Bitcoin price latest – Cryptocurrency markets plunge 30%, Coinbase down and new StopElon coin to limit Elon Musk's power

A NEW cryptocurrency called StopElon has been launched solely to prevent Elon Musk from influencing the cryptocurrency market.

The token’s website states that it aims “to destroy the biggest market manipulator of them all, ” according to Bezinga.

The outlet reports that StopElon’s plan is to use the capital raised through the project to full control of Tesla stock and fire the firm’s CEO.

The founding community of stopelon said: “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account.

“He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON.”

Read our cryptocurrency live blog below for the very latest updates…

  • Olivia Burke

    TESLA NOT DROPPING BITCOIN

    Elon Musk has revealed that Tesla will not be selling its crypto stash despite the market drop.

    He tweeted: "Tesla has: [diamond hands]". If the company were to sell right now, they would sustain a huge loss.

    Musk said Tesla invested $1.5billion in Bitcoin back in February and the car manufacturers were briefly accepting the crypto as payment for its vehicles.

  • Olivia Burke

    NVIDIA TAKE STEPS TO STOP CRYPTO MINING

    Chipmaker Nvidia has taken steps to prevent its highly sought-after graphics cards from being used for crypto mining.

    It doesn’t want its graphics processing units to further exacerbate shortages for video gamers, as they can be used for large data tasks such as crypto mining.

    The technology company said it was intentionally limiting the power of it’s most popular video gaming cards to make them less useful at calculations needed to approve transactions.

  • Olivia Burke

    CRYPTO EXCHANGES CRASH AMID PRICE PLUNGES

    A string of major crypto exchanges have crashed after prices plummeted.

    Customers have reported they cannot access their accounts – after Bitcoin fell by over $10,000 in the last few hours.

    The likes of Coinbase, Binance, and other major platforms have stopped working – meaning investors cannot withdraw their money, which some may desperately want to as the market continues to tumble.

    Hundreds of reports of problems with the crypto services were registered by website health checker DownDetector, as well as with the exchanges Gemini and KuCoin.

  • Olivia Burke

    IS THERE A LOOPHOLE TO CHINA’S BAN?

    Linghao Bao, analyst at policy research firm Trivium China, said Chinese investors can still find ways to buy cryptocurrencies through illegal vendors despite the ban.

    He said: “There will always be a way to circumvent regulations.

    “The point of this order is to tell financial institutions to up their game to detect these crypto-related transactions.”

    Despite the ban, individuals can still legally hold cryptocurrencies.

  • Olivia Burke

    BITCOIN WILL BE BACK

    Despite the anarchy amongst the crypto community, analysts believe the Bitcoin will be back with a vengeance.

    Analysts at Bespoke Investment Group said: "That’s steep no matter how you look at it, but would you believe that over the last 10 years, Bitcoin’s average drawdown from a record high on any given day is close to 50%, and on 69% of all trading days during this span bitcoin has been down more than 40% from its record high?"

    Like a phoenix of the ashes, Bitcoin is expected to reemerge bigger and better 1; despite the huge slump in price.

  • Olivia Burke

    BITCOIN CRASH "FEELS LIKE CAPITULATION" SAYS EXPERT

    Bitcoin's spectacular crash of over $10,000 in just a few hours has been dubbed a "capitulation" by financial experts today.

    The drastic dip in price prompted by China's crypto crackdown has been dubbed one of the worst selling stretches since March 2020.

    "It does feel like capitulation this morning," Galaxy Digital's CEO Mike Novogratz said.

    "But it’s not going to bounce right back…it’s going to consolidate," he continued.

  • Olivia Burke

    WHAT IS CHINA’S HISTORY WITH CRYPTOCURRENCY?

    China’s cryptocurrency ban isn’t the first time the country has restricted its digital transactions.

    It closed its local cryptocurrency exchanges in 2017 – which at the time dictated 90% of global bitcoin trading.

    In June 2019, the People’s Bank of China issued a statement saying it would block access to all domestic and foreign cryptocurrency exchanges and Initial Coin Offering websites.

    The aim was to clamp down on all cryptocurrency trading with a ban on foreign exchanges.

    Now China has announced crackdown on cryptocurrency transactions.

  • Olivia Burke

    WHY DID THE PRICE OF BITCOIN DROP LAST MONTH?

