ELON Musk will host Saturday Night Live tonight amid claims he will take the opportunity to play a little investing game.
Ed Moya, a senior market analyst with online trading firm Oanda, said: “Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon.”
It comes as a surge in crypto investment this week led to Dogecoin and Ethereum reaching yet another all-time high.
Currently, Bitcoin is trading at around $56,000 and has seen steady gains in the last few days.
Dogecoin is up by nearly 20 per cent over the last 24 hours and by 60 per cent over the last week
And the incredible price surge of Ethereum has made its 27-year-old founder a BILLIONAIRE.
Vitalik Buterin now has at least $1 billion worth of the cryptocurrency in his main wallet – making him the world’s youngest crypto billionaire. Buterin spearheaded the launch of the Ethereum blockchain in 2015.
Ethereum’s cryptocurrency, ether, surged past $3,000 for the first time early Monday morning, marking a 325% rise since the beginning of this year.
Ethereum’s incredible rise came after three years of decline which saw it falling below $100 in April 2020 following a previous high of $1,200 in 2018. But over the past 12 months the currency has absolutely rocketed.
That said, as with all cryptocurrencies, there are no guarantees that any investments will make money and in many cases investors has lost absolutely everything they have put into the coins.
Read our cyptocurrency live blog below for the very latest updates…
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ETHEREUM FOUNDER BECOMES CRYPTO BILLIONAIRE
Vitalik Buterin has become the world’s youngest crypto billionaire after the digital currency he co-founded surged in price.
The 27-year-old Russian-Canadian programmer saw his cryptocurrency Ethereum rise in value to over $3,000 a piece this week.
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BOOM IN CRYPTOCURRENCY MARKETS WITH INCREASING NUMBER OF DAYTRADERS
Trading has boomed in cryptocurrency markets.
The boom is thanks to daytraders and institutional investors who have set their sights on more speculative assets.
Trading soared to $1.7trillion last month from $1.2trillion in March, according to CryptoCompare data by The Block Crypto.
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TO RISK OR NOT TO RISK?
Andrew Bailey said people should know that by investing in cryptocurrencies they risk losing all their money.
The Bank of England governor said: “They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value.
“I’m going to say this very bluntly again, buy them only if you’re prepared to lose all your money.”
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ALL ABOUT DOGECOIN
What is the cryptocurrency Dogecoin? -
MUSK CONTRADICTS HIMSELF
Musk’s warning contradicts his past hefty praise for Dogecoin that gave him a name as one of cryptocurrency’s most vocal promoters.
“Dogecoin is the people’s crypto,” Musk tweeted on February 4.
In April, he tweeted, “SpaceX is going to put a literal Dogecoin on the literal moon,” a reference to the internet meme “to the moon,” the rallying cry of retail traders during the GameStop market craze earlier this year.
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ELON MUSK WARNS TO ‘INVEST IN DOGECOIN WITH CAUTION’
Billionaire cryptocurrency enthusiast Elon Musk on Friday urged caution when investing in “Dogecoin, the “joke” cryptocurrency.
Musk’s warning comes ahead of the SpaceX founder’s controversial planned hosting of Saturday Night Live.
Musk tweeted out a video in which he told the paparazzi in February: “People should not invest their life savings in cryptocurrency. That’s unwise.”
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RISKY INVESTMENT
Investing is always a risk but investing in cryptocurrency is an even higher risk as they are very volatile, so you should be prepared to lose cash.
There is also no guarantee that you can convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market.
Plus, fees and charges may be higher than with regulated investment products.
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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SHIBA INU TOKENS VALUE
The value of Shiba Inu is currently sitting at $0.00000163, compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.
Shiba Inu hit its peak of $0.00004 on April 20 but has since dropped to its current level.
In comparison, Dogecoin is currently worth $0.60 – up from $0.005 at the beginning of the year.
The value of Dogecoin has surged thanks to celebrity backing, while a bunch of Reddit threads also called for it to hit a value of $1 per coin.
