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Cryptocurrency price news – China central bank declares crypto transactions ILLEGAL as Bitcoin cost drops on Coinbase

The US Sun
 25 days ago
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CHINA'S central bank has declared cryptocurrency transactions illegal as the cost of Bitcoin drops on Coinbase.

China made the cryptocurrency announcement yesterday which states that the mining the tokens is banned.

The People’s Bank of China (PBOC) said: “Virtual currency-related business activities are illegal financial activities.”

The country previously banned financial institutions from offering crypto related transactions, and warned investors against speculative trading in them.

The price of Bitcoin fell more than 9%, to $41,085, in the hours after the announcement, as did most other crypto tokens.

Ethereum skidded almost 10%, falling from $3,100 to around $2,800.

Read our cryptocurrency live blog for the latest news and updates...

PLYTH APOLOGIZES FOR ERROR

"We are communicating with Pyth partners and data providers to ensure transparency, accuracy, and confidence in Pyth," the platform wrote.

"We know our users depend on us and we're working with affected partners on remedying the situation.

"Better developer documentation and guidelines on the usage of the Pyth oracle are underway, stay tuned.

"We deeply thank the community for the support you have shown us. Pyth will keep building toward the promise of delivering trustworthy, high-fidelity financial information."

BITCOIN ERROR CONTINUED

The platform is an industrial-grade source for pricing information on stocks and cryptocurrencies.

Its contributors include finance giants like Jump Trading Group, DRW and FTX.

It's hard to tell if the glitch had an impact on Bitcoin's market price, or whether it impacted investors.

As of Thursday, Bitcoin's value was sitting at around $43,000.

In a series of tweets on Wednesday, Pyth apologised for the mishap.

BITCOIN ERROR

According to Bloomberg, an error on Monday caused the platform Pyth to incorrectly show that the price for Bitcoin was down to about $5,400.

That would have represented a catastrophic drop from around $50,000 earlier this month.

A number of Bitcoin fanatics sounded the alarm online, but it turned out they had nothing to worry about.

Pyth, which provides financial data to a number of major investment firms, confirmed in a tweet on Monday that a glitch was behind the issue.

The blunder did not turn up on other platforms, meaning only Plyth customers were affected.

ETHEREUM PRICE PREDICTION CONTINUED

Daniel Polotsky, founder of CoinFlip, a bitcoin ATM operator, added: "Ethereum's price largely follows Bitcoin's halving cycles, although that relationship may begin to decouple as time goes on, and as Ethereum continues to develop use cases that Bitcoin cannot achieve.

"Then, its price may grow at a faster rate than Bitcoin's."

Meanwhile, CoinPriceForecast expects Ethereum to hit $3,479 by the end of 2021 and $7,294 by the end of 2024.

And WalletInvestor has a one-year forecast of $5,581.410 and a five-year forecast of $14,980.60.

Make sure you take these predictions with a pinch of salt though, as they're nowhere near guaranteed.

ETHEREUM PRICE PREDICTION

How the price of Ethereum will change in future is impossible to know for certain, but experts and investors have still made predictions.

According to a panel of 42 cryptocurrency experts by comparison site Finder, Ethereum could be worth $4,596 by the end of 2021.

It could then soar above $10,000 later on to hit $17,810 by the end of 2025 and $71,763 by the end of 2030.

However, some experts are even more optimistic and Martin Fröhler, chief executive of trading platform Morpher, sees Ethereum topping $10,000 by this December.

WHAT'S THE ETHEREUM PRICE?

The price of Ethereum (ETH) is currently sitting at $3,084 - up by more than 5% over the past 24 hours, according to CoinMarketCap.

It's down 26% since its all-time high of $4,168.70 on May 10, 2021.

However, it's up by from $775 on January 1, meaning it has rocketed by around 300% since the beginning of the year.

But there's no guarantee the price of Ethereum will rise this much again - or even that it will rise at all as cryptocurrencies are extremely volatile.

Before Ethereum started rising this year, its previous all-time high was on January 14 in 2018, when it hit $1,291.92.

ROBINHOOD ALPHA PROGRAM

Robinhood is also rolling out an "alpha program" where a small group of usres will gain access to the new crypto wallet to provide feedback as it is still in development.

All of Robinhood's seven cryptocurrencies will be available to transfer when the new product rolls out.

SKIP THE LINE

Robinhood users can jump the waitlist by referring new members.

This will move users up the waitlist by "half," according to Robinhood.

ROBINHOOD CRYPTO WALLET

Robinhood expects to make its crypto wallet available to all customers in early 2022 as Bitcoin is up today on CoinBase.

Robinhood users can now join a waitlist to get access to the new technology that eases cyrptocurrency transfers as the product rolls out.

“We want to make sure our systems are scaling and that we’re prepared to handle the full load,” Christine Brown, Robinhood’s chief operating officer, told CoinDesk, as they announce testing will begin next month.

“So we’ll be giving people from the wait list access first, and then we’ll have general availability out to 100% by early 2022,” Brown said.

  • MORE RISKS OF INVESTING IN CRYPTOS
  • 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.
  • Marketing materials: Firms may overstate the returns of products or understate the risks involved.

RISKS OF INVESTING IN CRYPTOS

Below we round up five risks of investing in cryptocurrencies.

  • 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.
  • Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.

