By Tom Wilson
LONDON, May 18 (Reuters) – Bitcoin’s smaller rivals are eroding its share of the $2 trillion digital currency market.Of the dozens snapping at its heels, most have little use beyond financial trading – but few of the investors fuelling their rise seem bothered.
Among the major “altcoins” – as all cryptocurrencies aside from bitcoin are known – some such as ethereum aspire to be the backbone of a future financial system.Others, like Dogecoin, have no such ambitions, and are barely used in payments or business.
For the army of retail punters pouring money into them, their backstory – and the inherent volatility that exposes those who invest in them to potentially heavy losses – often matter little.
Instead, buyers see the chance of quick profit, or at least an entertaining ride.
‘OH, THIS IS FUN’
Demi Staal, a 27-year-old electrical engineer based in The Hague, holds a portfolio of altcoins worth around $8,000.
Among his previous plays: a 30 euro ($36) bet on Shiba Inu, a Dogecoin spin-off that briefly became one of the 20 biggest cryptocurrencies this month.
“I think it’s a joke coin, just like Dogecoin,” said Staal, who doubled his money on that transaction. “I saw it listed at my exchange a few days ago and was like ‘oh, this is fun, I’ll buy this’.”
Along with of fun and gains, however, altcoins are plagued by volatility.
Such swings in price can leave investors heavily out of pocket and, unlike bitcoin and depending on the regulatory framework of the exchange on which they are bought, many can only be swapped on exchanges for other digital coins rather than cashed in for hard currency.
As investors pile into rivals, Bitcoin’s share of the crypto market has slumped to around 45% from 70% this year, according to U.S.researcher Coin Metrics, while its trading volume share at major exchange Binance has halved to 23%, data provider CryptoCompare says.
Its market cap remains around $800 billion and, while all cryptocurrencies continue to operate outside the mainstream global financial system’s regulatory framework, it is more widely accepted for payments than its peers.
Second-largest coin ethereum is catching up, having risen more than four-fold this year to around $380 billion as more peer-to-peer “decentralised finance” crypto lending platforms have started to use its blockchain.
Ethereum’s surge has triggered wider interest in the altcoin universe from retail investors with cash to burn, part of a trend that has also fuelled the use of trading apps like Robinhood and powered a social-media driven rally in stocks including GameStop Corp.
“The fact (the crypto market) is 24/7 makes it more accessible for people who are working,” said Amar Rai, a 25-year-old risk consultant whose crypto investments have doubled since March last year.
WHO LET THE DOGE OUT?
Half a dozen other altcoin investors, all men in their 20s, told Reuters they based their decisions on information gleaned from sites like Reddit, Twitter and TikTok.
As coins such as ethereum – whose backers say it will transform finance – grow, that use of social media trends as a reference point has meant others with few such prospects have also ballooned.
Take Dogecoin: Started as a joke in 2013, its logo features a Shiba Inu dog widely used in memes.But that has not dented its ascent.
It has soared over 10,000% this year to becomes the fifth-biggest token with a market cap of over $60 billion, but that rise has not coincided with any growth in mainstream usage for payments, and with an unlimited supply it lacks the scarcity that has attracted inflation-warier investors to bitcoin.
Instead it has gained momentum from the tweets of a prominent backer: Tesla boss Elon Musk.
Dogecoin last week jumped about 25% after Musk said he was working with its developers to boost its efficiency.It had previous slumped by a third after Musk called it a “hustle”.
Staal, the investor in The Hague, said he recently lost out after buying Dogecoin.
“I bought some a couple of weeks ago, just for fun,” he said. “I just put a couple of hundred euros in there. It didn’t pan out for me though – I bought it at the wrong time.”
Further down the food chain sits Shiba Inu, which soared over 2,000% in the four days to May 11.
The Dogecoin spinoff’s individual coins are worth fraction of a cent and have barely any practical use, while its website calls it “an experiment in decentralized spontaneous community building”.
For 24-year old Vancouver plumber Austin Alexander, that translates into profits.
“I’m interested in money,” he said, having started buying Shiba Inu about four weeks ago.”The tech behind it is interesting, but the money is what gets me.”
The spinoff is still valued at around $6 billion, according to CryptoMarketCap, though it has sunk 60% over the past week.
($1 = 0.8226 euros)
(Reporting by Tom Wilson Additional reporting by Elizabeth Howcroft; editing by John Stonestreet)
For more information on forex solomon robot review stop by our web-site.
has hinted that Tesla could have dumped the remainder of its Bitcoin holdings in a cryptic tweet posted on Sunday afternoon.
Tesla bought about $1.5 billion worth of Bitcoin back in February, around the time it announced it would accept the cryptocurrency as payment for its products.