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‘DOGECOIN KILLER’
The Shiba token website said: “Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
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‘MONEY MAKING MACHINE’
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money.
“It features the same dog which became a meme, and aims to replicate Dogecoin’s success of turning a joke into a money making machine.”
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WHAT IS SHIBA INU COIN?
Shiba Inu coins are one of the latest cryptocurrencies to hit the market – but investors are being warned to avoid them.
According to its website, they’re cryptocurrency tokens and allow users to hold trillions of them.
Shiba tokens are listed and incentivized on ShibaSwap, its own decentralized exchange.
The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently.
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NO MONEY-MAKING GUARANTEE
Cryptocurrencies such as Dogecoin, Bitcoin and Ethereum have enjoyed a price surge in recent days after exchange website Coinbase listed on the Nasdaq stockmarket.
Dogecoin’s price has also been boosted by tweets from Tesla founder Elon Musk and interest has increased after trading platform eToro said users could buy and sell the cryptocoin on its website.
There is no guarantee of making money when buying cryptocurrencies.
They are highly volatile and you could lose all your money plus there are a lot of scammers who try to steal money by luring people into crypto investments.
Make sure you know the risks of investing in cryptocurrencies and that you can afford to lose any money you put in.
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BOOM IN CRYPTOCURRENCY MARKETS WITH INCREASING NUMBER OF DAYTRADERS
Trading has boomed in cryptocurrency markets.
The boom is thanks to daytraders and institutional investors who have set their sights on more speculative assets.
Trading soared to $1.7trillion last month from $1.2trillion in March, according to CryptoCompare data by The Block Crypto.
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‘BE PREPARED TO LOSE ALL YOUR MONEY’
People who invest in cryptocurrencies should be prepared to lose all their money, Bank of England Governor Andrew Bailey has said.
Asked at a press briefing about the rising value of cryptocurrencies on Thursday, Bailey said: “They have no intrinsic value.
“That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value.”
He added: “I’m going to say this very bluntly again. Buy them only if you’re prepared to lose all your money.”
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SHIBA INU TOKENS: WHAT ARE THEY WORTH?
The value of Shiba Inu is currently sitting at $0.00000163, compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.
Shiba Inu hit its peak of $0.00004 on April 20 but has since dropped to its current level.
In comparison, Dogecoin is currently worth $0.60 – up from $0.005 at the beginning of the year.
The value of Dogecoin has surged thanks to celebrity backing, while a bunch of Reddit threads also called for it to hit a value of $1 per coin.
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WHAT IS THE SHIBA INU COIN?
Very little is known about Shiba Inu so it’s difficult to know whether it’s legitimate.
According to its website, they’re cryptocurrency tokens and allow users to hold trillions of them.
Shiba tokens are listed and incentivized on ShibaSwap, its own decentralized exchange.
The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “The Shiba Inu coin appears to have been created just to give Dogecoin a run for its money.
“It features the same dog which became a meme, and aims to replicate Dogecoin’s success of turning a joke into a money making machine.”
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CARIBBEAN ISLAND COULD BE FIRST DESTINATION TO USE BITCOIN INSTEAD OF MONEY
A Caribbean island could become the first place in the world to use Bitcoin instead of money.
Luxury home owners on Bequia will be able to use the digital cryptocurrency to do their grocery shopping or buy a coffee, developers say.
A small number of shops around the world already accept Bitcoin as payment and a few houses have been sold using it in the UK.
But planners say their new development on paradise isle Bequia will be “the world’s first fully Bitcoin-enabled community”.
The 39 luxury villas will be sold in the cryptocurrency.
And Bitcoin will be taken as payment for everyday essentials at the development’s shop, restaurant, café and cinema.
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ETHEREUM FOUNDER BECOMES CRYPTO BILLIONAIRE
Vitalik Buterin has become the world’s youngest crypto billionaire after the digital currency he co-founded surged in price.
The 27-year-old Russian-Canadian programmer saw his cryptocurrency Ethereum rise in value to over $3,000 a piece this week.
Ethereum is the second biggest digital currency after Bitcoin.