HACKERS STEAL $600MILLION

Hackers have stolen $600 million in a daring cryptocurrency heist after spotting a “vulnerability” in a blockchain site.

In one of the world’s biggest ever thefts, the cyber criminals exploited a weakness in Poly Network, a platform that looks to connect different blockchains so that they can work together.

The site said the hackers have taken thousands of digital tokens such as Ether.

WHAT IS BINANCE COIN?

Binance Coin was launched in 2017.

It was set up by cryptocurrency exchange Binance, which is the world's largest crypto platform.

Binance Coin operates with the ticker BNB and can be purchased on the Binance exchange as well as on other platforms such as eToro.

The coin was first launched for Binance users to get discounted trading fees, but now can be used to pay transaction fees on Binance and to pay for items on websites such as Crypto.com.

CRYPTO AUDIO STREAMING

Audius is a crypto-powered music streaming platform.

It’s owned and controlled by token holders and its tokens are called Audio.

According to Audius, more than 5.3million people have used the platform this month.

Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.

  • COINBASE COULD ECLIPSE BITCOIN
  • Coinbase may soon eclipse Bitcoin in the crypto space.
  • "Coinbase brings a different level of credibility to the space, being the only publicly listed company in the cryptocurrency industry," AMBCrypto reported.

CRYPTO USERS WANT DOGECOIN TO BE ACCEPTED AT AMC

Meanwhile, in a Twitter poll, users agreed that Dogecoin should be accepted at AMC.

"SO FASCINATING! Dogecoin Poll was by far my highest ever read tweet," the company CEO wrote on Twitter.

"In 24 hours, 4.2 million views, my most ever retweets, most ever replies. 140,000 votes 77% yes 23% no. It’s clear that you think AMC should accept Dogecoin."

"Now we need to figure out how to do that. Stay tuned!"

  • ONE OF THE CO-FOUNDERS OF ETHEREUM NAMED A TIME 100 MOST INFLUENTIAL PERSON
  • One of the co-founders of Ethereum, Vitalik Buterin, was named one of Time magazine's 100 Most Influential People of 2021.
  • Former executive chair of Reddit Alexis Ohanian praised him in a write-up for the piece.

HAS ETHEREUM REACHED $10,000?

The price of Ethereum (ETH) is currently sitting at $3,084 - up by more than 5% over the past 24 hours, according to CoinMarketCap.

It's down 26% since its all-time high of $4,168.70 on May 10, 2021.

However, it's up by from $775 on January 1, meaning it has rocketed by around 300% since the beginning of the year.

But there's no guarantee the price of Ethereum will rise this much again - or even that it will rise at all as cryptocurrencies are extremely volatile.

Before Ethereum started rising this year, its previous all-time high was on January 14 in 2018, when it hit $1,291.92.

EXPERT SAYS CRYPTO SANCTION SENDS 'CLEAR SIGNAL'

"Rogue cryptocurrency exchanges have long been key enablers for ransomware gangs," Tom Robinson, chief scientist and co-founder of blockchain analysis firm Elliptic said in a statement provided to Reuters."

This action by the U.S. government sends a clear signal that it will not tolerate this activity, wherever it is based."

COMPANY RELEASES HARDWARE TO MINE CRYPTOCURRENCY

Compass Mining released a new service, called At-Home Mining, that will let users buy mining equipment for personal use, BeInCrypto reported on Tuesday.

"The direct-to-consumer addition will allow anyone to purchase machines and personally mine cryptocurrency," the outlet noted.

IS SNOOP DOGG BEHIND CRYPTO TWITTER?

Rapper Snoop Dogg has claimed he is behind the Twitter account Cozomo Medici, which shares insights into the world of NFT's, on Monday.

The other account claimed on the same day that he was going to "dox from my personal account" and reveal the user's identity.

But not everyone believed it was actually Snoop.

Rapper Snoop Dogg has claimed he is behind the Twitter account Cozomo Medici, which shares insights into the world of NFT's, on Monday.

The other account claimed on the same day that he was going to "dox from my personal account" and reveal the user's identity.

But not everyone believed it was actually Snoop.

  • WHAT IS SHIBA INU COIN, CONTINUED
  • Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed, even with a popular one like Shiba Inu.
  • Cryptocurrencies are especially volatile, so their values can crash with little to no notice.
  • WHAT IS SHIBA INU COIN?
  • Shiba Inu is a cryptocurrency token that allows users to hold trillions of them.
  • The tokens feature the same Shiba Inu dog as Dogecoin, which has risen massively in popularity recently.

WHO FOUNDED ALCHEMY PAY?

The cryptocurrency was co-founded by payments industry veterans Molly Zheng, Shawn Shi and John Tan.

Trading for Alchemy Pay first began in September 2020.

According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.

Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.

WHICH COUNTRIES MIGHT ADOPT BITCOIN?

Other potential adopters of Bitcoin may soon include the likes of Brazil, Argentina, and Nicaragua, all of which have either voiced support for El Salvador’s adoption of Bitcoin or have politicians and populations that are broadly supportive of cryptocurrency.

Jeff Bandman, a cryptocurrency and digital assets expert, told Forbes: "For some countries seeking an alternate path to pegging their currency to the dollar, sterling or euro, an intriguing choice is whether to outsource monetary policy to the Bitcoin algorithm.

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