The bitcoin bubble looked increasingly at risk of bursting on Friday, as a sell-off of the world’s largest cryptocurrency continued apace.
Bitcoin fell $659 to $8316 today, its lowest since mid-November, and down from a peak of $19,500 in December after an explosive rise in the value of digital coins.
The fall follows a bad start to the year for bitcoin, with India’s government this week saying that it doesn’t consider cryptocurrencies legal tender and its announcement it will take all measures to eliminate payments using them.
Bitcoin’s latest tumble started when American regulators began investigating whether last year’s price surge had been caused by market manipulation on its major exchange, the Bitfinex.
Meanwhile, Facebook recently said it would block any advertising promoting cryptocurrency products and services, amid concerns that too many were being used to mislead potential customers.
Connor Campbell, financial analyst at Spreadex, said it has been “a horrible few days for the previously ascendant product”.
American economist Nouriel Roubini tweeted: “Bitcoin is the biggest bubble in human history. Much bigger than the Mississippi, South Sea, Tech & Tulip bubbles. The Mother Of All Bubbles is now crashing.”
Alex Lawn is in New York on a pitstop, arriving in from Sweden on his way to next week’s Inside Bitcoin conference in Las Vegas. He hasn’t slept much. The way he describes it, no one at KnCMiner does much sleeping these days, as the company races to become the driving force in the rapidly expanding world of Bitcoin mining.
He elicits some stares as he hauls around a giant metal box full of computer components, an accessory that’s no doubt been the source of some major headaches passing through customs on his world travels. Inside is Jupiter, which the company claims is capable of mining the currency 100-times faster than the competition. “Everything about our project is totally over-engineered,” Lawn says with a smile. “Normally the post-fabrication refinement process is around 12 to 18 months, and we did it within 24 hours.”
Continue reading Up-close with a Bitcoin mining powerhouse (VIDEO)
- A bitcoin was worth $13,975 at 11.30 a.m. GMT on Christmas day.
- The cryptocurrency has had an extraordinarily volatile time recently.
- Its value has fallen sharply over the past week, and has been declining more modestly since.
Continue reading Bitcoin heads into Christmas on a slump
Bitcoin blew past $9,700 just a week after topping $8,000 and approached its closest ever to five figures, gaining mainstream market attention as it defies bubble warnings.
Continue reading Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics
LONDON — The global cryptocurrency market underwent a correction of around 11% over the weekend, after a riotous start to the year.
Things could get worse, with China on Monday announcing a ban “initial coin offerings”, the digital coin issuing craze that has helped fuel the market’s rapid rise in 2017.
The total value of the 866 digital currencies tracked by CoinMarketCap.com declined from close to $180 billion on Saturday to $160 billion on Monday morning.
Continue reading There was a $20 billion cryptocurrency price correction over the weekend
Companies across the globe are reporting that they have been struck by a major ransomware cyber-attack.
British advertising agency WPP is among those to say its IT systems have been disrupted as a consequence.
Ukrainian firms, including the state power company and Kiev’s main airport, were among the first to report issues.
The Chernobyl nuclear power plant has also had to monitor radiation levels manually after its Windows-based sensors were shut down.
Continue reading Global ransomware attack causes turmoil
Libertarians love Bitcoin.
About 44% of the online crypto-currency’s users self-identify as Libertarians.
They love the fact that it’s not controlled by a government or central bank — so no online Fed can “print” more of it and inflate our way out of trouble. They love that it’s decentralized; it’s the currency of The People, not The Man. They love that it’s “mined,” a bit like gold, because that makes it a bit like the gold standard, which libertarians think real currencies ought to be tied to. They love that Bitcoin isn’t taxed, so you can hide your income from the government if you want to. They love the way its value reflects pure supply and demand, and not a value forced into the system by regulation or monopoly. And they love that it’s fairly lawless — it’s difficult to enforce rules (other than the rules of the market) when everyone in the market is anonymous.
Continue reading Bitcoin Proves The Libertarian Idea Of Paradise Would Be Hell On Earth