Technology Cost of a single Bitcoin exceeds $50,000 for first time
New record: Bitcoin rises to 28,500 US dollars for the first time - but cannot hold profits
The most famous cryptocurrency Bitcoin reached a new high on Wednesday. © Provided by Finanz.net TORU YAMANAKA / AFP / Getty Images In the morning, according to the Bitstamp trading platform, an Bitcoin cost US $ 28,599 at times - more than ever before. Currently, however, the Bitcoin has fallen well below the mark of 28,000 US dollars, which it first crossed on Sunday, but then was also unable to defend .
SILVER SPRING, Md. (AP) — The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.
The price of Bitcoin has risen almost 200% in the last three months and its volatility was on display Tuesday. After rising above $50,600, it fell back to $48,674 at 2:15 p.m. ET. At that price, with about 18.6 million Bitcoins in circulation, Bitcoin has a market value of nearly $907 billion.
Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.
Storming the Capitol drives Bitcoin price - 40,000 dollar mark broken for the first time
Bitcoin has passed the 40,000 US dollar mark for the first time. The cryptocurrency is thus continuing its rapid upward trend. And the storm on the Capitol is also to blame. © REDPIXEL.PL / Shutterstock Bitcoin course - the $ 40,000 mark has been broken. The rush for digital currencies like Bitcoin and Ethereum continues.
Companies have been leery because of Bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for a myriad of reasons.
Last week, however, the electric car company Tesla sent a tremor through the digital currency markets, saying that it was buying $1.5 billion in Bitcoin as part of a new investment strategy, and that it would soon be accepting Bitcoin as payment for its cars.
BNY Mellon, the oldest bank in the U.S., followed a day later, saying it would include digital currencies in the services it provides to clients. Mastercard said it would start supporting “select crypto currencies” on its network. And Blue Ridge Bank of Charlottesville, Virginia, said it would allow cardholders to purchase and redeem Bitcoin at 19 of its ATMs.
cryptocurrency: Bitcoin falls below 30,000 US dollars
© picture alliance / dpa / MAXPPP | Alexandre Marchi At the beginning of January the digital currency still reached its record high, now Bitcoin is continuing its price slide. Two points could be responsible for this. The recent setback of the digital currency Bitcoin widened before the weekend . Bitcoin fell below the $ 30,000 mark on Friday for the first time since the beginning of January. In the low, the cryptocurrency was 7.7 percent in Asian trading to around 28,800 dollars.
As its price keeps rising, here’s a brief look at the bitcoin frenzy:
HOW BITCOINS WORK
Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who “mine” them by lending computing power to verify other users’ transactions. They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with U.S. dollars and other currencies. Some businesses also accept bitcoin, but its popularity has stalled out in recent years.
AM I ABLE TO USE BITCOIN TO BUY STUFF?
The digital currency has become popular enough that more than 300,000 transactions typically occur in an average day, according to bitcoin wallet site blockchain.info. Still, its popularity is low compared with cash and credit cards.
Besides Tesla, few companies have said they’ll accept Bitcoin as payment. Overstock.com appears to accept Bitcoin for most listings on its website, including cameras, vacuums and clothes. PayPal allows its accountholders to buy, sell and hold four cryptocurrencies, including Bitcoin — but you can’t use it to pay people, at least not yet. The payment company Square bought $50 million worth of Bitcoin in October at about $10,600 each, and allows users of its cash app to buy Bitcoin from their mobile devices.
India Drafts Bill to Create Government Cryptocurrency, Ban Private Cryptocurrencies, with Exceptions
India's Parliament is expected to consider a bill to ban "private" cryptocurrencies, with some as yet unspecified exceptions, which would allow the government to create a state-sanctioned digital alternative. © Mukesh Gupta/reuters A bank teller counts stacks of 1,000 rupee banknotes inside a bank in Jammu, India, November 25. John Elliott writes that the cancellation of Rs1,000 ($14.80) and Rs500 notes was suddenly introduced by Prime Minister Narendra Modi on November 8.
Lee Reiners, who teaches fintech and cryptocurrency courses at Duke University School of Law, believes many companies will remain hesitant to accept Bitcoin as payment for products and services because of the volatile price.
“If you were a merchant, why would you accept payment in an asset that could be worth 20% less a day after you receive it?,” Reiners said in an email.
But Richard Lyons, a finance professor at the University of California at Berkeley, predicts Bitcoin and other digital currencies “will become transactional currencies increasingly over the next five years. It’s not going to happen overnight,” he said.
WILL MORE COMPANIES INVEST IN BITCOIN?
Assuming Tesla bought Bitcoin at the volume weighted average price of $34,445 in January, the company is sitting on a gain of about 38% with its investment. But in the regulatory announcement unveiling its Bitcoin purchase, Tesla warned it could suffer the loss of part or all of its investment “and our financial condition and operating results may be harmed.”
“Tesla is going to have to be very careful and comprehensive in accounting for its Bitcoin investment on its books,” said Anthony Michael Sabino, a professor of law, at St. John’s University. “Like any other financial asset other than actual cash, it might fluctuate.”
Mark Cuban wants to become US President - if Bitcoin rises to $ 1 million
In a recent tweet, self-made billionaire Mark Cuban announced that he would run for the office of US President when Bitcoin which has reached $ 1 million. In the past, the investor was critical of Bitcoin. © Provided by Finanz.net Thomas Lohnes / Getty Images • Mark Cuban wants to be US president if Bitcoin hits $ 1 million • JPMorgan analysts expect Bitcoin to rise to $ 146,000 • Cuban shows Critical of BitcoinIn a tweet, self-made billionaire and owner of the professional basketball team "Dal
Mary Barra, CEO of General Motors, a Tesla rival, said GM has no immediate plans to invest in Bitcoin but would continue to “monitor and evaluate” potential use of digital currency.
IS BITCOIN A BUBBLE?
Reiners says that Bitcoin could potentially be a bubble, if you define one as people buying an asset for no reason other than the expectation that it will go up so they can sell at a profit. On the other hand, he said, there is consensus that Bitcoin has value as a hedge against inflation and the broader stock market.
“All that said, I do think the Bitcoin bubble has plenty of room to inflate. Institutional money is just starting to get into the space and that’s going to push the price higher. When this bubble bursts and at what price Bitcoin settles at is anyone’s guess,” Reiners said.
HOW BITCOIN CAME TO BE
It’s a mystery. Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto. Bitcoin was then adopted by a small clutch of enthusiasts. Nakamoto dropped off the map as bitcoin began to attract widespread attention. But proponents say that doesn’t matter: The currency obeys its own internal logic.
In 2016, An Australian entrepreneur stepped forward and claimed to be the founder of bitcoin, only to say days later that he did not “have the courage” to publish proof that he is. No one has claimed credit for the currency since.
Why Are Bitcoin Supporters Giving Themselves Laser Eyes? Wyoming Senator Joins Trend .
It's not entirely clear where the meme started, but it's spread quickly among crypto holders.One of the people who appears to have caught many people's attention by adding glowing red over her eyes was Wyoming Senator Cynthia Lummis. The Republican's profile photo seems relatively normal save for the red laser eyes seemingly pasted over her own. A Daily Beast reporter tweeted that a Lummis staffer said that it was "a cryptocurrency thing," but did not expand on what exactly it meant.