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    El Salvador's Bitcoin bet could be putting the country in peril as its holdings have already lost $40m in amid a cryptocurrency rout. The losses - equal to the Central American country's next bond payment - come amid a so-called 'crypto winter' and the president's plans to build a volcano-powered 'crypto city' to mine bit coin. President Nayib Bukele announced in September that El Salvador would become the first country in the world to accept Bitcoins as legal tender and forked out $105 million on the digital currency. But since then its value has fallen 45% amid a general bursting of the crypto bubble, slicing the value of the 2,301 Bitcoins bought by state coffers down to $66 million. The decision to make Bitcoin legal tender has nonplussed bond investors, who see it as exposing the state coffers to the volatility of the crypto market and thus hitting the country's ability to make bond payments. 'It's risky because it's an extremely volatile asset, and it's an investment that is totally at the discretion of the president,' Bloomberg report former El Salvador...
    BOSTON (CBS) — The world of cryptocurrency can be as confusing as it risky for those who are unfamiliar with it. At its peak, crypto has amounted a valuation of more than $2.2 trillion dollars globally. But it has lost $800 billion of that in just the past month, sending investors scrambling. READ MORE: WBZ Weather Team, Gillette Stadium hosts 'Weather Education Day' for thousands of students“People are getting a big wakeup call about risk and their retirements plans,” said Larry Glazer, managing partner at Mayflower Advisors in Boston. “We are getting a real test of how crypto currencies will perform in an evolving world, and unfortunately, the test is unnerving for most people.” Glazer said the crypto market is plummeting due to reaction from global inflation, something creators said the digital currency would be immune to. “The technology has evolved really quickly. It has evolved faster than the regulation and that is part of the challenge,” Glazer said. According to the PEW Research Center, nearly 16% of adults in the US have invested in, traded, or used cryptocurrency. READ...
    Bitcoin has fallen nearly 30% in the past month alone as cryptocurrencies across the board tumble to their lowest levels in months. Bitcoin dropped to just above $25,000 on Thursday, a more than 63% decline from its peak of $69,000 registered last November. The tumble comes as the Federal Reserve has begun tightening monetary policy and traditional assets like stocks also fall, fueling fears of a possible recession. Ethereum, the second-largest cryptocurrency by market cap, fell to about $1,700 on Thursday before climbing back a bit. The drop represents a 26% plunge over the past week and a 36% loss for the month. Ripple’s Thursday trough was $0.35, and Cardano’s was $0.40, with monthly losses of 46.5% and 49%, respectively. Steller, another major cryptocurrency, plunged to $0.10 and has lost nearly 80% of its value over the past year. BITCOIN FALLS TO HALF ITS PEAK VALUE ALONGSIDE STOCK MARKET DROP There are several factors at play in digital assets' plummet. A major influence on the losses relates to the global economic situation more generally....
    MOST major cryptocurrencies have dropped by 20% or more in the past week as the crypto market plunged severely. The recent bear market has erased more than $600billion in market capitalization from the market, according to Barrons. 1The global cryptocurrency market has tumbled in May and almost every major coin has lost value Bitcoin is down from $36,190 per coin on May 5 to $28,629, a drop of more than 21%. Ethereum has similarly dropped almost 30% since May 5, from $2,742 a week ago to $1,937. Cryptocurrencies have become somewhat notorious for sudden and unpredictable booms and busts - coins can plummet or skyrocket in a matter of minutes. This volatility makes crypto investments riskier than other types of investment. READ MORE ON CRYPTOCURRENCYSTOCK DROP Why Terra Luna is crashingCRASHING OUT Bitcoin's richest trader loses $100m a day in crypto crash as $4bn wiped off There's also scant regulation for cryptocurrency firms, meaning you're without protection if and when things go wrong. That's why it's important to not invest more than you can afford or into anything...
     Bitcoin plunged to its lowest level in 16 months on Thursday … and Twitter has pinned all the blame on Matt Damon’s viral crypto ad. In the ad, Damon gives a one-minute monologue comparing crypto investors to mountain climbers, space travelers, and other adventurers before exclaiming, “Fortune favors the brave.” Despite the promise, bitcoin dropped as low as $25,401.29 on Thursday morning. “Ether, the second-biggest digital currency, tanked to as low as $1,704.05 per coin,” reported CNBC’s Ryan Browne. “It’s the first time the token has fallen beneath the $2,000 mark since June 2021. Ether was last down 6.5% at a price of $1,988.45.” While Damon’s spot was widely mocked when it aired, it’s now trending again amid the cryptocurrency crash, with Twitter users jokingly blaming the actor: Matt Damon isn’t sweating that Super Bowl ad urging you to invest in crypto — after all, Matt got paid in good old fashioned U.S. dollars. — Max Burns (@themaxburns) May 12, 2022 and Matt Damon got paid in dollars and laughed all the way to the bank — Alex...
