Bitcoin

A judge in Beijing quashed a bitcoin contract on the basis it was not in the public interest, citing incompatibility with China's carbon neutrality goal.

The court added that mining cryptocurrency wastes energy resources in a way that is incompatible with China’s path to carbon neutrality. “The price crash hit older and less efficient mining operations hard, but those operating with very cheap electricity and the latest mining devices can still make good money,” he said. But growing environmental and energy security concerns among the public do have a role to play. How the decision will affect China’s cryptocurrency market is unclear. Given that Chinese mines power nearly four fifths of the global trade in cryptocurrencies, the study concluded that the industry risks undermining Chinese climate goals and wider global action. On 11 July, the Beijing Third Intermediate People’s Court upheld the verdict, ruling that mining cryptocurrency threatens national economic security and social order.

Electric vehicle giant Tesla has released nearly $1 billion of bitcoin into the market amid ongoing crypto turbulence but CEO Elon Musk said not to view the ...

According to Tesla CEO Elon Musk, the sale was made in order to maximize cash positions to deal with Covid-related uncertainty. From a high of nearly $69,000 in November last year, bitcoin has plunged to around $23,000. As of the end of the second quarter, Tesla converted 75 percent of its bitcoin purchases into fiat currency, according to its latest earnings report, which added $936 million of cash on the electric vehicle company’s balance sheet.

The EV giant said it converted the Bitcoin to $936m (£782m) of cash, with its digital asset holdings now at $218m (£182.4m).

The world’s richest man said Tesla would be laying off 10 per cent of staff, joining a growing list of companies cutting jobs or slowing hiring as the gloomy economic outlook dampens confidence. Bitcoin fell after Tesla announced the Bitcoin sale, and is trading 3.26 per cent lower to trade at $22,980 (£19,229) today. Tesla still reported a record month of vehicle production.

E. lon Musk has announced Tesla will sell the majority of its Bitcoin holdings, just one year after investing in the cryptocurrency. The electric carmaker has ...

The price of one coin has fallen from nearly $70,000 to $25,000 since November 2021. Tesla last year stopped accepting Bitcoin as payment for its cars. The electric carmaker has confirmed the sale of three-quarters of its investment in Bitcoin, which has seen its value halve since the start of this year.

As if the environment weren't tough enough for one-time stock market high-flyers Tesla Inc., MicroStrategy Inc. and Block Inc., the three companies took an ...

Bloomberg calculated the loss based on the companies’ previous disclosures about their Bitcoin stashes. As if the environment weren’t tough enough for one-time stock market high-flyers Tesla Inc., MicroStrategy Inc. and Block Inc., the three companies took an estimated combined hit of $5 billion on their holdings of Bitcoin in the second quarter.

The central bank is likely to signal an exit from negative interest rate policy. That won't dent the appeal of investing in fiat alternatives like ...

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Such divergences could lead to fragmentation and pose a risk to the common currency area and the EU. The ECB, Bank of Japan and Swiss National Bank have held rates below zero for years to boost growth. "More relevant will be any hint as to what the ECB will do next. Bond purchases, also known as quantitative easing, inject liquidity into the financial system. Critics of the fiat monetary system and central bank medium of exchange have long cited negative rates as evidence of traditional finance nearing complete collapse and the need to explore alternatives like cryptocurrencies. But that's not the case, according to one expert. Recently, bond markets in highly indebted EU nations like Italy saw heightened volatility relative to German bonds on speculation of an ECB rate hike. The EUR/USD pair rose to a two-week high of 1.0273 during early Asian hours and traded flat at around 1.0180 at press time. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Under the tool, the policymakers may commit to purchasing assets, perhaps bonds of indebted nations, to limit divergences in bond markets of the bloc's strongest and weakest countries. The impending decision is noteworthy, however, because the central bank isn't only expected to raise rates for the first time since 2011, but it is also likely to signal that more rate hikes are in the pipeline.

Along with its latest financial performance, the company announced plans to sell off a significant holding of the blockchain-backed tokens in exchange for fiat ...

Saylor has been pumping the company's cash into Bitcoin for the last couple of years, as reported by The Register. It held around $1 billion by the end of 2020. "[T]he reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the COVID lockdowns in China would alleviate. Since then, the price of Bitcoin has ridden a roller coaster, with an emphasis on steep descents.

