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#Bitcoin news

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Bitcoin is 'fool’s gold and anybody buying it is ultimately a fool': Peter Schiff

Euro Pacific Capital chief economist and strategist Peter Schiff suggested cryptocurrency investors are “fools” Monday after bitcoin took a major dip in the market after reaching record-breaking highs against the dollar. “All bitcoin is is the latest iteration of fool’s gold and anybody buying it is ultimately a fool,” Schiff...
MARKETS
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CoinTelegraph

Bitcoin's recent correction could be retail-driven, Nexo CEO speculates

The price of Bitcoin (BTC) has dropped substantially since Jan. 8, totalling a decline of more than $10,000 at time of publication. Retail investors could be part of the rationale behind the drop, according to Nexo CEO Antoni Trenchev. “The price correction we’re seeing was brought about by retail investors...
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CNBC

Bond king Jeffrey Gundlach says bitcoin is trading like it is in a bubble

DoubleLine Capital CEO Jeffrey Gundlach on Monday warned that bitcoin could be getting overheated after its massive run in recent months. "I don't like bitcoin here. I don't like things that are up on a stilt like that," the so-called Bond King said on CNBC's "Halftime Report." "Bitcoin, to me, is now sort of in bubble territory in terms of the way it's been acting."
STOCKS
TechCrunch

Cryptos lose ground as bitcoin falls 23%, ether 29% in last 24 hours

Bitcoin, the best-known cryptocurrency, peaked at more than $41,000 apiece on January 8. Today after shedding a little over 23% in the last 24 hours, one bitcoin is now worth around $31,800. Similarly, ether, the token associated with the Ethereum blockchain, peaked at a little over $1,300 on January 10....
STOCKS
Marketwatch

Bitcoin drops 13% after bullish start to 2021

What goes up must come down? Bitcoin investors may be asking themselves that question as the cryptocurrency fell sharply on Monday. was last down 13% to $35,600, according to prices quoted by CoinDesk. Losses were also seen on Sunday, when bitcoin tumbled from nearly $41,000 to just over $35,000, briefly bouncing before renewing its descent.
MARKETS
CoinDesk

Bitcoin Erases Most of New Year’s Gains Amid Short-Term Profit Taking

Bitcoin fell to as low $30,305.30, just over $1,100 its 2020 closing price of $29,133.86, before recovering to $32,748.52 at press time, down 14.51% in the last 24 hours. The price for the oldest cryptocurrency is down 21.8% from its all-time high at $41,962.36, which was reached in the past week.
MARKETS
The Guardian

Bitcoin: be prepared to lose all your money, FCA warns consumers

Consumers should be prepared to lose all their money if they invest in schemes promising high returns from digital currencies such as bitcoin, a City watchdog has warned. The volatile nature of cryptoassets was highlighted again on Monday as bitcoin dropped 28% from Friday’s record high of $42,000, having doubled its value in less than a month. Despite the day’s decline to $30,200, bitcoin is still only at its lowest level since the first day of the new year.
CURRENCIES
CoinDesk

US-Listed Chinese Lottery Firm Plans $14.4M Move Into Bitcoin Mining

500.com said it expects to issue $14.4 million-worth of its Class A ordinary shares as consideration to acquire the bitcoin mining machines from an unnamed seller from outside the U.S. The company will issue around 11.8 million shares valued at $1.21 per share, with the transaction expected to be completed...
GAMBLING
CoinDesk

Bitcoin’s Big Drop Again Coincides With Dollar Bounce in Forex Markets

“Bitcoin’s value increased as the money supply and inflation expectations grew. At the same time, the dollar depreciated to multi-year lows, resulting in an inverse correlation between the government-backed fiat and decentralized digital asset,” Kaiko Research noted in its December market report. Disclosure. The leader in blockchain news, CoinDesk is...
CURRENCIES
CoinDesk

Institutions Use This Strategy to Hide Their Bitcoin Orders

Institutional investors and speculators trading large quantities of bitcoin are taking on a new method to hide the real sizes of their trades. They are doing so – many times with the quiet help of many major exchanges – to cut the risk of exposing their intent to the market, be they bullish or bearish, which can cause unfavorable price moves.
CURRENCIES
CNBC

Cryptocurrency's value plummets. Here's what it means for your taxes

Whether you’re snapping up the virtual currency as prices tank or you’re selling your holding, you’ll likely have a reporting obligation to the IRS. The IRS asks on the front page of the 2020 income tax return whether you’ve transacted in any cryptocurrency over the year. Understanding your tax treatment...
INCOME TAX
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