However, it was revealed earlier this week that the company sold off about $272million in Bitcoin during Q1 of this year.
On Wednesday, Tesla also announced that it would no longer accept Bitcoin as payment, citing environmental concerns.
The announcement caused the value of Bitcoin to drop dramatically in the wake of that news.
The cryptocurre on Friday.
Bitcoin, the world’s biggest digital currency, has surged five-fold in the past year alone. The rise comes amid an increasingly fraught debate over the environmental costs of the world’s most popular cryptocurrency.
Crypto is ‘mined’ by high-powered computers that require huge amounts of energy to continuously solve computational math puzzles. With each solved problem, a certain amount of coin is produced.
While the machines use electricity, fossil fuel is a major category in electricity generation.
argue that the creation of the cryptocurrency may harm efforts to limit global warming.
Musk hinted on Twitter on Sunday that the company is selling off the remainder of its $1 billion-plus holdings in Bitcoin
The company sold off hundreds of millions of dollars worth of the cryptocurrency in the first business quarter of 2021, reportedly making up 23 percent of Tesla’s earnings for that three month period, as tweeted by NYU business professor Scott Galloway
On Wednesday, Tesla also announced that it would no longer accept Bitcoin as payment, citing environmental concerns
The rising price of Bitcoin in the last two years has resulted in carbon emissions increasing by more than 40 million tons, a BofA Securities report said. That rise is the equivalent of 8.9 million additional cars on the road.
That same reported noted Bitcoin’s energy consumption is comparable to that of major US corporations like American Airlines or even the US government.
Bitcoin also consumes more electricity than many countries.
It consumes almost the same amount of electricity annually as Egypt, according to an index compiled by the University of Cambridge that cites 2019 data from the US Energy Information Administration.
Musk tweeted a link to that study on Thursday, saying: ‘Energy usage trend over past few months is insane.’
He later tweeted: ‘To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, supercheap auto trading hours glen waverley especially coal.’
Pictured: A graph showing data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) that shows the energy consumed by Bitcoin. Consumption increased to its highest ever levels towards the end of last year, with the rates continuing to rise into 2021.
Tesla is now eager to distance itself from Bitcoin because of its harmful effects on the environment
This week’s tweets about Bitcoin are not the first time that Musk has manipulated the stock market with his Twitter account.
Back in January, the Tesla founder added the word ‘#bitcoin’ to his Twitter bio prompting the price of the cryptocurrency to soar.
The billionaire is an extremely influential figure on Twitter, where he is followed by 43.8 million users.
However, he has a record of making market-moving comments on the site, which have caused widespread criticism and led him into legal trouble.
Back in August 2018, Musk shared a tweet claiming that he had ‘funding secured’ to take Tesla private at $420 a share. It sent the company’s stock soaring and ong heng auto trading forced a halt in trading.
Musk reportedly gained $851 million in the wake of posting that tweet.
The Securities and Exchange Commission (SEC) sued Musk for fraud for ‘false and misleading tweets’ claiming he simply chose the $420 price because the number is a marijuana reference which would ‘amuse’ his girlfriend.
Musk was fined $20 million and was forced to resign as chairman of Tesla after reaching a settlement with the Commission.
Later that year, Musk and al wasim auto spare parts trading llc the SEC subsequently reached a separate deal which required the the billionaire to have tweets about certain topic pre-approved by an experienced securities lawyer.
He must now not tweet out information about Tesla’s financial condition, potential or proposed merger, production numbers or sales, or new or proposed business lines’ for fear it could manipulate the market.
Back in January, the Tesla founder added the word ‘#bitcoin’ to his Twitter bio prompting the price of the cryptocurrency to soar
<div id="external-source-links" class="item"
data-track-module=”am-external-links^external-links”>
Read more:
DM.later(‘bundle’, function()
DM.has(‘external-source-links’, ‘externalLinkTracker’);
);
If you adored this article and also you would like to receive more info with regards to al wasim auto spare parts trading llc i implore you to visit our web site.
By Hyunjoo Jin, Sinéad Carew and Akanksha Rana
May 19 (Reuters) – The market value of Tesla Inc’s bitcoin holdings have fallen by half to $1.26 billion, close to the electric car maker’s purchase cost, as the value plunged following a crackdown by the Chinese government.
Shares of Tesla Inc were 3% lower on Wednesday afternoon, down more than broader U.S.market indices. Chief Executive Elon Musk signaled that the company still is not selling, tweeting symbols for diamond hands website to his 55.3 million followers.
“Diamond Hands” is a symbol used frequently on Reddit signaling the intention to stubbornly hold on to a stock or other asset.