    What Cramer is watching Thursday — Disney did deliver, S&P analogues, crypto crash
    New York (CNN Business)The bitcoin crash is hitting Coinbase really, really hard. The cryptocurrency brokerage reported a first-quarter loss late Tuesday and revenue that fell 27% from a year ago, missing Wall Street's forecasts. Coinbase shares plummeted nearly 25% in early trading Wednesday morning and hit their lowest level ever.Coinbase stock is now down more than 75% this year and is trading nearly 85% below its all-time high price from November. Shares have lost more than half their value in just the past week alone. The plunge in Coinbase's stock coincides with the massive drop in the value of bitcoin, ethereum and other cryptocurrencies over the past few months. Bitcoin prices fell below $30,000 Wednesday morning following the Consumer Price Index report. Coinbase said in its earnings report that about 48% of its transaction revenue came from bitcoin and ethereum in the quarter. As a result of the volatility, Coinbase reported steep drops in the number of users, trading volume and assets from the fourth quarter.Read More"The first quarter of 2022 continued a trend of both lower crypto asset prices...
    Comic and pundit Bill Maher cheered this week’s cryptocurrency market losses and called its very existence “f**king stupid!” On Friday night’s edition of HBO’s Real Time with Bill Maher, the host began his monologue by cheering all the bad news for cryptocurrency this week. “I think I know why you’re happy,” Maher told the cheering crowd. “I think because you did not invest in crypto, that was a very wise thing!” He went on to rip crypto some more and praise the “actual economy,” citing recently-released GDP figures: Yes, crypto. I was hoping for this. It’s horrible for the environment. You know it. It’s just fucking stupid. And it has crashed like a rock. They’ve lost almost a trillion dollars. I mean, people in the metaverse are jumping off virtual buildings. It’s rough. And you know who got it, the millennials, because they thought it was cool. And now they’re like, wait, you mean it was a bad idea to put all my savings into an imaginary currency with a dog on it? But you know what’s doing good? The actual economy. You know,...
    BITCOIN crashed today below $40,000 before immediately bouncing back above its previous value. On Monday afternoon the biggest cryptocurrency fell below $40,000, a milestone investors feared as Bitcoin has had a rough start to the year. 1Within moments Bitcoin had recovered But within minutes it had trampolined back to $41,000 as investors appeared to rally behind the coin. Bitcoin's market cap briefly hit a low of $750billion at 2.40pm UK time, its lowest valuation in months. But by 2.54pm it had recovered to $775billion, above its pre-crash market cap. The bounce is just the latest sign of the cryptocurrency market's incredible volatility. Yet after 3pm Bitcoin began to fall again, with investors fearing a double-dip collapse. Bitcoin crashed last night after the Kazakh government switched off power and miners clashed. Most read in News MoneyMORE MONEY IRS sending new ‘$3.6K stimulus’ check payments as direct 2021 boosts endHELPING HAND Emergency extra $1,504 benefits will be automatically deposited this weekCHECK AGAIN Automatic new $5,200 payments sent NOW after 'surprise' $1,000 2021 boostsFEELING LUCKY? Winning Powerball numbers revealed Saturday with $20million jackpot...
    BITCOIN has been predicted to crash in 2022 and the value of the cryptocurrency fell dramatically earlier today. One finance expert thinks Bitcoin's worth could tank as low $10,000 (£7,400) per coin. 1Some experts think this could be a bad year for Bitcoin investorsCredit: Reuters A value of $10,000 may still seem like a lot but Bitcoin was trading at $69,000 (£51,000) back in November. After a December crash Bitcoin was trading at around $50,000 (£34,000). Today it hit a low of $42,579.93 (£31,476.15). The crypto market was said to be a sea of red this morning with lots of other popular coins crashing. Ethereum is the second biggest cryptocurrency and that was down 12%. Carol Alexander, professor of finance at Sussex University, thinks the value of Bitcoin in particular could soon fall even more. Most read in News TechCRYPTO COLLAPSE Bitcoin CRASH wipes billions off crypto market after Federal Reserve newsPRIVATE STORY You may soon get likes on Instagram Stories as the app is testing new featureSTORMY SKIES Nasa reveals stunning image of storm WIDER than the Earth brewing on...
