Category Archives: Cryptocurrency
Cryptocurrency Crash: Is It Time to Buy the Dip? – The Motley Fool
It's been a stress-filled month for cryptocurrency investors. Major sell-offs started after Tesla CEO Elon Musk stated that the company would no longer accept Bitcoin (CRYPTO:BTC) as payment for its vehicles, citing environmental concerns about the energy needed to mine tokens. News that China would take steps to discourage mining and prevent businesses in the country from adopting cryptocurrencies triggered additional sell-offs across thespace.
With crypto prices recently seeing a substantial pullback, we put together a panel of three Motley Fool contributors and asked each member if now looks like the right time to buy. Read on for their takes on whether the recent crypto crash has presented a big buying opportunity.
Image source: Getty Images.
Keith Noonan: Elon Musk is clearly an influential figure and has some incredible successes to his name, and it's possible his involvement in the cryptocurrency space provides indicators about long-term adoption trends. However, in my opinion, the market-moving power of Musk's tweets reflects a lack of soundness in crypto as an asset class.
While most cryptocurrencies are decentralized in terms of who controls the individual coin, Musk's comments have apparently been enough to trigger big swings for Bitcoin and the overall crypto market. Many coins are also more "centralized" than some investors think. As Musk himself noted, flooding in China's Xinjiang region resulted in a dramatic reduction of the Bitcoin hash rate. As another example, roughly 100 accounts control the large majority of Dogecoin's (CRYPTO:DOGE) total coin supply.
There are already thousands of cryptocurrencies on the market, and new ones are entering the fray all the time. Many of these tokens are essentially indistinguishable in terms of utility, and there's not much to stop even the more specialized cryptocurrencies from being disrupted by new entrants in the space.
Here's another issue: While the recent sell-offs are significant and surely painful for some investors, they're also not that big in the scheme of things. Ethereum's (CRYPTO:ETH) price has climbed 1,150% over the last year, while Dogecoin has exploded 13,310% across the same stretch. Bitcoin is still up roughly 300% over the last year and stands as the single-best performing asset of the last decade.
On the most basic level, value is subjective. If enough people believe in something and continue to attract new adherents to their way of thinking, that can drive the value of almost anything higher. However, when identifying potential investment candidates, I usually try to look for more objective metrics and trend indicators that paint a picture of why people will be likely to ascribe increasing value to an asset or equity. I struggle to find those characteristics in most cryptocurrencies, and dramatic volatility in the space stemming from seemingly minor catalysts makes me concerned that the overall asset class is still due for a much bigger pullback.
James Brumley: I understand the logic. Cryptocurrencies like Bitcoin and Dogecoin have dished out incredible gains. Just when it looked like they couldn't go any higher, they went higher. Their recent sell-offs seem out of the ordinary.
The problem is, nobody can actually explain why these sell-offs took shape. They just happened without explanation, much the same way cryptos climbed for so long without explanation.
This unexplained volatility underscores the gaping, philosophical flaw of cryptos. That is, although they're being touted as an alternative to fiat (government-issued) currency, they're being treated -- and traded -- like growth investments. It's a recipe for the market turning into a proverbial Wild West, which it has.
Sure, non-fiat currencies are appealing in an environment where governments appear to be losing control of their piece of the global economy. I also recognize physical money is the past while secure, digital money is the future. But at least the world's central banks are able to maintain some semblance of price stability for their respective currencies. Nobody's attempting to hold the prices of cryptos steady; nobody's even in a position to do so. That's why they're not reliable stores of value, which is the whole point of holding a particular currency.
So, buy on this dip if you must; I'd certainly never say you can't make money with them. Just recognize you're only speculating on how other people will arbitrarily feel about cryptocurrencies at some point in the future. That's little more than a coin toss.
Eric Volkman: I don't feel cryptocurrencies are attractive at current rates, no matter how many bargain hunters claim they're oversold (for the record, the crypto of all cryptos -- Bitcoin -- is down a queasy 34% from its mid-May peak; others have also plummeted).