Musk credited Tesla’s “Master of Coin,” referring to the title he has given Chief Financial Officer Zachary Kirkhorn.
Musk has issued a stream of comments about cryptocurrencies that have sent values for bitcoin and the meme digital currency dogecoin lurching up and down over the past several weeks.
Tesla disclosed its bitcoin investment of $1.5 billion on Feb.8. Its bitcoin holdings helped generate profits in the first quarter, teknik forex scalping robot through the sale of 10% of them. But the investment is also exposing shareholders to the volatile cryptocurrency market.
The Chinese government’s move to bar financial and payment institutions from offering cryptocurrency services is the latest example of how crypto values can swing wildly on a single regulatory action or a tweet from a figure like Musk.
“With vehicle sales appearing to slow in China … Tesla may once again need help to turn a profit by selling the cryptocurrency. However, with the price of Bitcoin almost 50% lower than its all-time high, Tesla´s opportunity to profit on crypto sales appears less likely,” said Samuel Indyk, senior analyst at uk.Investing.com.
The current market value of Tesla’s stake in bitcoin is about $1.26 billion, assuming the $2.48 billion value it recorded at the end of last quarter has fallen by 49% as the trading value has done.That would put the value at slightly less than the $1.3 billion that Tesla gave as the carrying value of the stake, essentially what it paid.
Tesla said it must recognize “impairment charges” if bitcoin prices drop below their “carrying value” which “may adversely affect our operating results in any period.”
But it said, “gains are not recorded until realized upon sales.”
Bitcoin prices fell as low as $30,000 during the day, below the January average price of $32,734.
“The rapid drop shows what a risky move it was for the carmaker to buy into the digital asset,” said David Kimberley, analyst at investing app Freetrade.
Tesla had briefly allowed customers to pay for cars using the cryptocurrency, before withdrawing that option, citing environmental concerns that hit Bitcoin prices.
“Tesla is flipflopping on bitcoin from one quarter to the next, which isn’t a bullish sign for bitcoin or for Tesla,” Taylor Ogan, chief executive of Snow Bull Capital, said.
Tesla’s shares were trading at $557.05 shortly after 3 p.m.Eastern time Wednesday, after falling in the session to $546.98, the lowest level since March 5.
The stock is down about 20% so far this year, compared with a roughly 8% gain for the S&P 500, which was last down 0.5% on Wednesday.
Tesla’s stock had gained 743% in 2020 compared with the S&P’s 16% advance for the year.(Additional reporting by Peter Henderson; Editing by Richard Chang and David Gregorio)
If you liked this article along with you would like to obtain more details concerning auto trading service bvba antwerpen security kindly go to our page.
Angry attendees of the world’s biggest Bitcoin conference lashed Elon Musk after his latest tweet about the cryptocurrency tanked its value by seven per cent.
One guest at the Miami event was seen wearing a t-shirt emblazoned with the words ‘Stick to Space, Elon’ – a reference to Musk’s successful SpaceX business.
And others were even more blunt in their disdain for the Tesla tycoon, al nabaa auto spare parts trading llc wearing tops that simply said ‘F**k Elon Musk.’
Musk was notably absent from the speakers list at this weekend’s Bitcoin 2021 convention – the largest such event ever organized for the burgeoning cryptocurrency.
Other guests who spoke include Twitter CEO Jack Dorsey and boxer Floyd Mayweather – who was booed after claiming there would some day be another cryptocurrency as large as Bitcoin.
Musk attracted the ire of crypto investors with regular tweets supporting, or dismissing the currencies, with his outsize influence sending the value of the alternative payment methods up or down accordingly.
The latest drama saw Musk tweet a ‘heartbreak’ emoji with the word ‘Bitcoin’ alongside a meme about a couple breaking up over the boyfriend’s love for Linkin Park lyrics.
Panicked amateur investors speculated that the meme amounted to a disclosure that Tesla would liquidate the massive reserve of Bitcoin that it acquired for $1.3 billion, sparking a sell-off that sent Bitcoin down as much as 7 percent on the day.
Musk then mocked furious investors, posting a meme depicting a day trader crying as his portfolio plunged in value and replying ‘nice’ to an illustration of rival crypto Dogecoin. It was unclear what, if anything, any of the tweets meant.
Bitcoin, seen in a one-week chart, plunged after Elon Musk’s ‘breakup’ tweet
Musk seemed to be trolling furious investors with his follow-up tweet on Thursday
Musk was not on the list of invited speakers at a major Bitcoin conference in Miami, where Jack Dorsey (above) made headlines on Friday
Meanwhile in Miami on Friday, Musk was not on the list of invited speakers for what was billed as the world’s largest Bitcoin conference ever, and hostility toward the Tesla CEO was on full display.