SoftBank-backed Brazilian crypto exchange Mercado Bitcoin is set to enter the Mexican market by the end of the year, as part of a plan to expand elsewhere ...

In 2021, the firm reported traded volume of 40 billion reais ($7.31 billion). Currently, in the region, Mercado Bitcoin operates only in Brazil. Register now for FREE unlimited access to Reuters.com

The carmaker had converted roughly 75% of its Bitcoin to fiat currency as of the end of June, adding $936 million of cash to its balance sheet, according to ...

Chg(%) Chg(%) Price() Chg(%) Price() Chg(%) Price() Price() Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. The CEO said during the carmaker’s earnings call that it hasn’t sold any of its Dogecoin. Tesla said Wednesday its digital assets have shrunk to $218 million and that a Bitcoin impairment dragged on profitability in the second quarter. Chief Executive Officer Elon Musk said on a call with analysts that the company sold due to uncertainty as to when Covid shutdowns would lift in China.

Elon Musk says need for cash is driving force but move signals more bad news for cryptocurrency.

Last year Tesla stopped accepting bitcoin as payment for its cars, citing concerns about the climate impact of energy-intensive bitcoin mining. And while Musk said the move to drop most of Tesla’s bitcoin was not a reflection of the currency but rather about the need for cash, his description of crypto as a “side show to the side show” is “not exactly a ringing endorsement”, said Clayton. “While Musk’s impressive innovation has served the company well, his personal flair is starting to raise governance questions.”

After a recent mini bull run that saw Bitcoin touch the $24000 mark, the leading cryptocurrency is once again trading below $23000.

Bitcoin is currently trading at around $22,600, down 6.4% on the day, according to data from CoinMarketCap. The exchange also stressed that fluctuations in the crypto space have occurred before—just as they do in other markets and sectors, and that the right way to move forward is to have a proper regulatory framework in place. It’s not all bad news for the world’s largest cryptocurrency, though; Tesla boss Elon Musk noted that the company's divestment of its Bitcoin holdings "should not be taken as some verdict on Bitcoin" and that the firm will "certainly" seek to increase its Bitcoin holdings in the future.

The Eurozone is inundated with several issues ranging from geopolitical risks arising from the ongoing commotion in Ukraine.

The ECB is looking at the digital euro as a means of payment and not investment. Crypto assets are gaining popularity around the world and certainly within the Eurozone. According to ECB President Christine Lagarde and Executive Board member Fabio Panetta, crypto-assets do not guarantee one-to-one convertibility with central bank money and are not an efficient means of payment, especially when any asset does not back their value. The Eurozone is inundated with several issues ranging from geopolitical risks arising from the ongoing commotion in Ukraine, political turmoil in Italy, an extremely hot summer, an energy crisis, high food and commodity prices, a falling Euro against the dollar, high inflation, and possible recession.

Tesla aggressively embraced Bitcoin in 2021, investing $1.5 billion in the currency. But it now says its profitability was affected by "Bitcoin impairment."

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As government opposition parties held rallies in Harare, Zimbabwe, in March 2022, internet access via the government-owned internet service provider (ISP) ...

In a mesh network, participants can choose to share their access to the broader internet with other nodes in the network. If Alice still has a connection to the broader internet via her ISP, she can share her internet access with Bob, Carol, David and so on, as long as they all operate on the same mesh network together. As long as an uplink to the broader internet exists within the mesh network, anyone connected to the mesh network can send and receive bitcoin transactions on-chain as well as over the Lightning Network. But what if all uplinks to the broader internet are destroyed or disturbed? This allows regular internet routers to act as relay nodes for information and internet access in the network; the benefit here being that anyone can begin operating a mesh network based on the tools they already have at home. But, in fact, the internet is a network of networks. Shutting down access to the internet is a viable solution to control social uprisings and limit the flow of information both in and out of certain regions. In some cases, as in North Korea, governments are simply not interested in permitting citizens to access internet services in order to control the flow of information. Though we like to think of the internet as a global, decentralized network of individual computers, the reality is that the majority of our internet access is handled via these ISPs subject to government mandates. In 2011, with the beginning of uprisings against the Syrian government, Bashar Al-Assad’s regime cut off internet access via decree, and shortly after began bombing telecommunications infrastructure to prohibit its use indefinitely. In Burkina Faso, following military uprisings in January 2022, access to mobile internet was cut off for 35 hours, the third shutdown within months, and the second shutdown of the year. The Carnegie Endowment for International Peace has reported 196 incidents of internet shutdowns and access limitations in 2018, 213 incidents in 2019, and 155 in 2020. Contrary to popular assumption, shutting down access to the internet is a fairly simple task for governments to accomplish.