One very good reason to continue staying away is a concern that continues to dog cryptocurrencies: safety and security. Take good old-fashioned hacking. While it's nearly impossible for a team of cyber pirates to raid the ever-lengthening distributed blockchain that undergirds any serious cryptocurrency, other facets of the system are vulnerable to attack.
Remember Mt. Gox? That was the Bitcoin exchange that hackers penetrated in 2014, stealing 850,000 Bitcoins. If the heist were to occur today, that pile would be worth a dizzying $33.5 billion. And at the time, Mt. Gox was the king of the world's Bitcoin exchanges, but that hack made it a future trivia question. Less than four years after its launch, Mt. Gox was a goner.
While security has advanced since then, the crypto exchanges remain vulnerable. Last August, researchers at the Black Hat security conference found not one, not two, but three methods through which hackers could make effective attacks against such platforms. This, despite the billions of dollars and immense brainpower and resources plowed into securing these sites.
Another classic means of separating assets from their owners, phishing, was responsible for the theft of roughly $200 million worth of crypto assets from various exchanges. That scam had been running for two years when it hit the headlines in mid-2020.
While any financial asset is vulnerable to a phishing attempt, the volatility and sky-high dollar prices for certain cryptos make their holders particularly juicy targets these days.
(Phishing, for those unfamiliar, is the method by which a scammer impersonates a person in a position of authority to ask for sensitive information from a victim. Once obtained, that information is used to access valuable property for theft.)
Another security concern is the decentralized nature of cryptocurrencies. This is a key selling point for such assets, as governments, central banks, and other important policy makers can't tinker with them for political or economic advancement.
But the flip side of that is they are subject to worryingly little regulation. The U.S. banking system, for instance, has a clutch of regulatory agencies watching and protecting it, from the federal level on down. To name one, traditional banking accounts held by an individual are automatically insured for up to $250,000 by the Federal Insurance Deposit Corporation (FDIC).
There's no U.S. public agency that insures $250,000 worth of Bitcoin.
So no, I don't think cryptos are a buy on weakness right now. In fact I'm not convinced they're a buy, period.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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Cryptocurrency Crash: Is It Time to Buy the Dip? - The Motley Fool
Modi govt may set new panel for Cryptocurrency. Will regulation help Bitcoin, Dogecoin and other investors? – The Financial Express
Cryptocurrency India. Representative image
Even as there are a lot of uncertainties around the future of cryptocurrency in India, the crypto industry is happy over reports that the Government of India may soon set up a new panel to decide on Cryptocurrency regulation in India. Until now, the government has not clarified its stand on cryptocurrency while some reports have earlier suggested the government was planning to introduce laws to completely ban cryptocurrency trading in India.
Even on the floors of the Parliament, the governments stand on cryptocurrency has been disappointing for the evolving crypto industry in the country. Amid these, the latest reports on the regulation of the cryptocurrency sector have provided fresh hope to all stakeholders in the crypto sector.
According to Avinash Shekhar, Co-CEO of ZebPay, the government setting up a panel will be a step in the right direction. We believe that the government will consult with all stakeholders and take a calibrated approach in regulating cryptos in India and ensure all investors who have invested in cryptos are protected, Shekhar told FE Online.
Sharat Chandra, Blockchain Expert, IET Future Tech Panel, said Indias crypto ecosystem has denitely come of age. With more than 1.5 crore retail investors holding digital assets worth 15,000 crores, crypto is denitely a force to reckon with.
Also read | Decrypting Cryptocurrency: Is this the right time to invest in Bitcoin and others?
The crypto community has always spoken, in unison, about their willingness to be regulated. In the absence of regulation, the cryptocurrency industry stares at an uncertain future, said Chandra.
Commenting on the recent bloodbath in crypto markets, which spooked many rst time crypto investors and raised concerns about investor protection, Chandra said, Once crypto exchanges start embracing governance and investor protection guidelines, meant for stock exchanges, risks associated with volatility can be fairly addressed.
There has to be a well-dened regulation with respect to cryptocurrencies. Regulation with adequate investor protection and compliance would augur well for the crypto industry. It remains to be seen how the newly constituted government panel views digital currencies- as an asset class, commodity, utility or otherwise, he added.