Some conference attendees were spotted wearing T-shirts reading ‘F**k Elon Musk,’ and around town, someone had paid for billboards reading ‘Stick to Space, Elon.’
Promoters of Bitcoin seem to have grown frustrated with Musk, who appears to delight in moving markets with jokes on Twitter.
As Musk’s jokes wear thin, his ability to influence cryptocurrency prices has waned.As of Friday afternoon, Bitcoin had pared losses and stood at $36,903, down 4 percent on the day and up about 6 percent from a week ago.
At the Miami conference, being held over the weekend at the Mana Wynwood Convention Center, Jack Dorsey made headlines and burnished his credentials as a serious backer of Bitcoin.
Dorsey, the CEO of Twitter as well as the payment company Square, announced that Square is considering creating a non-custodial hardware wallet for Bitcoin
The logo of the crypto-currency conference Bitcoin 2021 Convention hangs above people buying drinks at a stand at the Mana Convention Center in Miami, Florida, on Friday
Former U.S.Rep. Ron Paul (R-TX) speaks at the Bitcoin 2021 Convention. ‘I don’t understand everything about Bitcoin, but I do understand liberty,’ said Paul, 85
Boxer Floyd Mayweather was cheered as he walked on stage, but met by boos after he speculated: ‘I believe there’s gonna be another cryptocurrency just as large as Bitcoin’
Bitcoin wallets can be stored offline or online with cryptocurrency exchanges, venues where Bitcoin can be bought and sold for traditional currencies or other virtual coins.
With a non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours.
With a custodial wallet, another party controls your private keys.Most custodial wallets are internet-based exchange wallets.
‘We don’t want to compete with other hardware wallets out there,’ Dorsey said. ‘We just want to take it to the next level and get to 100 more million people, which have non-custodial solutions.’
As Bitcoin and other crypto-currencies have gained in popularity, many companies have emerged to serve a growing need to protect these assets from online theft.
‘If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community,’ said Dorsey.
People attend the Bitcoin 2021 Convention, at the Mana Convention Center on Friday
Bitcoin 2021 is the world’s largest-ever crypto-currency conference, with a sold-out crowd of 12,000 attendees and thousands more throughout Miami
People listen as Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square is seen on a screen as he speaks during the Bitcoin 2021 Convention
Former Rep.Ron Paul, the staunch libertarian and father of Sen. Rand Paul, also appeared on stage in Miami on Friday.
‘I don’t understand everything about Bitcoin, but I do understand liberty,’ said Paul, 85, to an enthusiastic reception from the crowd.
Paul, a longtime critic of fractional reserve banking, spoke out against the Federal Reserve and argued that Bitcoin could pave the way for a new liberty-focused monetary policy.
Former world welterweight champion Floyd Mayweather, who is scheduled to fight YouTuber Logan Paul on Sunday, also appeared at the conference.
was met by boos after he appeared on stage wearing a shirt from a sponsor involved in the alternate cryptocurrency Ethereum, and speculated: ‘I believe there’s gonna be another cryptocurrency just as large as Bitcoin some day.’
Conference organizers were clear that the conference would be devoted to Bitcoin, not alternate coins, and the audience response to his remark was harsh.
Critics accuse Musk of ‘trolling’ Bitcoin community with immature tweets
Musk has been a major promoter of cryptocurrencies but has turned critical of Bitcoin since suspending Tesla plans to take it in payment for cars, owing to concerns about its energy use.
Tesla’s big position in Bitcoin and Musk’s large personal following set crypto markets on edge whenever he tweets.
Musk has previously said Tesla would not sell its Bitcoin, but his ‘breakup’ tweets on Thursday were enough to unsettle markets still fragile following May’s crash.
‘When Elon Musk tweets any crypto-related content, the market …expects a reaction,’ said Nick Spanos, co-founder of ZAP Protocol, a crypto project in Switzerland.
Many crypto specialists have struggled to understand the motives behind his tweets.
Musk’s tweets on cryptocurrency initially endeared him to the Bitcoin community, but now some accuse him of ‘trolling’ with his frequent outburst
Bitcoin is well off its peak but remains up 28% from the start of the year
‘He’s trolling the community,’ said Bobby Ong, co-founder of crypto data aggregator and analytics website CoinGecko.
Bitcoin and several other cryptocurrencies are still recovering from a crash last month in the wake of that decision and on news of renewed regulatory scrutiny in China.
Telsa stock has now fallen by a third since it announced a $1.5 billion Bitcoin purchase in February, and Bitcoin is more than 40 percent below April’s record peak of $64,895.22.
