Bitcoin

Rakesh Jhunjhunwala, an Indian billionaire investor and partner in the asset management firm, Rare Enterprises, has called on its financial regulators to place a ban on cryptocurrencies, especially bitcoin. A Speculative Investment According to a CNBC report on Tuesday, Jhunjhunwala said that crypto trading is the highest form of speculative investment and that he had no intention of joining the trend. Popularly referred to as "India's Warren Buffet," Jhunjhunwala does not hide his dislike for the top cryptocurrency, bitcoin. He…

Bitcoin (BTC) suffered a significant dip in its price, dropping by more than 11% overnight. This dip took the market by storm, with over $1.6 billion liquidated in exchanges within 12 hours.  Bitcoin (BTC) Price Drops Sharply after ATH Bitcoin has been enjoying steady gains in the past two weeks after a reasonably stable end to January. Buoyed by solid fundamentals, the leading coin's price surged past the $50k on February 16 to herald a new bull run.  Since then, BTC's price…

The recent trend of big-money traders and institutions investing billions in cryptocurrencies has led to a sudden spike in their values. However, the mounting interest in crypto has sparked a major correction to take the steam off the hot market, with investors currently scrambling to close or top up their positions. According to David Lifchitz, CIO for trading firm ExoAlpha, the entire crypto space was likely to face intense turmoil due to the overheated market conditions. That retracement came on…

Australian Authorities have charged a Sydney man for alleged money laundering activities. This also marks the second high-profile money laundering arrest by the Police in recent months.  $4.3 million Laundered In Bitcoin Australian local news outlet the Australian Financial Review reported the news on Monday, February 22, 2021. According to the report, the New South Wales Police arrested a citizen named Yi Zhong on Monday. Zhong was arrested after police officers stopped his car in a Sydney suburb for a…

The rise in private currencies like Bitcoin and Ethereum has forced Central Banks to develop Central Bank Digital Currencies (CBDC). However, a recent report from the International Monetary Fund (IMF) insists that Central Banks must coexist with private currencies for the finance sector to grow.  Central Banks and Private Digital Currencies  The IMF revealed this in a blog post where it analyzed the relationship between central banks and the private sector. It highlighted that cryptocurrencies grow more flexibly than central…

According to media reports, South Korea will impose a crypto tax of 20% on profits from 2022. This development is part of the Korean government's plans to regulate cryptocurrency in its jurisdiction.  20% Tax on Profits above $2,260  Local news outlet Arirang revealed this development today, February 22, 2021. According to the report, the Ministry of Economy and Finance stated that income gained from trading bitcoin and other cryptocurrencies would be subjected to taxation from January 1, 2022.  Traders and…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week's Summary The Crypto Market ends the week at a total market capitalization of $1,744 trillion. Bitcoin increased by over 17% to set a new ATH at $57,505. Ethereum increased by more than 8% to trade above $2,000 for the first time. XRP dropped by roughly 7% to trade below $0.52. Elon Musk continues to drive the BTC surge with tweets and obvious support for crypto. The DeFi…

If you have a glimpse of what's happening in the crypto-verse, you must or should have noticed that the crypto world is rapidly growing, and new, better options are introduced in the markets every other day.  It started with Bitcoin as the flagship crypto; thousands of new crypto assets have joined the market since then. Believe it or not, some crypto projects have even become exceptional investment prospects. But, at the same time, not all projects are fertile to investors.…

Microsoft Chairman Bill Gates has hinted that he has little interest in Bitcoin despite its recent rise in value. This comes after Microsoft revealed that it has no plans to add bitcoin to its portfolio.   Bill Gates Neutral on Bitcoin (BTC)  During an interview today on American news outlet CNBC, Bill Gates made his opinion when asked about his view on how the enormous energy generated by bitcoin miners affects the environment.  Gates replied that he does not own bitcoins…