Buterin co-founded Ethereum in 2015 after dropping out of college.
The mass appeal of his cryptocurrency may lie in the fact it has faster transaction times than Bitcoin.
Buterin owns 333,000 Ether coins, which now have a value of $1.029billion (£742million).
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THE RISK WITH CRYPTOCURRENCIES
All investments can go up as well as down, but cryptocurrency is far more volatile than many other asset classes, meaning it is very high risk.
All of the cryptocurrencies are a speculative investment, with limited track records, so it’s hard to predict what will happen next.
There are also significant fears that many of these currencies are an investment bubble, which could burst leaving investors with next to nothing when prices drop.
There is no guarantee that you can convert your virtual coins back into cash, as it may depend on the demand and supply in the existing market.
With very few options for “spending” the coins – you could be stuck with assets that are plummeting in value.
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WHAT IS ETHEREUM CLASSIC AND WHY IS ITS PRICE GOING UP?
The price of Ethereum Classic has soared by more than 700% in just a month – and it’s currently at a value of £101.
Ethereum Classic (ETC) is a cryptocurrency that came into existence in the summer of 2016, when the Ethereum community essentially split into two.
Cryptocurrency Ethereum (ETH) was released in 2015, and it’s the second largest after Bitcoin.
Some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.
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BOOM IN CRYPTOCURRENCY MARKETS WITH INCREASING NUMBER OF DAYTRADERS
Trading has boomed in cryptocurrency markets.
The boom is thanks to daytraders and institutional investors who have set their sights on more speculative assets.
Trading soared to $1.7trillion last month from $1.2trillion in March, according to CryptoCompare data by The Block Crypto.
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NO MONEY-MAKING GUARANTEE
Cryptocurrencies such as Dogecoin, Bitcoin and Ethereum have enjoyed a price surge in recent days after exchange website Coinbase listed on the Nasdaq stockmarket.
Dogecoin’s price has also been boosted by tweets from Tesla founder Elon Musk and interest has increased after trading platform eToro said users could buy and sell the cryptocoin on its website.
There is no guarantee of making money when buying cryptocurrencies.
They are highly volatile and you could lose all your money plus there are a lot of scammers who try to steal money by luring people into crypto investments.
Make sure you know the risks of investing in cryptocurrencies and that you can afford to lose any money you put in.
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HOW TO SPOT SCAMS
How to spot crypto scams
CRYPTO scams are popping up all over the internet. We explain how to spot them.
- Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
- Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
- Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
- Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
- Do your research – Check reviews online and Reddit threads to see what other people think.
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CITIGROUP MAY PROVIDE CRYPTOCURRENCY SERVICES
Citigroup Inc is weighing the option of providing cryptocurrency-related services after a surge in interest from clients, the Financial Times reported on Friday.
The bank has not yet decided whether it will offer clients cryptocurrency-related services, but trading, custody and financing are all under consideration, the newspaper reported, citing Itay Tuchman, the bank’s global head of foreign exchange.
Citi has seen a “very rapid” accumulation of interest in bitcoin across a broad spectrum of clients including large asset managers, Tuchman told the FT, adding that the bank was in no rush to come to a decision on how deeply it should move into the cryptocurrency market.
Citigroup was not immediately available for a Reuters request for comment.
Bloomberg reported on Thursday that Goldman Sachs was allowing Wall Street investors to trade with a derivative tied to bitcoin prices.
Reuters reported in March that Goldman Sachs had restarted its cryptocurrency trading desk and would begin dealing with bitcoin futures and non-deliverable forwards for clients.
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SHIBA INU TOKENS: WHAT ARE THEY WORTH?
The value of Shiba Inu is currently sitting at $0.00000163, compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.
Shiba Inu hit its peak of $0.00004 on April 20 but has since dropped to its current level.
In comparison, Dogecoin is currently worth $0.60 – up from $0.005 at the beginning of the year.
The value of Dogecoin has surged thanks to celebrity backing, while a bunch of Reddit threads also called for it to hit a value of $1 per coin.