Bitcoin prices were cooling off Thursday following a big spike in the past week. And it appears that Elon Musk might be partly to blame.

"Major institutions have adopted crypto in some form and it's playing a factor in the volatility we've seen recently." "Tesla dumping a good portion of their bitcoin holding news caught many off guard and helped end the rally," Moya added. Bitcoin prices, which have been more than cut in half this year, have enjoyed a solid rebound in the past week, gaining 12% in the past seven days.

Corporations are likely to remain cautious on adding bitcoin to their corporate treasuries, but not because of Tesla's move.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Meanwhile, the proposition that bitcoin can serve as a better option than cash for corporate treasury purposes hasn’t been altered, but it also hasn’t come to fruition yet either, Luria said. Tesla later sold about 10% of its holdings in that first quarter for a profit. The miner has the right but no obligation to sell the shares to investment bank B Riley. CoinDesk journalists are not allowed to purchase stock outright in DCG. The miner has the right but no obligation to sell the shares to investment bank B Riley.

Many investors are unperturbed by Tesla's decision to sell its bitcoin, saying it could have little to no impact, or maybe even be a good thing.

"Regulation's coming and depending on what that looks like, it could really foster the value of what blockchain and bitcoin can be, but it could also really dampen it if the rules and regulations that start to come are overly aggressive or take away from the value and benefit that bitcoin and blockchain should bring," Hamman said. But a lot of people, probably most people, they're going to be more transactional in nature and want to manage their risk for anything they hold as volatile as [bitcoin].” Wall Street analysts Thursday said it was a good move by Tesla since the EV maker’s shares had taken on bitcoin’s inherent volatility. “Such a significant amount of bitcoin was sold and the market was not only able to handle it from a liquidity perspective, but we even saw a rally and price support around the key psychological barrier of $20,000,” said Leah Wald, co-founder and CEO at digital asset fund manager Valkyrie Investments. “The long-term outlook is still bright, especially when you consider all the investment being made into digital assets infrastructure.” Investment asset vs cash alternative When Tesla bought bitcoin in February 2021 , it also said it would begin accepting bitcoin as a form of payment for its products (which it nixed three months later). The announcement followed that of Microstrategy and Block , then Square, who in the fall invested millions of their cash reserves in bitcoin. “There's real differences in how and why people were deciding to hold bitcoin on a balance sheet, it's indicative of the rest of the crypto market,” said Noah Hamman, CEO of AdvisorShares, which manages the AdvisorShares Managed Bitcoin Strategy ETF. “Some people are absolute believers and will hold it forever. The company said it was to maximize its cash position amid Covid-related uncertainty in China. But the move comes about 18 months after the company shocked the financial markets by buying $1.5 billion worth of bitcoin, saying at the time in a filing that it believes in crypto’s “long-term potential” both as an investment and as a liquid alternative to cash. They say the company did what was best for it in the near term in light of what CEO Musk has called a “super bad” economy . These investors believe bitcoin is bigger than Tesla or its high-profile CEO and its long-term use case as a hedge against inflation still holds up.

The price of Bitcoin (BTC) has been in freefall for most of 2022, with contagion rocking the cryptocurrency markets alongside broader macro concerns—paired ...

“Until then, we are unlikely to see any major moves as the market awaits a decision.” “If we do see less aggressive sentiment from the decision makers, it could drive the price up in the short term. It remains high, however, and volatility in Bitcoin is notorious for sudden jumps. Now that these irresponsible leveraged behaviors have been somewhat flushed out of the system, some market participants are venturing into ‘risk on’ mode,” Liu added. “The high correlation between equity markets and Bitcoin remains prevalent.” BTC has pulled back slightly to around $22,900 as of writing, but that’s still up nearly 12% from where it opened the week.

Bitcoin's recovery continued yesterday, with the price of the leading cryptocurrency by market capitalisation briefly leapfrogging $24k.