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Modi govt may set new panel for Cryptocurrency. Will regulation help Bitcoin, Dogecoin and other investors? - The Financial Express
The Jakarta Post
SpaceX will launch a satellite to the Moon next year funded entirely with the cryptocurrency Dogecoin, Canadian company Geometric Energy Corporation, which will lead the lunar mission, announced Sunday.
The satellite, dubbed DOGE-1, will be launched aboard a SpaceX Falcon 9 rocket in the first quarter of 2022, the Calgary-based company said in a statement.
The cubic satellite, weighing 88 pounds (40 kilograms), will aim to obtain "lunar-spatial intelligence from sensors and cameras on-board," according to the statement.
The "DOGE-1 Mission to the Moon" will be "the first-ever commercial lunar payload in history paid entirely with" Dogecoin, Geometric Energy Corporation said, without specifying how much the project cost.
"We're excited to launch DOGE-1 to the Moon!" Tom Ochinero, SpaceX vice president of commercial sales, said in the statement.
"This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce."
The announcement comes the day after SpaceX founder Elon Musk hosted the live sketch comedy show "Saturday Night Live" (SNL), during which he praised Dogecoin, originally created as a joke but legitimized through the eccentric tech entrepreneur's tweets.
A big booster of cryptocurrencies, the Tesla CEO described Dogecoin in an SNL skit as "an unstoppable vehicle that's going to take over the world."
Musk shared the lunar mission announcement on Twitter Sunday, writing, "To the mooooonnn!!"
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The Jakarta Post
www.thejakartapost.com
Diane Bartz (Reuters)
Washington, United States Tue, May 18, 2021 2021-05-18 12:31 10 0920e6703081f028872405a5264b378f 2 World Elon-Musk,cryptocurrency,Scam,celebrity Free
Fake promised giveaways by celebrities such as Tesla CEO Elon Musk are being used by scammers to cash in on interest in cryptocurrencies, the US Federal Trade Commission said on Monday in noting a jump in complaints about cryptocurrency fraud since October.
In one type of scam, people are told that if they give a certain amount of crytocurrency to a "celebrity" they will get more back.
"People have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators over just the past six months," the FTC said.
Musk had been a supporter of cryptocurrencies but recently knocked dogecoin by calling it "a hustle" on national television. He has also recently said that bitcoin would not be accepted to buy a Tesla because of the environmental costs associated with mining it.
Scammers also impersonate government authorities or a potential romantic partner, the FTC said.
Overall, nearly 7,000 people reported losses of more than $80 million since October, with a median loss of $1,900, the agency said. That's twelve times more reports of scams than the same period a year earlier, the agency said.
People in their 20s and 30s were the biggest victims, reporting losing much more money on investment and cryptocurrency fraud than any other type of scam. Older people, over 50, were less likely to report falling for the scams but when they did the losses were bigger, with a median loss of $3,250.
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What the Future Holds for the Attractive Cryptocurrency Market – Yahoo Finance
Cryptocurrencies have rapidly garnered popularity over the past few years as a form of digital currency that can be used for online transactions, leading their prices to skyrocket. However, on May 19, cryptocurrency prices hit a bump following a tweet from Tesla CEO Elon Musk where he said that the company would no longer accept Bitcoin, a popular cryptocurrency, as a form of payment due to the increasing use of fossil fuels for Bitcoin mining and transactions. Moreover, the Chinese government banned financial institutions from providing cryptocurrency services.
Nonetheless, cryptocurrency prices have been on a recovery path since then. In fact, Bitcoin prices rose around 4% in the afternoon of May 24, after Elon Musk tweeted that he had spoken to North American Bitcoin miners over the sustainability of Bitcoin, as quoted in a CNBC article. In any case, cryptocurrencies have had a stellar run over the past year. Per data from Coinbase, prices of popular cryptocurrencies like Bitcoin, Ethereum, Cardano and Dogecoin were up way more than 100% over the past year, as of May 28 morning. Adding to that, the cryptocurrency market is also expected to continue a good run. Notably, ReportLinker stated that the cryptocurrency market is expected to reach $2.2 billion by 2026 from $1.6 billion estimated in 2021, at a CAGR of 7.1%, as mentioned in a GlobeNewswire article.
