Dogecoin is a cryptocurrency which was launched in 2013 and has been marketed as the “fun” version of bitcoin.

Originally invented as a joke by software engineers Jackson Palmer and Billy Markus, the Dogecoin has the image of a Shuba Inu dog as its logo.

Two weeks after its launch, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.

Dogecoin then skyrocketed alongside other cryptos during the bubble that peaked in 2017, and it fell with the rest of them over 2018.

The price of Dogecoin has risen by 20,000 per cent compared to this time last year.

It comes despite the cryptocurrency not being listed on several popular exchanges and trading platforms.

HOW MANY BITCOIN ARE THERE?

There are currently about 21 million 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.

BITCOIN PLUNGES IN BIGGEST INTRADAY DROP SINCE FEBRUARY

Bitcoin has plunged in its biggest drop since February.

The crypto coin fell 8.5% to $55,810.32 as of 2:52 p.m in Singapore on Sunday, after falling as much as 15.1% to $51,707.51.

Reports claim that the plunge was due to the speculation the U.S Treasury may crack down on money laundering that is carried out through digital assets.

HOW CAN I PURCHASE BITCOIN?

If you have invested in Bitcoin, you can set up a virtual wallet to store, keep track and spend your digital money.

You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM –  but not all businesses accept Bitcoin as a form of payment.

You can use the Where To Spend Bitcoin UK website to find merchants that accept the currency.

WHO ARE THE FOUNDERS OF DOGECOIN?

Billy Markus and Jackson Palmer are software engineers who co-founded dogecoin in 2013.

At the time, Markus was working for IBM from Portland, Oregon, while Palmer was a member of the Adobe Systems Marketing Department in Sydney.

Markus then reached out to Jackson Palmer and jokingly tweeted, “Investing in Dogecoin, pretty sure it’s the next big thing.”

Ten days later, the pair were in touch about developing it together. 

After the launch of the “joke currency,” their notoriety skyrocketed as dogecoin.com received over a million visitors within the first 30 days.

CRYPTOCURRENCY INVESTMENT IS ‘THE WILD WEST’

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 typically won’t have access to the free Financial Ombudsman Service (FOS) if something goes wrong.

WHEN IS COINBASE GOING PUBLIC?

Coinbase is going public on the Nasdaq stock exchange in New York City today, April 14.

The company isn’t doing a traditional initial public offering (IPO), and will instead do a direct listing.

In a direct listing, a company floats its shares on a stock exchange, but without hiring banks to underwrite the transaction, like in an IPO.

BEWARE OF LOSING ALL YOUR MONEY

It’s worth keeping in mind that 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.

HOW CAN I PURCHASE BITCOIN?

If you have invested in Bitcoin, you can set up a virtual wallet to store, keep track and spend your digital money.

You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM –  but not all businesses accept Bitcoin as a form of payment.

You can use the Where To Spend Bitcoin UK website to find merchants that accept the currency.

TELSA RAKE IT IN OFF BITCOIN INVESTMENT

Tesla has raked in more than $1 billion (£727 million) on Bitcoin after the cryptocurrency has nearly doubled in price.

The super-motor makers put $1.5bn of its cash reserves into around 48,000 bitcoins back in January, and the price has leapt up in the last 10 weeks.

It was then trading between $30,000 and $40,000.

This week, as bitcoin reached a record-breaking high of $64,863, Tesla’s shares were fleetingly worth more than a whopping $3 billion – although it has now dropped slightly.

BITCOIN IS ‘STORE OF VALUE’

Bitcoin is a “store of value” but is not ready to become a medium of exchange, a leading finance expert has said.

Federal Reserve Bank of Dallas President Robert Kaplan said: “Right now it’s clear it’s a store of value.

“It obviously moves a lot in value, which could keep it from spreading too far as a medium of exchange and wide adoption, but that can change.”

HOW MANY BITCOIN ARE THERE?

There are currently about 21 million 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.

RISKS OF CRYPTO INVESTMENTS

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies. We take a look below:

• 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.
• 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.  

ROBINHOOD IS OPERATIONAL

Trading app Robinhood is back on track as of this morning after  “experiencing issues with crypto trading”. 

Robinhood tweeted: “Update: Crypto trading is now fully restored.

“Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading.

“We’ve resolved the issue and apologize for the inconvenience.”

CRYPTO KING

The pseudonymous creator of Bitcoin is now one of the world’s richest people.

Based on their estimated holdings of the cryptocurrency, Satoshi Nakamoto is believed to own about one million Bitcoin, which is roughly five per cent of the total supply that will ever be created.

As the currency’s value has skyrocketed in recent months – hitting $63,509 (£46,073) at the time of writing – so too has Nakamoto’s estimated wealth.

PURPOSE BITCOIN ETF HITS $1 BILLION IN ASSETS

The Purpose Bitcoin ETF has hit $1 billion in assets.

“Less than two months after launching, the first North American Bitcoin ETF already reached $1 billion … in assets,” Bloomberg reported.

“The product from Toronto-based Purpose Investments, ticket BTCC, has seen massive interest as investors clamour for crypto exposure, especially in an exchange-traded fund wrapper.”

MUSK BE LOVE

Tesla boss Elon Musk said his car firm has bought $1.5billion of Bitcoin and said his business would accept them as payment for its cars.

Mastercard, meanwhile, said it would also start to allow payments in Bitcoin.

People considering investing in Bitcoin or shares and stocks have been warned over “risky” tips being shared on TikTok.

How risky is Ripple’s XRP? The dangers of buying the cryptocurrency explained.

The price of Dogecoin has also surged recently but again, you should be aware of the dangers.

BEWARE OF LOSING ALL YOUR MONEY

It’s worth keeping in mind that 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.

HOW CAN I PURCHASE BITCOIN?

If you have invested in Bitcoin, you can set up a virtual wallet to store, keep track and spend your digital money.

You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM –  but not all businesses accept Bitcoin as a form of payment.

You can use the Where To Spend Bitcoin UK website to find merchants that accept the currency.

DOGECOIN PRICE SURGES 20,000% IN A YEAR

The price of Dogecoin has risen by 20,000 per cent compared to this time last year.

It comes despite the cryptocurrency not being listed on several popular exchanges and trading platforms.

Coinbase, with 56 million global users, has still not been able to profit from dogecoin’s price rally.

BITCOIN IS ‘STORE OF VALUE’

Bitcoin is a “store of value” but is not ready to become a medium of exchange, a leading finance expert has said.

Federal Reserve Bank of Dallas President Robert Kaplan said: “Right now it’s clear it’s a store of value.

“It obviously moves a lot in value, which could keep it from spreading too far as a medium of exchange and wide adoption, but that can change.”