    The price of Bitcoin slipped by 3% after it reached an all time high of £46,500 last month after Turkey banned crypto payments.

    Its central bank said the ban is due to the risk of transactions and the danger of “irrepairable” possible damages.

    The price of Bitcoin also plummeted when the coronavirus crisis first hit, falling to lows of £3,300 last March.

  • Olivia Burke

    WHAT ARE THE RISKS OF CRYPTO INVESTMENTS?

    Financial Conduct (FCA) has warned people about the risks of investing in cryptocurrencies.

    • Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
    • Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
    • Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. 
    • Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
    • Marketing materials: Firms may overstate the returns of products or understate the risks involved
    • Olivia Burke

      WHAT PROMPTED THE MARKET CRASH?

      China announced a ban of financial institutions and payment companies from providing services related to cryptocurrency transactions.

      Under the ban, these institutions, like banks and online payments channels, must not offer clients any service involving cryptocurrency.

      This includes registration, trading, clearing and settlement

      Although China has banned crypto exchanges and initial coin offerings – they have not barred individuals from holding cryptocurrencies.

      It prompted a price crash across the crypto market that has now seen major platforms also fail as concerned investors try and withdraw their funds.

    • Olivia Burke

      BITCOIN PIZZA DAY IS THIS SATURDAY

      This Saturday marks a special occasion that may improve the mood of the cryptocurrency world after a heavy week… it is Bitcoin Pizza Day!

      The annual celebration commemorates a US programmer, Laszlo Hanyecz, becoming well known in crypto circles after trading 10,000 bitcoins for two pizzas on May 22, 2010. 

      The date is now celebrated in the crypto calendar as "Bitcoin Pizza Day." In today’s crypto market, Hanyecz's pizza pocket money would now be worth £305,000,000 – that’s over 30 million pizzas – or one very expensive pizza. 

    • Olivia Burke

      BINANCE COMMENTS ON PLATFORM TEMP CLOSURE AS MARKET TURBULENCE CONTINUES

      Binance have issued a notice of temporary maintenance on Leveraged Tokens, banning the trading, subscription and redemption temporarily.

      They said there will be a separate announcement once they are reopened.

      The platform also added a risk warning, regarding Leveraged Tokens: they "are designed for short term bets on market movement, with a preference toward momentum.

      "Long term holding of Binance Leveraged Tokens (BLVT) is risky, as the token has some built-in decay in the absence of momentum movements in favor of the position.

      "Binance will not be liable to you for any loss that might arise from your use of Leveraged Tokens," it read.

    • Olivia Burke

      CRYPTO EXCHANGE CRASHES

      Some users have complained that crypto exchange Binance as stated it has "temporarily suspended trading for all Binance leveraged tokens except for: BTCUP, BTCDOWN, Ethup, ETHDOWN, BNBUP AND BNBDOWN".

      Meanwhile, Coinbase users have shared an image of the message that states, "An error has occurred", "Service unavailable", and that the site is "currently down for mainenance."

    • Olivia Burke

      HACKERS BEHIND COLONIAL PIPE ATTACK GOT $90M IN BITCOIN

      The hacker group Darkside which is believed was behind the Colonial Pipeline attack in the US received $90 million in bitcoin according to Elliptic.

      The group, which is made up of a cohort of veteran hackers, compromised the 5,500-mile pipeline with a ransomware attack earlier this month, causing panic to erupt in 18 states along the East Coast as fuel supplies run low.

      Blockchain analytics firm Elliptic said: “In total, just over $90 million in Bitcoin ransom payments were made to DarkSide, originating from 47 distinct wallets.

      “According to DarkTracer, 99 organisations have been infected with the DarkSide malware – suggesting that approximately 47% of victims paid a ransom, and that the average payment was $1.9 million.”

    • Olivia Burke

      MARKET DROPS IGNITE SCEPTICS CONCERNS

      The continuing plummet of cryptocurrency and the crash of platforms has ignited the concerns of sceptics.

      Tech columnist Tim Culpan tweeted his concerns as a string of major crypto exchanges crashed after prices plummeted.

      He mockingly added: "Yup, crypto is the future of money."

    • Olivia Burke

      CRYPTO EXCHANGES CRASH AMID PRICE PLUNGES

      A string of major crypto exchanges have crashed after prices plummeted.