So, what has led to this rapid rise in the demand for cryptocurrencies? The answers are varied but importantly, cryptocurrencies offer a decentralized form of transaction without the involvement of any middleman, making it more convenient. Moreover, cryptocurrencies make use of blockchain technology, which is considered as secure and protects the identity of the user. Meanwhile, the transaction fee for cryptocurrency is also comparatively lower than what is charged in the traditional financial system.
Reflective of the opportunities that cryptocurrency holds, various companies are entering into the cryptocurrency fray. Markedly, technology heavyweight Facebook has been attempting to introduce a digital currency and after facing several headwinds, it is set to introduce Diem in 2021, a stable coin that will be pegged to the U.S. dollar, as cited in another CNBC article. Meanwhile, cryptocurrency mining company Riot Blockchain, Inc. RIOT recently announced that it has completed the acquisition of Whinstone from Northern Data, as quoted in another GlobeNewswire article. Interestingly, the article stated that commencing in early 2020, Whinstone built the largest Bitcoin hosting facility in North America, as measured by developed capacity, and Riot Blockchain plans to rapidly bring the property acquired to its current capacity of 750 megawatts.
Story continues
Furthermore, visual computing company NVIDIA Corporation NVDA has ventured into cryptocurrency by providing cryptocurrency mining processors (CMPs) and in the recently concluded fiscal first quarter of 2022, NVIDIA reported revenues of $155 million from CMP cards. Moreover, the company expects CMP sales to reach $400 million in the current quarter. Notably, both Riot Blockchain and NVIDIA carry Zacks Rank #2 (Buy). You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here.
Meanwhile, digital payment company PayPal Holdings, Inc. PYPL, recently announced that it would add support to external cryptocurrency wallets that will allow users to make Bitcoin transfers off their platform, as quoted in an Independent article. Moreover, Square, Inc. SQ stated that revenues from Bitcoin sales rose to $3.51 billion during the first quarter of 2021 compared to $306 million in the year-ago quarter.
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What the Future Holds for the Attractive Cryptocurrency Market - Yahoo Finance
Sioux Falls CoinLion weighs in on recent volatility in cryptocurrency – KELOLAND.com
SIOUX FALLS, S.D. (KELO) Cryptocurrency has been a growing topic in the financial world for a little more than a decade, but recently the fast-growing industry took a significant dip.
We focus on auto trading within the Cryptocurrency space, CoinLion CEO Eric McDonald said.
CoinLion is a Sioux Falls based crypto trading company designed for people who have no idea what theyre doing.
We try to make this as simple as possible because crypto is a little confusing, so we spend a lot of time white gloving this, so people know what theyre getting into, McDonald said.
Part of that is understanding that youre entering a routinely volatile investment space.
Every month for the last six months, you see a large pull back, sometimes its 17 percent, sometimes its 30 percent, McDonald said. We saw recently a pull back of about almost 50 percent over the course of 12 days. So from my perspective, thats not a surprise. Its almost like clockwork. Every three weeks you see crypto have a strong pull back.
But even with the recent drop, he says Bitcoin and Ethereum, the two main forms of Cryptocurrency, are still growing.
When I say its pulled back 40 to 50 percent, if you look at what its done year over year, its still up about 300 to 400 percent. It was up about 700 percent, now its only up about 350 percent, still really good, McDonald said.
While some are waiting for the time a crypto dip wont recover, McDonald believes this type of decentralized currency is here to stay and will only grow in the future.
When you see a dip like this, you get two reactions, one is of panic, Im going to sell, or this is my opportunity Im going to buy in, this is a great time to be buying, in my opinion, McDonald said.
While McDonald says clients arent pulling their 401ks or IRAs from the traditional stock market, he says many large financial firms like PayPal andJ.P. Morganare now investing in cryptocurrency, which is helping to decrease the risk of the growing market.
