Cryptocurrency price news – Bitcoin hits record high and Shiba Inu coin up today after Braintrust crypto exchange error
SHIBA Inu coin is up on Coinbase on Tuesday, as is Bitcoin after Square CEO Jack Dorsey revealed the company is looking to get into crypto mining with that currency.
"Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide," CEO Dorsey said in a tweet on Friday.
"If we do this, we'd follow our hardware wallet model: build in the open in collaboration with the community."
Bitcoin's price hit a six-month-high of $62,000 after the tweet, Business Insider reported.
Both Bitcoin and Shiba Inu remain up on Tuesday, according to Coinbase.
Plus, crypto prices saw some changes after President Biden's statement drawing attention to potential pitfalls of the currency, such as ransomware and other cyber threats.
The statement from Joe Biden read: "Cyber threats can affect every American, every business regardless of size, and every community. That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats."
Read our cryptocurrency live blog for the latest news and updates...
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.
MESUT OZIL RELEASING HIS OWN CRYPTOCURRENCY, CONTINUED
Fans who purchase it can trade it the same as Bitcoin and also get discounts on his gear plus there will also be opportunities to meet him.
Ozil is following in the footsteps of fellow footy stars Keisuke Honda and James Rodriguez by venturing into cryptocurrency.
IS MESUT OZIL RELEASING HIS OWN CRYPTOCURRENCY?
Former Arsenal star Mesut Ozil will launch his own cryptocurrency this week.
The 32-year-old playmaker, who left the Emirates for Fenerbahce in January, is expanding his M10 brand by creating a digital coin.
SunSport understands he will officially launch his cryptocurrency over the coming days.
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES, PART TWO
While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of bitcoin miners.
Thursday’s statement by the central bank sent the strongest yet signal that China is closed to crypto.
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES
It’s not Beijing’s first move against digital currency – in 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
CHINA’S CRACKDOWN ON CRYPTO IS ‘BIG OPPORTUNITY’ FOR US
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
JAILED BITCOIN MINER WAS 'ACTING OUT OF GREED'
Singh was sentenced to 13 months and two weeks in prison in a UK first.
Andrew Baxter of the CPS said: “This is a highly unusual case."
"The overwhelming majority of times we see offenses of abstracting electricity, they are to support other criminal activities such as growing cannabis."
"Bitcoin mining is a legitimate legal enterprise. Sanjay Singh was simply acting out of greed."
BITCOIN MINER JAILED, CONTINUED
The Crown Prosecution Service explained Singh's activities were first detected when a power provider investigated a fault at a substation caused by the cryptocurrency mining overloading the system.
The CPS released details of the case and said an inspection of Singh's premises showed he had tampered with the wiring to run over 200 devices.
Investigations suggested he had cheated the power provider out of tens out thousands of pounds of electricity.
Singh went on to commit the same offence at the nightclub in Loughborough while the first offense was still under investigation.
Singh was charged with two counts of abstracting electricity and pleaded guilty to both offences.
BITCOIN MINER JAILED
A bitcoin miner has been jailed after he was caught stealing electricity in a sketchy cryptocurrency scam in the United Kingdom.
Sanjay Singh, 40, admitted "abstracting" electricity worth up to £32,000 at two locations where he operated bitcoin mining machines, Leicester Crown Court heard.
The first loaction was in an industrial unit in Coalville and the other was in Firefly nightclub in Loughborough.
The second had been closed for the summer holidays.
EXPERT COMMENTS ON TETHER’S VALUE
Despite its claim to be a stablecoin, Tether has still witnessed spikes and sharp falls in price, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted in May.
She told The Sun: “It has also been criticised for a lack of transparency, has had to settle US lawsuits and trading in the currency is banned in the state of New York.”
WHAT IS TETHER?
The Tether cryptocurrency, which is also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.
It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.
Tether claims to keep values steady by holding reserves in that currency in a bank.
WHAT IS NUCYPHER? CONTINUED
This allows users to share private data with a number of others in a secure way.
Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.
Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.
WHAT IS NUCYPHER?
NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network launched.
NuCypher specifically operates as a decentralized key management system that uses blockchain technology.
NUCYPHER
On Friday, NuCypher at one point exploded more than 1,100% to hit a new all-time high of $3.5819.
The gains cooled off a bit as of Friday morning, but the cryptocurrency was still up 400% at $1.52, according to CoinMarketCap.
HOW VALUABLE IS THE CRYPTO ECONOMY NOW?
The crypto economy is approaching $3trillion in value.
This week, the crypto economy became worth more than Apple, and bitcoin became the sixth most valuable asset in the world.
GRAYSCALE BITCOIN TRUST ETF
On October 19th, Grayscale and the New York Stock Exchange filed to convert the Grayscale Bitcoin Trust into an ETF.
Grayscale Bitcoin Trust is the largest bitcoin fund in the world, and the company also manages the Grayscale Ethereum Trust.
BITCOIN SURPASSES $64,000 WEDNESDAY
For the first time since April, bitcoin surpassed $64,000 on Wednesday, reaching almost $65,000.
The milestone came just a day after the launch of ProShares' Bitcoin Strategy ETF on October 19th.
SOLANA SCALABILITY, CONTINUED
Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun: “The collection of 10,000 artworks reported sold out in under 10 minutes. Each piece was ‘minted’ using the SOL token.”
He added that “there’s a sentiment among crypto evangelist that Solana has strengthened its status as credible challenger to Ethereum as the blockchain of choice for building decentralized applications."
‘MILESTONE SCABILITY TEST’
Solana is on the rise following a “milestone scalability test” last month.
It hosted the “Degenerate Ape Academy”, a collection of digital artworks (NFT) on Solanart, a marketplace on the Solana network.
AMC CEO TALKS ABOUT ACCEPTING CRYPTO
"AMC CEO Adam Aron says company will accept Bitcoin, Litecoin and Ethereum 'before year end,' with Dogecoin expected in Q1," someone captioned this video on Twitter.
EXPERT COMMENTS ON ALCHEMY PAY AND BINANCE
Shaun Heng, vice president of growth and operations at CoinMarketCap told The Sun that it’s challenging to assess the risk of many crypto projects like Alchemy Pay.
And while he isn’t a fan of Alchemy Pay’s crypto-linked cards, he did tout one its partners Binance, which is the largest crypto exchange by trading volume globally.
Heng said: “The partnership with Binance is most definitely a good sign of validation for the project.”
BITCOIN SCORES NEW HIGH AFTER DORSEY TWEET
Bitcoin's price hit a six-month-high of $62,000 after Dorsey tweeted about the possible Square development on Friday, according to CoinDesk and Business Insider.
That surge launched its year-to-date gains to 114 percent.
It was last trading around $64,200 on Tuesday afternoon.
SQUARE MAY BUILD BITCOIN MINING HARDWARE
Square CEO Jack Dorsey said the company may create a bitcoin mining rig in a tweet on Friday, according to Business Insider.
“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” CEO Dorsey said in a tweet late that day.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
RISKS OF ROBINHOOD, PART THREE
In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
RISKS OF ROBINHOOD, PART TWO
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.
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