The second biggest cryptocurrency, Ether, which tends to move in tandem with Bitcoin, also sank on Friday.
Dogecoin, the cryptocurrency perhaps most sensitive to Musk’s opinions as he helped to turn the coin, started as a joke, into a multi-billion dollar market valuation, also fell by more than 10 percent but pared losses in the afternoon Friday.
If you loved this short article and you would such as to receive additional facts concerning mp auto trading hours kindly see the web-page.
Bitcoin has rallied after plunging below the $40,000 mark for the first time in more than three months, as Tesla boss Elon Musk insists the company will not sell any of its holdings in the cryptocurrency.
Despite the turbulence, celebrities and others who bought in early are still up big – but small investors who jumped on the Bitcoin trend in the past few months may have suffered ruinous losses.
Investors had rushed out of cryptocurrency earlier Wednesday after China sparked a market panic when officials announced a regulatory crackdown. Bitcoin dropped as low as $30,201.96 – down as much as 30 percent before it retraced most of its losses after Musk’s vote of confidence.
By late afternoon trade in New York, the currency was still down about 10 percent on the day, but was well off its earlier lows.
Shoring up the market amid turbulence, Musk indicated the company would not sell any of its Bitcoin holdings, tweeting on Wednesday morning: ‘Tesla has [diamond hands]’.
‘Diamond hands’ is slang popularized by the Reddit forum WallStreetBets, indicating a refusal to sell even in the face of falling prices.Tesla stock was down 2.6 percent in afternoon trading.
Tesla holds roughly 38,700 Bitcoins at an average purchase price of $34,700, according to a DailyMail.com analysis of the company’s public statements, meaning the company’s investment was worth $1.56 billion at Wednesday’s prices.
That means even after the topsy-turvy markets of Wednesday, Tesla still has a gain of more than $200 million.
In the earlier sell-off, cryptocurrencies across the board were hit, and technology platforms that host the digital assets’ trading and other related functions reported being down and, in some cases even suspending withdrawals, adding to the negative tone in markets.
People on Reddit trading boards described losing their shirts and cape town auto parts trading hours some people even posted telephone numbers for a suicide help line in case the losses led to hopeless feelings.
Bitcoin rallied on Wednesday after plunging below the $40,000 mark for the first time in more than three months
Tesla boss Elon Musk insists the company will not sell any of its holdings in the cryptocurrency
Musk suggested Tesla will not sell its Bitcoin, using the internet slang ‘diamond hands’
‘I know today looks terrible and lots of people lost too much money they can afford to lose, but markets always bounce back so lets not do rash decisions!!!Life is more important!’ one person wrote on Reddit.
Another person wrote that they were selling because they could no longer stand forex robot no loss v1 0 free download the topsy turvy nature of the cryptocurrency: ‘I’m tired of holding an asset that I’m always worried will crash, is bad for the environment, could get stolen, where the network slows to crawl with even mild usage, will probably depreciate to zero value, and which barely gets used …’
Yet another person said a weekend dip in the currency wiped out $40,000 of his Bitcoin holdings.’I actually sold,’ he said, after earning enough to pay off his mortage.
Bitcoin earlier Wednesday tumbled more than 50 percent from a record high of $64,895 hit on April 14, and erased all of its gains since February 8, when Tesla announced it had acquired a stake costing $1.5 billion.
The company later sold off 10 percent of its holdings for a profit of $101 million, a 59 percent gain.
Celebrities who have previously said they own Bitcoin include Twitter CEO Jack Dorsey, former boxer Mike Tyson and Game of Thrones star Maisie Williams.
However, all expressed interest in the cryptocurrency long before the recent price run-up and were unlikely to be in negative territory during the recent crash, presuming they still hold onto their holdings they previously touted.
Dorsey said in 2019 that he spends several thousand a week on Bitcoin, Tyson was an early adopter in 2015, and Williams joined the Bitcoin train last November.
Any Bitcoin purchased before early February of this year is still worth more than it cost to purchase.
However, amateur enthusiasts who jumped on the trend at peak prices over the past two months would have suffered heavy losses.
For example, $1,000 worth of Bitcoin purchased at the peak price would be worth just $618 on Wednesday afternoon, even after the cryptocurrency rebounded off its worst losses.
In March 2019, Twitter CEO Jack Dorsey said that he spends several thousand dollars each week to buy Bitcoin
Former boxer Mike Tyson and Game of Thrones star Maisie Williams have previously said they own Bitcoin, though it is unclear how much they still own
Amid the selloff, Barstool Sports founder Dave Portnoy, a cryptocurrency enthusiast, said that he would not sell as prices plunged.