    BITCOIN is down almost 9% and other cryptocurrencies have crashed. The crypto market was said to be a sea of red this morning. 1Bitcoin has crashedCredit: Getty Images - Getty The crash happened after the Federal Reserve released "hawkish" minutes. The minutes stated that the Fed would be cutting back support for the economy, which is bad news for riskier assets like crypto. Bitcoin, the world's biggest cryptocurrency, was down 8.6% over the 24 hours to 4.50 a.m. ET. That's a big drop for the popular currency. Ethereum is the second biggest cryptocurrency and that's down 12%. Solana coin has dropped 13%. Bitcoin is now at its lowest level since its December flash crash. Most read in News TechPRIVATE STORY You may soon get likes on Instagram Stories as the app is testing new featureSTORMY SKIES Nasa reveals stunning image of storm WIDER than the Earth brewing on JupiterG-WHIZ! Verizon reveals HUGE 5G rollout for 20million Americans – will you get it?ALL BLOWN UP Nasa reveals meteor EXPLOSION 'like 30 tons of TNT' over Pittsburgh I am Bitcoin creator Satoshi...
    In this article BTC.CM=Vertigo3d | iStock | Getty ImagesAll things considered, bitcoin has had a pretty good year. The digital currency is up nearly 70% since the start of 2021, driving the entire crypto market to a combined $2 trillion in value. It's a year that's seen the first major crypto company go public with the debut of Coinbase in April, increased participation from Wall Street banks like Goldman Sachs, and the approval of the first U.S. exchange-traded fund linked to bitcoin. However, heightened regulatory scrutiny and intense price fluctuations have dampened bitcoin's prospects lately. And experts warn the market could be heading toward a downturn. With next year already looking like another rollercoaster period for digital currencies, CNBC takes a look at analysts' biggest predictions.Crypto crashSome experts believe bitcoin is due for a sharp decline in the coming months. Bitcoin surged to a record high of almost $69,000 in November. It's now sitting below $50,000, down almost 30% from its peak. Wall Street wisdom defines bear markets as a decline of 20% or more from recent highs, but it's...
    INVESTORS around the world are holding their breath as the Evergrande Group tries to avoid a default on its debt. We explain how a potential collapse could affect cryptocurrency markets - and whether they will crash. 1We explain how an Evergrande Group debt default would affect crypto marketsCredit: Reuters As always, cryptocurrency investors should know that making money in this way isn't guaranteed and you could lose all the cash you put in. That's why it's important to not invest more than you can afford, or into anything you don't understand. Cryptocurrencies are highly volatile and can make large swings with no notice. Due to the scant regulation for crypto firms, you'll be without protection if and when things go wrong. What is the Evergrande Group? The Evergrande Group is the second largest property developer in China by sales. Most read in MoneyCASHING IN Fourth stimulus check update – Millions could be in line for $1,000 paymentsTIME CHECK Child tax credit to end in weeks, but there's still time to get $1,800 paymentCHECK IT OUT 'Surprise' stimulus check plus-up payments...
    CRYPTO exchange Bitmart has been hacked, suffering a loss of nearly $200million dollars across various tokens. Security researchers PeckShield first detected the cyberattack and estimated the exchange had suffered a loss of $100m. 3Hackers have targeted the crypto exchange BitmartCredit: Getty 3Nearly $200m worth of various cryptocurrencies were hacked in the cyberattackCredit: Reuters A further investigation from the team revealed a concurrent hack of $96m over the crypto exchange’s BSC reserves. Bitmart representatives initially claimed that the outflows were routine withdrawals, referring to the reports of the hack as “fake news,” reports Coin Desk. However, Bitmart founder and chief executive Sheldon Xia later confirmed the incident in a Twitter message: "We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 millions." Xia added the exchange was "conducting a thorough security review" and that all withdrawals are suspended until "further notice." PeckShield first noticed...