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Sioux Falls CoinLion weighs in on recent volatility in cryptocurrency - KELOLAND.com
What is cryptocurrency and why did the market drop? – KING5.com
Some cryptocurrencies recently saw their biggest drop in years.
SEATTLE Digital currencies are a form of payment. You can use them in exchange for goods and services.
Cryptocurrencies work using a technology called "Blockchain." It's essentially a very secure and permanent leger of all cryptocurrency transactions. It's able to connect computers from all around the world.
Some of the more common cryptocurrencies are Bitcoin, Ethereum and Dogecoin.
These digital currencies have skyrocketed in popularity over the past few years. However, in just the last week, something big happened in the crypto world. All the markets experienced a massive drop. For some cryptocurrencies, it was the biggest drop they'd seen in years.
The massive decline came after Tesla reversed course and said it would no longer allow you to buy a Tesla vehicle using Bitcoin. China's move toward cracking down on cryptocurrency use in the country also contributed to the drop that's now being dubbed "The Great Crypto Crash of 2021." A total of $1 trillion was wiped out from the market in just one week.
Experts blame the market's erratic movement on it being so new. Scott Smallman, managing director of Wedbush Securities, says there just aren't as many players.
"The markets don't have the level of depth that they that they might have for, you know, Starbucks stock or something like that," he said.
Experts also point to amateurs investing in cryptocurrency with money they don't have.
They're also owned by people who usually keep a close eye on the market. When the future looks uncertain, investors can quickly pull their money out. That's also known as panic selling. This can help exacerbate gains or losses on the crypto market.
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What is cryptocurrency and why did the market drop? - KING5.com
Ban Cryptocurrency to Fight Ransomware – The Wall Street Journal
No one is out of reach from ransomware attacks. The Colonial Pipeline hack made that clear, along with the nearly 2,500 cases of ransomwarea form of malware that encrypts computer files and holds them for ransomreported to the Federal Bureau of Investigation last year, a 66% annual increase. In 2020 ransomware victims paid hackers $350 million in cryptocurrency. Since many victims pay ransom without reporting the incident, these numbers understate the damage.
The solutions floated after the Colonial hackimproved cybersecurity in the private sector and public-private collaboration to protect critical infrastructureare pro forma and inadequate. There is a simpler and more effective way to stop the ransomware pandemic: Ban cryptocurrency.
Ransomware cant succeed without cryptocurrency. The pseudonymity that crypto provides has made it the exclusive method of payment for hackers. It makes their job relatively safe and easy. There is even a new business model in which developers sell or lease ransomware, empowering malicious actors who arent tech-savvy themselves to receive payment quickly and securely. Before cryptocurrency, attackers had to set up shell companies to receive credit-card payments or request ransom payment in prepaid cash cards, leaving a trail in either case. It is no coincidence that ransomware attacks exploded with the emergence of cryptocurrency.
Banning anything runs counter to the American ethos, but as our experience with social media should teach us, the innovative isnt always an unalloyed good. A sober assessment of cryptocurrency must conclude that the damage wrought by crypto-fueled ransomware vastly outweighs any benefits from cryptocurrency.
It isnt obvious that cryptocurrency provides any benefit at all beyond the chance to make a quick buck. I have been studying the crypto market since its inception, and I have yet to identify a single task or process that crypto makes easier, better, cheaper or faster. Dont take my word for it. Ask any friend why he owns cryptocurrency, and the answer will invariably be to make money. In other words, speculation. (The blockchain technology that underpins crypto does have promising applications in supply-chain management and other areas.)
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Ban Cryptocurrency to Fight Ransomware - The Wall Street Journal
Why Cryptocurrency Stocks Popped Today – The Motley Fool
What happened
Cryptocurrency stocks had a great start to the day on Thursday as Bitcoin (CRYPTO:BTC) and other digital currencies jumped sharply early in the day. With the rise in crypto prices, it's no surprise that crypto stocks increased as well.
