Tag: Bitcoin

Bitcoin miners are devouring energy at a record pace during the cryptocurrency runup
Technology

Bitcoin miners are devouring energy at a record pace during the cryptocurrency runup

[ad_1] After recovering from a near-death experience during the most recent crypto winter, Bitcoin miners are back in survival mode — spending billions of dollars on equipment and drawing energy at a record pace ahead of an update in the digital currency's code that threatens revenue streams. The surge in activity is sparked by a runup in the world's largest cryptocurrency, fueled by newly launched spot Bitcoin exchange-traded funds, and a quadrennial event called the halving that is slated to take place in April. Bitcoin has surged more than fourfold since plunging by 64% in 2022 amid a series of crypto industry bankruptcies and scandals.  Also read: Mark Zuckerberg criticises Apple Vision Pro again, says Meta Quest 3 is better Since February 2023, 13 of the top mining companies have p...
Bitcoin fraud: In online scam, woman loses whopping Rs. 26.88 lakh; know how to stay safe
Technology

Bitcoin fraud: In online scam, woman loses whopping Rs. 26.88 lakh; know how to stay safe

[ad_1] Bitcoin fraud: Cryptocurrency market is at best a volatile arena and at worst, often, it a fraudsters' paradise that stretches well beyond the segment itself and spans the wider web where fraudsters deploy ingenious methodologies to entrap and fleece users of their money via online scams. Having said that, Bitcoin itself has been doing rather well in recent months, having hit rock bottom and then climbing back up. Bloomberg reports that Bitcoin price rose 3% to break above $45,000 on January 2 and that was the for the first time since April 2022. Yes, the world's biggest and best-known cryptocurrency started 2024 with a bang. Bitcoin rose to touch a 21-month high of $45,386 earlier in the day. Ether, the coin linked to the ethereum blockchain network, was 1% higher at $2,376. U-t...
Crypto job postings drop nearly 60% in December 2023 despite recent bitcoin rally
Technology

Crypto job postings drop nearly 60% in December 2023 despite recent bitcoin rally

[ad_1] Hiring in crypto isn't heating up as fast as the recent rally the space has seen on expectations of an imminent approval of a US exchange-traded fund investing directly into Bitcoin. Crypto job postings on LinkedIn declined 57% year-over-year in December, less than the 71% year-over-year drop in November, according to the professional networking site. Between November and the end of the year, Bitcoin's price rose 57%, according to data compiled by Bloomberg. At jobs board CryptocurrencyJobs.co, which charges for job posts, December was one of the best months of 2023 in revenue, said Daniel Adler, the website's founder.  We are now on WhatsApp. Click to join. For much of 2023, layoffs abounded, with companies like Gemini Trust and Binance.US shedding staff amid a regulatory crac...
Bitcoin Struggles to Recover After Near 10% Drop
Technology

Bitcoin Struggles to Recover After Near 10% Drop

[ad_1] Bitcoin struggled to rebound from a precipitous drop which sent the largest cryptocurrency falling as much as 9.22% earlier in the week.The token was little changed on Thursday morning London time, trading at around $43,056 and marking a partial recovery from Wednesday's low, but still 6.2% away from the year's high.  Bitcoin had rallied to a 21-month high on Jan.2, ahead of ahead of an upcoming Jan. 10 deadline, that could see the US Securities and Exchange Commission approve the first exchange-traded fund tied directly to the asset's spot price. The token, along with the broader crypto market crashed suddenly on Wednesday, which some speculated occurred after Matrixport analyst Markus Thielen wrote in a note that he expects the SEC to reject all Bitcoin ETF proposals this month...
Cryptocurrency market: Bitcoin price soars above $45,000 for first time since April 2022
Technology

Cryptocurrency market: Bitcoin price soars above $45,000 for first time since April 2022

[ad_1] Cryptocurrency market: Bitcoin price rose 3% to break above $45,000 on Tuesday for the first time since April 2022 as the world's biggest and best-known cryptocurrency started 2024 with a bang. Bitcoin rose to touch a 21-month high of $45,386 earlier in the day and was last up 2% at $44,980. Ether, the coin linked to the ethereum blockchain network, was 1% higher at $2,376.Bitcoin rally shines spotlight on investor risksA much-anticipated US approval of wider bitcoin trading has helped the world's biggest cryptocurrency reach 20-month heights, risking however pain for new investors unaccustomed to its volatility. Bitcoin this week had reached above $44,000 for the first time since April last year, yet still remains far from a record-peak of almost $69,000 in 2021. The recent surg...
Crypto markets: Bitcoin’s 160 pct Rebound in 2023 Is a Gamble on ETF ‘Demand Shock’
Technology

