Cryptocurrency & Mining News - Page 34

Dogecoin holders would be rejoicing at the price turnaround for their precious meme-cryptocurrency, as the coin is currently sitting in the top rankings.

At the moment, Dogecoin has surpassed $253 billion in market capitalization and is sitting in the 5th spot. Most of the coin's increase in value can be attributed to Elon Musk's vocal support for the coin on his Twitter account, as well as Snoop Dogg. It was just the other day that Elon Musk tweeted about Dogecoin causing the value of the cryptocurrency to spike 10%.

Now, Dogecoin has experienced its lows in the past weeks, as have most other cryptocurrencies. However, Dogecoin is trailing behind the big cryptocurrencies now, such as Bitcoin, Ethereum, Tether, Binance Coin, and Cardano. Since January, Dogecoin has increased in value by 2,400%. For more information on this story, check out this link here.

There's been one person who has been on top of the COVID-19 pandemic and that is Adam Gaertner, who has now launched Ivermectin Coin -- yeah a cryptocurrency based on the anti-parasitic drug that's used to treat several diseases and can be used as a COVID-19 treatment.

Ivermectin Coin has the very best intentions, with Gaertner pointing out that "The pandemic is not simply a medical matter, either; there is a very significant political angle. You might have noticed. Without total eradication, driven by the people of the world, overbearing government responses will quite surely continue. We must completely eradicate COVID".

It was this very reason why Ivermectin Coin was created -- with Gaertner adding that it is his plan to "unite all of the medical and legal groups, all the world over, with a single purpose: to eradicate this virus, starting on July 24th. The heroic efforts of many of these groups have made impacts; many are alive today that would not have been otherwise".

Dogecoin has seen a recent uptick in its value after Tesla, and SpaceX CEO Elon Musk posted a few tweets to his Twitter page.

On July 1, Musk took to his Twitter to post a play-on-words tweet that replaces the word "shark" with "doge". The tweet references the extremely popular "Baby Shark Dance" that has nearly been viewed 9 billion times since it was posted to YouTube in 2016. That tweet from Musk directly correlates to Dogecoin's price spike by nearly 10%.

The following morning Musk followed up with another tweet that was a meme referencing The Godfather and a caption that reads, "Release the Doge!". It seems that the latest string of tweets from Musk has been impactful to the price of Doge, but not as impactful as they once were. Back in April, Musk let loose a series of tweets that caused the price of Dogecoin to more than $0.40. For more information on this story, check out this link here.

During a live event, co-chair of the House blockchain caucus said that there is a growing "sentiment" in Congress that cryptocurrency users are involved in a "criminal conspiracy".

Democratic Rep. Bill Foster of Illinois, the co-chair of the House blockchain caucus, said during an Axios virtual event on June 29 that there need to be new laws written that bridge gap between what is illegal with cryptocurrencies and what is legal. Foster said, "We're going to have to establish a law between the legal and illegal regimes here."

One of the suggestions Foster made was that US regulators need to be able to identify an individual that is trading anonymously (Bitcoin and other cryptocurrencies) in case that individual is performing fraudulent transactions. Foster said that regulators must be granted the power to identify digital-asset holders through a "very heavily guarded key" and reverse transactions in Bitcoin.

As Bitcoin and other cryptocurrencies have grown in adoption and overall interest, the US government has been posed with the question of how regulation should be implemented.

Many cryptocurrency investors are against the idea of regulation as it infringes on the very principles of why the blockchain and cryptocurrencies are popular in the first place - decentralization. Having any form of regulation for cryptocurrency transactions would add a third party that traders may not necessarily trust or believe is warranted to be there. You can see where the divide currently lies and where new laws need to be written to bridge the gap.

Democratic Rep. Bill Foster of Illinois, the co-chair of the House blockchain caucus, said on June 29 that the US government regulators need to have the power to identify digital-asset holders and reverse transactions in bitcoin or other cryptocurrencies. Foster says, "You have to be able to go to a court to unmask participants under some circumstances." Foster suggests that new laws should be written that would allow a court (third-party) to identify a cryptocurrency use through a "very heavily guarded key."