      Customers have reported they cannot access their accounts – after Bitcoin fell by over $10,000 in the last few hours.

      The likes of Coinbase, Binance, and other major platforms have stopped working – meaning investors cannot withdraw their money, which some may desperately want to as the market continues to tumble.

      Hundreds of reports of problems with the crypto services were registered by website health checker DownDetector, as well as with the exchanges Gemini and KuCoin.

    • Olivia Burke

      A BEGINNER’S GUIDE TO BITCOIN

      Bitcoin became the world’s first entirely virtual currency when it was introduced in January 2009.

      Users cannot carry coins or notes and its value appears only as a number on a screen.

      It was created by a shadowy online account which went by the name Satoshi Nakamoto.

      Check out our beginner’s guide to Bitcoin and the world of cryptocurrency.

    • Olivia Burke

      WHAT IS CHIA?

      A popular cryptocurrency created by BitTorrent inventor Bram Cohen, Chia is described as “green money for a digital world”.

      Chia launched last week and has already become popular in some countries in Asia, such as Vietnam and China, reports the Telegraph.

      “Instead of consuming massive amounts of electricity… proof of space leverages the over-provisioned exabytes of disk space that already exist in the world today,” Chia claims.

    • Olivia Burke

      WHAT IS LITECOIN?

      Litecoin entered the cryptocurrency market as a competitor to Bitcoin in 2011.

      Like the other cryptocurrencies – it is run on Blockchain. Each individual Litecoin is known as a token – which is the digital asset that you own when you invest.

      According to GoBankingRates, in 2017 Litecoin was the first cryptocurrency to complete a Lightning Network transaction

    • Olivia Burke

      WHY IS BITCOIN BAD FOR THE ENVIRONMENT?

      A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.

      The Centre for Alternative Finance has estimated that Bitcoin now accounts for 0.59% of global electricity production.

      That may seem like a small number but it’s enough energy to keep kettles in the UK boiling for 33 years.

      Reports suggest most Bitcoin mining happens in China and is fuelled by burning coal in the Xinjiang region.

    • Olivia Burke

      BITCOIN WILL RISE AGAIN

      Investors are not writing off Bitcoin after today's slump just yet – as it reminds them of earlier plummets that led to rocketing prices.

      They hope to see vast improvements in its position, similarly to 2013 and 2017 when it soared.

      Some think that whatever goes down, must come back up… and are looking forward to new record-breaking highs.

    • Joseph Gamp

      WHAT IS BITCOIN?

      Bitcoin is a virtual currency that is traded between people without the help of a bank.

      Every transaction is recorded in a public ledger, or “blockchain”.

      Bitcoin is created by mining – which involves solving difficult maths problems using computer processors.

      Bitcoin can be traded anonymously, which can make it a popular way of funding illegal activities.

      The value of Bitcoin fluctuates wildly, which makes it a very risky investment.

    • Joseph Gamp

      IS THERE A LOOPHOLE TO CHINA’S BAN?

      Linghao Bao, analyst at policy research firm Trivium China, said Chinese investors can still find ways to buy cryptocurrencies through illegal vendors despite the ban.

      He said: “There will always be a way to circumvent regulations.

      “The point of this order is to tell financial institutions to up their game to detect these crypto-related transactions.”

      Despite the ban, individuals can still legally hold cryptocurrencies.

    • Joseph Gamp

      EXPLAINED: WHAT IS $STOPELON?

      A new cryptocurrency called StopElon has been launched solely to prevent Elon Musk from influencing the cryptocurrency market.

      The token’s website states that it aims “to destroy the biggest market manipulator of them all, ” according to Bezinga.

      The outlet reports that StopElon’s plan is to use the capital raised through the project to gain full control of Tesla stock and fire the firm’s CEO.

      The founding community of stopelon said: “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account.

      “He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON.”

    • Joseph Gamp

      ETHEREUM CO-FOUNDER ‘BURNS’ BILLIONS OF DOLLARS IN SHUBA INU THEMED CRYPTOCURRENCY

      One of the co-founders of ethereum has “burnt” billions in Shiba Inu themed cryptocurrency saying that he didn’t want to hold onto the viral currency.

      Vitalik Buterin moved coins in a dead wallet address destroying 41 per cent of the currency that was in circulation.

      Buterin kept some of the coins but intends on donating them to charity.

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