Crypto markets: Bitcoin’s 160 pct Rebound in 2023 Is a Gamble on ETF ‘Demand Shock’

[ad_1] The sense of doom that gripped crypto markets at the end of 2022 following a $1.5 trillion wipeout has 12 months later given way to a very different sentiment: avarice. Bitcoin stormed back with a more than 160% advance this year that added some $530 billion to its market capitalization. In its wake, myriad smaller tokens ranging from Sam Bankman-Fried-backed Solana to dog- and frog-themed memecoins took off as investors embraced risk again. An investor who bought $100,000 of Solana at the start of 2023 would now be sitting on a more than $800,000 gain.  Underpinning much of the bonanza is optimism that US regulators will soon give their first blessing for an exchange-traded fund that invests directly in Bitcoin. Investors will find out by Jan. 10 if that bet, which crypto bulls ...
Crypto Crumbles – Bitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000
Technology

Crypto Crumbles – Bitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000

[ad_1] Bitcoin delivered another bout of its notorious volatility in a brief but sharp tumble toward $40,000 amid a broader crypto selloff.The largest token sank as much as 7.5% to $40,521 before paring some of the losses to trade 3.6% lower at $42,245 as of 7:15 a.m. Monday in London. Smaller tokens like Ether, XRP, Polkadot and Cardano also fell. An index of the largest 100 digital assets shed about 4%, the largest drop since Nov. 22. Bitcoin has been on a tear this year on expectations that regulators will give the green light for the first US exchange-traded funds investing directly in the token, widening the potential base of crypto investors. Bets that the Federal Reserve will cut interest rates in 2024 have also encouraged the rally both in Bitcoin and virtual currencies as a who...
Crypto Altcoins Are Outperforming With Bitcoin Price ‘Gravitating’ Toward $50,000
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Crypto Altcoins Are Outperforming With Bitcoin Price ‘Gravitating’ Toward $50,000

[ad_1]  Smaller, lesser-known digital currencies are outperforming Bitcoin after the breathtaking surge by the market bellwether in recent weeks.  Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined, the two largest tokens account for about 70% of crypto's $1.6 trillion market capitalization.  “After the huge rallies Bitcoin and Ethereum have seen, it's not a surprise that they're taking a bit of a sideways breather,” said Matt Maley, chief market strategist at Miller Tabak & Co. “However, the fact that these altcoins are rallying so strongly today tells me people have not lost any love for the overall asset class.” Solana is among the blockchains competing with...
Jack Dorsey’s Block Inc Furthers Bitcoin Foray With New Hardware Wallet Called Bitkey
Technology

Jack Dorsey’s Block Inc Furthers Bitcoin Foray With New Hardware Wallet Called Bitkey

[ad_1]  Block Inc. is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector.  Called Bitkey, the wallet allows users to self-custody the cryptocurrency on a hardware device that resembles a USB thumb drive. While similar products have been available for a while, the majority of crypto assets are still held on trading platforms.  Dorsey unveiled the San Francisco-based company's efforts to develop the new hardware wallet and a Bitcoin mining system in 2021, with the goal of decentralizing the Bitcoin network and making both safe storage and mining of the digital asset more accessible.  Users of the wallet can connect with crypto exchanges and payment s...
One year after FTX imploded, here’s how crypto is changing
Technology

One year after FTX imploded, here’s how crypto is changing

[ad_1] For many who trade cryptocurrencies for a living, the events of a year ago are forever etched in memory.  “The worst day of my career, and one of the worst days of my life — the day FTX froze withdrawals,” is how Travis Kling, who runs Ikigai Asset Management, described it in a series of tweets on Nov. 7. Four days later, Sam Bankman-Fried's exchange filed for bankruptcy, ushering in arguably the darkest days in crypto's history. “The first weeks were incredibly brutal. I didn't sleep much at all. Feelings of terror, guilt and shame. We laid off most of the team,” Kling wrote.  A year on, the industry is irrevocably altered — while at the same time in many ways remarkably familiar.  Mostly gone are the giddy day traders and the abundant leverage that drove Bitcoin to its November...