Robinhood reached into its back pocket yesterday and paid a $70 million fine for "for systemic supervisory failures and significant harm suffered by millions of customers" but meanwhile, the company was stacking the walls with the cash it was making with Dogecoin.

Robinhood explained in its IPO filing that Dogecoin accounted for 34% of its cryptocurrency transaction-based revenue in Q1 2021, up from 30% in Q4 2020. Elon Musk celebrated the news with a new tweet, where he said "Release the Doge!" with a meme of the Godfather saying "You come to me at runtime. You tell me the code you are executing does not compile".

The IPO reveals that Robinhood has close to 18 million monthly active users, around $80 billion in assets under its management -- and that it bled out $1.5 billion in Q1 2021. So that $70 million fine yesterday... a drop in the bucket for Robinhood.

A non-fungible token (NFT) titled "This Changed Everything" has sold for much less than anticipated when considering its historical value.

Sir Tim Berners-Lee, a co-inventor of the World Wide Web, has created and sold an NFT for the source code of the World Wide Web. The auction for the digital artwork was hosted on Sotheby's and shows a time-stamped file of the 9,555 lines of source code on a high-res image. The digital artwork also includes a 30-minute animation of the code being written and a letter from Berners-Lee.

Considering the significance the World Wide Web had on modern-day life and how much of an integral piece of code it is in the history of the internet, the NFT only sold for $5.4 million. While that still is a substantial amount of money, it's not that much compared to digital artist Mike Winkelmann's Beeple, which sold for over $69 million.

New reports are indicating that a George Soros investment firm has been given the thumbs up to begin trading cryptocurrencies.

People close to the matter spoke to author Michael Bodley regarding Dawn Fitzpatrick, the chief investment officer for Soros Fund Management, a private investment firm founded by George Soros. The sources said that Fitzpatrick has given the go-ahead for the firm to begin trading Bitcoin and other cryptocurrencies. The sources decided to remain anonymous but revealed that the trading has occurred in the last few weeks.

Additionally, the sources claimed that Fitzpatrick and her team have been investigating cryptocurrencies and other digital assets for a prolonged period of time and that this latest venture is much more than just testing the waters with digital assets. The adoption by Soros, if it is true, maybe a good thing for the price of Bitcoin, but it also could be very bad, as Soros is famous for shorting the British pound in 1992 where he earned $1 billion profit in a single day, making him his reputation we know today by assisting the in breaking of the Bank of England.

The world of cryptocurrency has seen better days as of late after China announced its crackdown on the main digital currency, Bitcoin.

China announced its ban on Bitcoin, and in the following weeks, the value of the Bitcoin steadily dropped for most of May and June. The price dropped all the way down to $30,000 from a high in April of $63,000. Some positive news for the cryptocurrency is coming out of Mexico as the nation's third-richest individual has said that he is currently "working" to get his bank to accept Bitcoin.

The announcement comes from billionaire and cryptocurrency advocate Ricardo Salinas Pliego, who has openly backed Bitcoin and even recommends any investor to have Bitcoin in their portfolio. Salinas personally holds 10% of his liquid portfolio in cryptocurrency, and according to Bloomberg Billionaires Index, Salinas' net worth has risen $2.8 billion in 2021 to $15.8 billion.

A statement on Saturday revealed that Binance has been banned in Britain by the UK regulator watchdog.

The announcement comes from the Financial Conduct Authority (FCA), who stated that Binance was "is not currently permitted to undertake any regulated activities without the prior written consent of the FCA." The FCA didn't exactly state why the exchange has been banned, but Binance Markets Limited has until June 30 to notify the FCA that it will comply with its demands and also notify users in the U.K. of the now imposed restrictions.

However, a Bianace spokesperson stated to CNBC, "The FCA U.K. notice has no direct impact on the services provided on Binance.com ... Our relationship with our users has not changed. We take a collaborative approach in working with regulators, and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space."