‘I’m still in on crypto, I do believe buy the dips.I do believe that is a fundamental — if you like crypto, if you believe in crypto, you should never be happier than today, because you can get it on discount,’ he said on a video podcast.
Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Musk, but the news from China sent it as low as $30,201.96 on Wednesday, a 28 percent drop on the day.
China’s announcement on Tuesday reiterated a prior ban on institutions and payment companies from handling cryptocurrency transactions.China also warned investors against speculative crypto trading.
Barstool Sports founder Dave Portnoy, a cryptocurrency enthusiast, said that he would not sell as prices plunged
On the Reddit board CryptoCurrency, one person posted a suicide help line
Tesla stock dropped another 4% on Wednesday morning in reaction to Bitcoin’s plunge
<div class="art-ins mol-factbox floatRHS news" data-version="2" id="mol-2f5de790-b8a5-11eb-990b-bbbae58a996d" website recovers from losses as Elon Musk says Tesla will NOT sell
If you have any inquiries regarding exactly where and how to use cape town auto parts trading hours, you can get hold of us at our website.
SHANGHAI, May 24 (Reuters) – China stocks eked out gains on Monday, helped by gains for financial firms, but caution prevailed as investors awaited key U.S.inflation readings for guidance on monetary policy.
** The CSI300 index rose 0.1% to 5,137.63 points at the end of the morning session, while the Shanghai Composite Index gained 0.2% to 3,492.04 points.
** Leading the gains, the CSI SWS securities index jumped 3%, helping push up the CSI300 financials index by 0.8%.
** Ample liquidity, falling interest rates and commodities prices, as well as China’s crackdown on cryptocurrencies, bode well for securities stocks, TF Securities said in a report.
** The brokerage noted a marked deviation between earnings growth and valuations in the sector, saying the deviation is not in line with China’s new position of the country’s capital markets.
** carefully as they await U.S.personal consumption and inflation figures this week.
** The diary has a crowd of Fed speakers this week, including the influential Fed Board Governor Lael Brainard, and markets will be keen to hear if they stick to the script on being patient with policy.
** Digital currency and block-chain related stocks slumped on Monday, after China vowed to crack down on bitcoin mining, trading activities.
** HK-listed Okg Technology Holdings Ltd, an affiliate of crypto exchange OK Coin, Huobi Tech, an affiliate of crypto exchange operator Huobi and BC Technology Group slumped between 4.5% and 18.2%.
** Cryptocurrency mining operators, including Huobi Mall and auto trading systems review BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading.
** The Hang Seng index dropped 0.4% to 28,342.10 points, while the Hong Kong China Enterprises Index lost 0.8% to 10,614.25.
** The Hang Seng tech index and the Hang Seng materials index declined 2.2% and 2.0%, tf2 trading up to buds auto respectively.(Reporting by Luoyan Liu and David Stanway; Editing by Ramakrishnan M.)
If you adored this post and you would like to receive even more information relating to tf2 trading up to buds auto kindly check out our own page.
Bitcoin’s value was still down 8.85% percent over the 24 hour period since ‘s shock announcement that Tesla will no longer accept as a form of payment due to environmental factors.
Musk’s announcement on Wednesday evening initially caused a huge 17 percent drop in the price of the world’s largest cryptocurrency, but it recovered slightly during the day.
It comes after the billionaire Tesla CEO made an abrupt turn-about when he revealed his electric vehicle company will no longer accept the cryptocurrency as payment for his cars.
His revelation, which followed months of him boasting of his and Tesla’s investment in Bitcoin, initially saw the coin’s price plunge wipe off an estimated $365 billion from the entire cryptocurrency market.
Tesla had bought about $1.5 billion worth of Bitcoin back in February around the time it announced it would accept the coin as payment, according to a Securities and Exchange Commission filing.
It means the latest drop wipes $150 million off Tesla’s Bitcoin investment.
Elon Musk made an abrupt turn-about on Wednesday when he revealed Tesla will no longer accept Bitcoin as payment for his cars as concerns grow that the creation of the cryptocurrency may be harming efforts to limit global warming
The price of the coin dropped nearly 10 percent on Thursday a day after Musk’s announcement caused a 17 percent drop in the price of the world’s largest cryptocurrency
Musk, who has drawn criticism in the past for his ability to move markets, wall street forex robot real account insists Tesla will not be selling off any of its Bitcoin.
Bitcoin, the world’s biggest digital currency, has surged five-fold in the past year alone. The rise comes amid an increasingly fraught debate over the environmental costs of the world’s most popular cryptocurrency.
Crypto is ‘mined’ by high-powered computers that require huge amounts of energy to continuously solve computational math puzzles.With each solved problem, a certain amount of coin is produced. While the machines use electricity, fossil fuel is a major category in electricity generation.