City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency. Bitcoin’s market capitalisation at time of writing is $438.58 billion. “I think we are going to see all assets become tokenized – including currencies. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started. The big news on Wednesday was Tesla’s announcement that it sold the majority of its Bitcoin holdings during the second quarter to boost cash, with the electric car manufacturer struggling financially after its CEO Elon Musk’s failed Twitter bid. It’s still up 15 per cent since this time last week, but has the recovery stalled for the time being?

Increased crypto adoption continues to underpin BTC demand. The world's largest cryptocurrency may one day become a necessity for vacationers. On July 21, a ...

For the time being, Bitcoin’s immediate support is at $22,000, and a break below this can expose BTC to a $21,185 support level. Bitcoin price has returned to a level last seen in mid-June as the number of small Bitcoin holders has been steadily increasing. A shooting star typically indicates investor indecision; however, when it is followed by a strong bullish trend, it indicates a weakness in the bullish bias. Figures such as 91% of survey participants believing the coin has a bright future appeared to change investors’ dissatisfaction. The results of this survey painted a clear picture of Bitcoin. In the previous 24 hours, Bitcoin has dropped 2.14%, with a live market cap of $439.84 billion, whereas CoinMarketCap currently ranks first.

Hi, I'm Jimmy He, here to take you through the day's crypto market highlights and news. Bitcoin (BTC) returned recent gains as the largest cryptocurrency by ...

The performance of BTC and ETH often serves as a benchmark to gauge the overall health of the crypto market. Despite their dominance, these cryptos function ...

Without the need for powerful computer hardware, proof of stake is considered a more environmentally friendly consensus mechanism than proof of work. As such, users play by the rules, it enforces and the algorithm it uses to control content. That said, Bitcoin and Ethereum are up by more than 750% and 630%, respectively, over the last five years. The merge is expected to take place around September. The performance of BTC and ETH often serves as a benchmark to gauge the overall health of the crypto market. Ethereum, on the other hand, was designed to be a distributed computing platform. Since everyone can see identical copies of the Bitcoin blockchain, nobody can copy and paste their digital money and spend it twice. The main goal of any consensus mechanism to to solve what’s known as the “double spend” problem. Proof of work requires validators to solve complex math problems. Bitcoin’s consensus mechanism blockchain was designed to solve the double spend problem. The latter was designed as a decentralized computing network, which has given rise to the decentralized finance (DeFi) space. They are the biggest names in crypto, and their combined market capitalization equals more than 60% of the $1 trillion crypto market.

Bitcoin went as low as $17k in 2022, shedding more than 70% from its all-time high. This prompted many crypto pundits...

At press time, BTC suffered a fresh correction as it slid to the $22.8k mark. In fact, the said address went from being worth $0 to $1.178 billion due to that transaction. At present, transaction volume is beginning to normalize as seen in the graph above.

Did you miss your opportunity to buy Bitcoin when it was first released in 2009? The first cryptocurrency, which also represented the launch of blockchain ...

Bitcoin’s recently launched Lightning Network makes it possible for users of the peer-to-peer payment platform Cash App to accept payments in Bitcoin, invest a portion of their paycheck in Bitcoin, and also round up credit and debit card payments and invest the difference in Bitcoin. But it’s important to make sure you’re not just jumping on the bandwagon and are making crypto part of a diversified portfolio. Investing in a bear market requires patience and the ability to park your investments and forgot about them — perhaps for years. Do not invest more than you can afford to lose, and understand that it could be stressful investing now and waiting for Bitcoin to recover. If you’re trying to buy the dip, you still have time. Many experts blame the current crypto crash on a stablecoin — a crypto that is supposed to be directly tied to the U.S. dollar, losing its value. The crypto market is highly volatile, with huge swings and potential for big gains — and losses. In a guest op-ed for BeInCrypto, Diego Vera of Buda.com shared the headline: “Don’t panic, we’ve been through this before.” Bitcoin’s price has dropped as a result of a widespread crash across the crypto market. This tends to make the cost of borrowing money more expensive for businesses, increases bond yields and, as a result, diminishes stock returns. Or, it might be more accurate to say that Bitcoin’s crash drove a crypto winter. Did you miss your opportunity to buy Bitcoin when it was first released in 2009?