Cryptocurrency & Mining News - Page 2

The cryptocurrency market has been in a slow decline since Bitcoin's price reached its all-time high in November, 2021, but now things have started to heat up - in a bad way.

The price of Bitcoin was in an overall steady decline for many months, from January to April, 2022 the Bitcoin's price bounced between $45,000 and $35,000. In May the world's most popular cryptocurrency experienced a mass sell off, driving the price from approximately $35,000 at the beginning of May to $26,000 by the beginning of June.

Now, June as been a bloodbath of red sell candles as the price plummeted a further 30%, to what seemed to be a support level at $20,000. Looking at some of the hourly trading metrics you can see swaths of Bitcoin being purchased at $20,000, but not enough to outpace the selling that was occurring. As of writing the price has since broken the lowest support the market has seen since December 2020, and is fluctuating at around $19,000.

A bill to ban fossil-fuel-powered cryptocurrency mining has passed the Senate in New York state.

Assembly Bill A7389C passed in the Assembly in late April, but days before the cutoff for any new legislature on June 2nd, it had failed to be assigned a date to be examined further before it could be voted in the state Senate, and go on to become law. However, an influx of phone calls supporting the bill ensured it reached the Senate and subsequently passed on June 3rd.

"Hundreds of people calling by the hour every day for the days leading up to the final hours of session proved to legislative leadership how concerned New Yorkers were. The voice of the people was the most important factor in driving this bill over the finish line," New York state Assembly member Anna Kelles, sponsor of the bill, wrote in an email to The Daily Beast.

Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.Convicted felon and scammer Anna Sorokin has launched a new NFT project, "Reinventing Anna" while in custody awaiting deportation.

Elon Musk along with his two companies SpaceX and Tesla have been hit with a lawsuit that totals a staggering $258 billion.

The lawsuit has been filed by Keith Johnson, who claims that Musk, SpaceX and Tesla were involved in a racketeering scheme that manipulated the price of the Dogecoin, and promote the coin as a legitimate investment. "Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all," the lawsuit reads. Notably, Johnson is going for class-action status on the suit and has intended to represent other investors who also believe that they have been illegally impacted by Musk.

Musk has been very public about his support of Dogecoin, which was originally created in 2013 as a "meme coin". Musk's support of the cryptocurrency brought major attention to the project, and between 2020 and 2021, its price pumped after Musk posted about it on Twitter. The attention brought to Dogecoin has secured it the 11th place on the charts for the highest market cap cryptocurrency, and when the project was at its highest value, it sported a $88 billion market cap.

Bill Gates spoke at the TechCrunch climate conference on June 14th, 2022.

Gates has previously been vocal about his misgivings about cryptocurrencies and non-fungible tokens (NFTs), questioning their viability and opposing the massive carbon footprint associated with mining them and processing their transactions on the blockchain.

Gates joked during an interview at the conference that "obviously, expensive digital images of monkeys are going to improve the world immensely, we all know that, and that's so incredible," referencing the notorious Bored Ape Yacht Club (BAYC) NFTs.

Coinbase is slicing and dicing 18% of its global workforce as its stock price, and the ground falling out from the price of Bitcoin and most other cryptocurrencies.

The cryptocurrency exchange staffs around 5000 people, meaning that Coinbase culling 18% of its workforce will result in around 1100 people losing their jobs in an already messy economic situation worldwide. Coinbase CEO Brian Armstrong said: "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period".

"While it's hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment. Our employee costs are too high to effectively manage this uncertain market. While we tried our best to get this just right, in this case it is now clear to me that we over-hired".

I'm sure the day of June 13, 2022, will be a day that crypto investors, experts, traders, and everyone in between will mark as a day of reckoning for not just Bitcoin, but most cryptocurrencies.

Bitcoin has tumbled down from its $29,000 support down to $23,000 to start the week -- dropping to $21,000 today -- meaning Bitcoin has dropped to its lowest level since December 2020. With BTC down to $23,000 it means that a huge $200 billion in market cap was wiped away, with Bitcoin sitting at $22,000 at the time of writing. There's now a "crypto winter"

It was only in November 2021 that Bitcoin breached a new all-time high price of over $68,000 but those days are over (for now) with Bitcoin dropping from its $29,000 support down into $21-$22,000 we're looking at a bigger plunge down 80% from its ATH to $14,000 or so. The headlines and panic will only get worse if that happens, more so than the end of days headlines, there are now.

A year ago, El Salvador became the first country in the world to officially adopt Bitcoin as a legal tender. The country then invested multiple millions of dollars into the cryptocurrency, and that investment isn't looking like it has paid off (yet).

The price of Bitcoin is currently in freefall, dropping more than 20% in value over a 24-hour period. El Salvador, one of the leading countries with cryptocurrency adoption, purchased 420 Bitcoins for more than $60,300 each, which was then backed up by another mass purchase on May 9 when the country's president Nayib Bukele announced an additional 500 Bitcoin was purchased for average price of $30,744.

At the time of writing, Bitcoin is teetering between the $20,000 and $22,000 range, meaning that El Salvador's hefty investment has reduced by close to half of its total purchasing value. Mashable points out that the country holds 2,301 Bitcoin that is currently valued at approximately $53 million, which is about half of the $105.6 million the country initially invested.

Researchers have assessed blockchain data from the early days of Bitcoin, finding "wealth, income, and resources in the bitcoin community were highly centralized." Mining activity between 2009 and 2011, when Bitcoin was first introduced and when it was of equivalent value to the U.S., respectively, showed that the majority of Bitcoin was mined and owned by only 64 "agents."

These early adopters mined a collective 2,676,800 Bitcoin, valued at about $81 billion at the time of writing. Despite being intended to be decentralized, the network was kept alive by the small group that possessed the "computational resources" to continue mining.

Former Twitter CEO Jack Dorsey and legendary rapper and artist Jay-Z have announced the creation of "The Bitcoin Academy".

Shawn "Jay-Z" Carter and Jack Dorsey have teamed up to fund The Bitcoin Academy that will give financial education to residents of Marcy House located in Brooklyn, New York. For those that don't know, Marcy House or Marcy Projects is a public housing complex that holds approximately 4,286 residents. The Bitcoin Academy is an educational program that is designed to help individuals develop financial independence, literacy skills, self-confidence, long-term thinking strategies, and more.

Notably, Jay-Z grew up in the area, which explains his involvement and intentions to give back and better the community he was once a part of. Furthermore, all of the courses are completely free to all Marcy residents, and according to Dorsey, residents will also be receiving "devices and data plans for all who need it". Classes begin on June 22 and will go until September 7, with the lessons being available in person and online. Lastly, enrollees who participate in two classes a week will receive dinner.