    Getty Images When a cryptocurency token called titan dropped from more than $60 to several thousandths of a cent in the space of a few hours earlier this month, even traders with the thickest of skins were a bit alarmed.  While rapid price appreciation and equally swift sell-offs are increasingly par for the course in the world of altcoin investing, a zeroing out in value in a day is unusual. Even the firm behind the token itself referred to the event as the world's "first large-scale crypto bank run."  Self-made billionaire investor Mark Cuban, who was personally invested in the token, tweeted Wednesday that he "got hit like everyone else."  But the good news for crypto investors is that tokens like titan are their own very special category of coin, whose functionality and use case is fundamentally different than a mainstream digital currency like bitcoin or ether. Titan is part of "the Wild, Wild West of programmable money and fundraising," said Scott Spiegel, co-founder at BitBasel, a Miami-based blockchain start-up.Dropping to $0Titan is a DeFi token. DeFi is short for...
    Andrew James Rodriguez, 33, of El Paso, was arrested after hitting and killing a moped driver in Las Vegas on June 5 A 33-year old cryptocurrency investor who calls himself a 'multi six-figure earner' was driving a Lamborghini at 141mph in a 45mph zone when he hit and killed a moped driver in Las Vegas. Andrew James Rodriguez bragged in a video posted to Facebook the night before the fatal accident of the big night out he and his friends were going to have celebrating his birthday.  The next night, he'd killed someone when slamming a Lamborghini - which he didn't own, according to reports - into a 58-year-old on a moped.  'We are kings of the desert, ay!' he said on a balcony overlooking the Las Vegas Strip, which he was visiting from El Paso, Texas, where he lives, according to police. 'My birthday bash, guys, is gonna be lit-ty!' He has since been released on $750,000 bail.  On the video, Rodriguez boasts about the riches he says he'd gained through cryptocurrency trading as he walks through a multi-level,...
    Chris Ratcliffe/Bloomberg via Getty Images Crypto investors may be shell-shocked by a recent plunge in prices. But that sell-off has a silver lining: It opens the door to a money-saving tax strategy. Popular cryptocurrencies like bitcoin and ethereum shed more than half their value in volatile trading over the past month or so. A bitcoin investor who bought at the mid-April peak (around $65,000) and sold low on Wednesday (near $30,000) would have lost 54%, for example. Zoom In IconArrows pointing outwards But crypto losses are treated differently from those of stocks and mutual funds. That's because so-called "wash sale" rules don't apply, according to financial advisors. This offers two benefits to crypto investors: They can sell crypto for a loss, and then use that loss to reduce or eliminate capital-gains tax on winning investments. Then, they can quickly buy back the crypto they sold so as not to miss out on a subsequent rebound in price.VIDEO5:1705:17CoinShares' Demirors on what's fueling bitcoin volatilityThe ExchangeThe first benefit (called "tax-loss harvesting") is allowed for stocks and other securities. However, the second benefit...
    BITCOIN reached record-breaking highs last month - but it’s value has nearly halved since within a blink of an eye. Despite spiking at $64,536 in April, it’s value has plummeted to $36,664 just under six weeks later, according to CoinMarketCap. ???? Read our cryptocurrency live blog for the latest Bitcoin updates 1Bitcoin has tumbled in price since April this yearCredit: AFP But why has one of the oldest and most popular cryptocurrencies dropped so dramatically - and so quickly? We explain all you need to know, but first, a word of warning: buying cryptocurrencies is a very risky business. Investing is not a guaranteed way to make money - so make sure you know the risks and can afford to lose money. Cryptocurrencies are highly volatile, so while your cash can go up, it can just as easily go down in the blink of an eye. As always, you shouldn’t invest in something you don’t understand. Why has Bitcoin dropped? Bitcoin peaked in value on April 14, boosted by the major cryptocurrency exchange, Coinbase, going public. But just four days...
    New York (CNN Business)Wild, stomach-churning moments are part of the experience when you buy a ticket to the crypto circus. But the past week's volatility was enough to make some of the crypto faithful wonder whether they've been bamboozled. On Wednesday, a broad crypto crash wiped out about $1 trillion in market value — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the global crypto market, nosedived 30% to $30,000 on Wednesday, its lowest point since January. By Friday, bitcoin had rebounded slightly, to around $37,000 — bruised by continued regulatory concerns, and far off its all time high above $64,000 that it hit a month ago. Volatility is baked into the nascent cryptocurrency market, but the digital assets' explosive growth in the past year has attracted hordes of amateur and professional investors looking for a quick profit. Many of them ride an upswing and get out, or panic sell when things turn sour, exacerbating gains or losses. This week, a combination of factors, including government warnings about increased regulation...
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