BIT Mining (NYSE:BTCM) led the way today and was up 33.9% at its high, whileSOS Ltd (NYSE:SOS) rose up to 17.1%, and Bit Digital (NASDAQ:BTBT) was up 12.5%. The stocks fell sharply off their highs but were still up 23.3%, 16.6%, and 4.2%, respectively, at the close.
Image source: Getty Images.
After hitting lows near $37,000 overnight, Bitcoin rose to over $40,000 early in the day on Thursday. That was the cause of the early pop in trading for cryptocurrency stocks. As I'm writing this, Bitcoin has fallen back to about $39,000, which is why these stocks have fallen back.
Beyond the price of crypto, BIT Mining announced this week that it plans to build a 100 megawatt (MW) crypto-mining data center in Kazakhstan. This follows an announcement last week that it will invest in a crypto-mining data center in Texas. These moves could be a way to escape some of the restrictions the Chinese government is putting on cryptocurrencies.
One of the biggest risks for cryptocurrency miners is that their assets will lose value because of government restrictions like the ones China recently implemented. So the fact that companies are diversifying where they have data centers and are even discussing adding more renewable power sources should be seen as a positive for the industry. And with some stability coming back to crypto prices, the market is diving back into mining stocks.
Cryptocurrency miners will move with underlying cryptocurrencies like Bitcoin, so the volatility in the market will likely continue to push stocks sharply higher or lower each day. For long-term investors, this volatility is part of the crypto business and should be seen as a risk of owning the stocks.
Investors should also keep in mind that miners might be even more volatile than cryptocurrencies long term, just like traditional mining companies are more volatile than commodities. This is because of the operating leverage that's inherent in the crypto mining business.
We should also keep an eye on how crypto mining diversifies in the long term. Most of the world's crypto mining is currently in China, and if that continues, it's a big risk. But if mining is spread around the world, it could reduce government-related risk.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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Why Cryptocurrency Stocks Popped Today - The Motley Fool
Top Cryptocurrency Prices Today: Bitcoin, Dogecoin and others retreat – Economic Times
NEW DELHI: Major cryptocurrencies including Bitcoin and Ether gave up their gains on Thursday as environmental concerns rose due to cryptocurrency mining. Iran put a blanket ban on cryptocurrency mining for the next four months as widespread power outages stirred public dissatisfaction across the country.
Randal Quarles, Vice chair for supervision of the Federal Reserve Board of Governors, laid out on Wednesday, some of the major questions US financial regulators will need to tackle as they figure out how to best monitor the rapidly changing cryptocurrency landscape.
Cryptocurrencies are capable of "potentially much broader use" now, thanks in part to the introduction of so-called "stablecoins," which are pegged to more traditional currencies, he added.
Bitcoin is still down about 30 per cent so far this month while rival cryptocurrency Ether is about 42 per cent below its record. However, overall volume in the crypto market have been affected, analysts say.
"We are currently in a phase of consolidation and markets seem to have corrected slightly today. Overall, markets dipped by 4-5 per cent across the board. But this dip is not supported by volume, hence expect it to be temporary. This choppy behavior will continue for the next few months as we see the euphoria in the markets stabilize," said Edul Patel, CEO and Co-founder, Mudrex.
As leading cryptos by market capitalization start to show signs of recovery, historically, altcoins have also followed suit in quick succession. Analysts advise investors to remain cautious, despite the belief that the market is likely to ride an upward trend over the next few days and potentially weeks.
While Bitcoin can process around six transactions per second, and Ethereum does around 25, the TRON network claims to have a capacity for 2,000 transactions per second (TPS). This project aims to become the leading decentralized platform, which is specialized in the domain of content sharing and entertainment. In 2018, it made its biggest acquisition when it took over BitTorrent.
Market capitalization and rank: $8.2bn (24)
For TRX to go further up, it needs to break and sustain above the resistance level of $0.096 whereas $0.069 should act as a crucial support level. The asset currently trades at $ .0782.
Time is in UTC and the daily time frame is 12:00 AM - 12: 00 PM UTC
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Top Cryptocurrency Prices Today: Bitcoin, Dogecoin and others retreat - Economic Times