Environmentalists argue that the creation of the cryptocurrency may harm efforts to limit global warming.
Bitcoin consumes almost the same amount of electricity annually as Egypt, according to an index compiled by the University of Cambridge. Musk tweeted a link to that study on Thursday, saying: ‘Energy usage trend over past few months is insane’
The rising price of Bitcoin in the last two years has resulted in carbon emissions increasing by more than 40 million tons, a BofA Securities report said.That rise is the equivalent of 8.9 million additional cars on the road.
That same reported noted Bitcoin’s energy consumption is comparable to that of major US corporations like American Airlines or even the US government.
Bitcoin also consumes more electricity than most countries.
It consumes almost the same amount of electricity annually as Egypt, accordin published in Nature found huge farms of computers used to mine Bitcoin could produce enough greenhouse gases to raise global temperatures 3.6°F (2°C) in less than three decades.
While most cryptocurrency mining takes place in China, major operations have opened up in a number of North American cities, where some officials are alarmed by the industry’s emissions
Studies have also shown that the annual carbon emissions from the electricity generated to mine and process the cryptocurrency is equal to the amount emitted by whole countries, including New Zealand and Argentina.
Bitcoin mining’s energy consumption also eclipses that of the world’s major tech companies that provide entertainment services, including the streaming giant Netflix as well as Apple, Facebook, Microsoft and Google combined – all of which also require huge amounts of energy to run their services.
By comparison, Google – the largest energy consumer of the tech giants – used 10 TWh in 2019.On March 13, Bitcoin was using 130.9 TWh (annualized). The UK’s electricity consumption is slightly more than 300 TWh a year.
Given the surge in the coin in the past year, mining operations have become increasingly attractive for investors, despite the environmental pushback.
While most cryptocurrency mining takes place in China, major operations have opened up in a number of North American cities, where some officials are alarmed by the industry’s emissions.
In mid-April, nearly 150 local environmentalists marched to the gates of Greenidge Generation, a Bitcoin mining facility in upstate New York, in a last-ditch effort to block its expansion.
Three days later, the planning board in the small town of Torrey voted 4-1 to allow Greenidge Generation to more than double the number of machines it has mining Bitcoin.
‘Everything we want to do to fight climate change could be erased,’ Yvonne Taylor, one of the march’s leaders, told Reuters.
The Greenidge mining facility had announced in March it would this year become the first Bitcoin mining firm with its own power plant to go public on the US stock exchange.
Communities with cryptocurrency mining in their backyard increasingly find themselves in David and Goliath-style clashes, said Taylor, the activist who opposes the Greenidge expansion.
‘Small local governments are being approached by very aggressive companies and, sadly, they become enamored with the money and pressured,’ she said.
Greenidge spokesman Michael McKeon said in an emailed statement the firm was doing all it could to address environmental concerns.
‘Natural gas is a bridge to the future and it’s an important part of the energy mix for New York State,’ he said.
‘We are committed to further investing in ways to enhance our green profile and are looking at various options right now.’
He added that the recent planning board vote showed the company had genuine local support.
‘The local community sees the value of the jobs we have created, the taxes we have paid and the impacts we have had on the local economy,’ he said, adding the facility also contributes power to the local grid.
Plattsburgh, a city in upstate New York, imposed a moratorium on cryptocurrency mining in 2018 after it became the city’s top power consumer.
And earlier this month, lawmakers introduced a proposal to suspend cryptocurrency mining operations for three years throughout New York state as it carries out a review of the industry’s environmental impact.
Officials also recently took steps to limit that impact in Missoula County, Montana, where operations take advantage of cheap electricity from a local hydropower plant.
In mid-April, nearly 150 local environmentalists marched to the gates of Greenidge Generation, a Bitcoin mining facility in upstate New York, in a last-ditch effort to block its expansion
The Greenidge mining facility (pictured above) had announced in March it would this year become the first Bitcoin mining firm with its own power plant to go public on the US stock exchange
‘At a certain point, this industry was using about a third of all of the county’s electricity,’ Diana Maneta, the county’s sustainability officer, said.
In 2019, Missoula County used emergency zoning powers to require new cryptocurrency mining operations to offset their energy consumption, such as by agreeing to purchase renewable power directly from new solar and wind projects, or developing their own clean electricity production.
The new zoning restrictions were made permanent this February, making Missoula the first US county to regulate cryptocurrency mining from a climate perspective, Maneta said.
Despite the pushback, cryptocurrency boosters say their profits do not have to be at odds with environmental protection.
‘You can be a and be an environmentalist, just like you can be an environmentalist and get on flights and use a washing machine,’ said Nic Carter, a partner at Castle Island Ventures, which invests in cryptocurrency projects.
What really matters is how much of the energy cryptocurrency mining consumes comes from renewable sources, he said.
In April, a nonprofit coalition launched the Crypto Climate Accord, a global industry-backed initiative urging cryptocurrency enterprises to switch to using renewable energy.
‘We want to help the crypto industry decarbonize,’ explained Jesse Morris, chief commercial officer of the Energy Web Foundation, one of the groups that put together the accord.
The idea is to get the industry to net-zero carbon emissions – offsetting any emissions it cannot cut itself – by 2040.
Energy Web, for example, plans to roll out a technology tool that will allow cryptocurrency miners to prove they are using sustainable energy, an innovation Morris said would help link investors with green crypto firms.
‘This industry isn’t going anywhere, so let’s make it green,’ he added.
But given bitcoin’s hunger for energy – and how much money can be made mining it – there is a concern it could eat up more than its fair share of renewables, pushing other activities to use carbon-intensive power, said Ketan Joshi, a renewable energy industry analyst.
‘A lot of success in reducing emissions could get canceled out by the demand robot forex fbs football from bitcoin,’ he predicted.
Here’s more info regarding forex robot tfot 9 0 review our web site.
By Tom Wilson
LONDON, June 30 (Reuters) – If you’re a bitcoin investor, your nerves may have taken quite a pounding in 2021.
The cryptocurrency’s journey towards the investment and commercial mainstream has gathered pace, with major financial firms and companies embracing the emerging asset.
Such interest helped push it to a record high just shy of $65,000 in April.Yet in typically capricious fashion, it has since slumped by almost half.
At the halfway point of the year, the original and biggest cryptocurrency is up around 20% year-to-date. Here are some charts that tell the story of bitcoin’s year so far.
1/STILL VOLATILE
Wild price swings have been a defining feature of bitcoin throughout its near 13-year life.The first half of 2021 has been no different, despite hopes that greater liquidity in markets and stronger infrastructure would dampen swings.
Bitcoin more than doubled from the start of the year to its all-time high of $64,895 hit in mid-April, before slumping by over half in just five weeks as regulators across the world – especially China – cracked down on cryptocurrencies.
In May alone bitcoin lost 35%, in its worst month since 2018.Last week it fell under $30,000 for the first time since January, briefly wiping out its year-to-date gains.
Many larger investors also left the bitcoin market after prices spiked in the first quarter, with some shifting to gold, according to JP Morgan analyst Nikolaos Panigirtzoglou.
“What we found out in the second quarter was that actually demand for bitcoin is price sensitive,” he said.”Some institutional investors started getting out of bitcoin in April … they thought bitcoin prices were too high relative to gold.”
2/BITCOINS OR ALTCOINS?
Bitcoin has attracted the lion’s share of the headlines so far this year. Yet many of its smaller digital currency rivals – known as the altcoins – have posted bigger gains.
Ether, the second-largest cryptocurrency, has nearly trebled so far this year, bolstered by a surge in the so-called decentralized finance sector.”DeFi” often uses its underlying blockchain technology to offer financial services without traditional middlemen such as banks.
Signs that the ethereum blockchain is gaining traction with mainstream financial firms has also fueled gains.
XRP, the seventh-largest coin, has gained a similar amount.Other once-obscure coins such as dogecoin, started in 2013 as a joke, have also far outpaced bitcoin, with investors drawn to the prospect of quick gains. Dogecoin is up over 5,000% so far this year.
3/OUTPACED BY MEME STOCKS
Retail investors have embraced bitcoin this year, attracted by narratives that it can act as a hedge against inflation and as a future payment method.
Also driving gains has been a perception that it is a vehicle for quick gains – a perceived quality shared by another 2021 financial market phenomenon: “meme” stocks, hassles trading gmbh gronau auto whose value is propelled by social-media buzz.
GameStop Corp and AMC Entertainment Holdings , two of the leading meme stocks, soared in the first quarter along with bitcoin, fueled by with spare cash and free time because of coronavirus stimulus lockdowns.
Yet the assets have since decoupled, with bitcoin’s gains for the year so far outpaced by GameStop – up more than 1,000% – and AMC Entertainment, which has surged over 2,500%.
“It’s just an extension of free money just going crazy and so I think that has somewhat you can see that rippling over into cryptocurrencies,” said Joel Kruger, a strategist at crypto exchange LMAX Digital.
(Reporting by Tom Wilson; Editing by Pravin Char)
In the event you liked this informative article along with you want to receive details concerning trend following forex robot generously go to our site.
