The U.S. Justice Department (DOJ) said on Tuesday that officials seized a record of over 94,000 bitcoin, which was stolen from Bitfinex in 2016, and that is currently valued at $3.6 billion. Officials also arrested two people in connection with the 2016 hack of the virtual cryptocurrency exchange. Ilya Lichtenstein, 34, and his wife, Heather Morgan, 31,…
$229 Million in Bitcoin Shorts Liquidated as Cryptocurrency Reclaims $44,000
Traders with a bearish bias saw massive liquidations in the last four days as Bitcoin surged 17 percent to a price of $44,700. What Happened According to data from on-chain analytics platform CryptoQuant, $229 million worth of short positions were liquidated in the crypto perpetual futures market after Bitcoin breached the $43,800 mark. $BTC market…
Tesla’s Bitcoin Holdings Worth Nearly $2 Billion: Filing
Tesla Inc. said on Monday the fair market value of the electric-vehicle maker’s bitcoin holdings as of Dec. 31 was $1.99 billion. In its annual filing with the U.S. Securities and Exchange Commission, Tesla, which had invested $1.50 billion in bitcoin last year, said it registered about $101 million in impairment losses last year due…
Bitcoin Mimics Stocks Rally, Hits 2-week High
Bitcoin hit its highest in two weeks on Saturday, extending the previous session’s strong gains as cryptocurrencies basked in a recovery in risk appetite and a rally in stock markets. The world’s largest cryptocurrency hit $41,983, taking gains from Thursday’s lows to nearly 16 percent, and marking a 27 percent rise from the year’s low…
Why the Government Wants Cryptocurrency Regulated
Commentary As the market for cryptocurrency continues to grow the regulators in Washington and Wall Street are increasingly worried. While regulators have blamed cryptocurrency for illegal uses like funding terrorism and funding illicit drug operations, the truth of the matter is that cash is mostly used for illicit activities, not cryptocurrency. The worry is that…
Why Texas is a ‘Mecca’ for Bitcoin Miners
Texas has turned into a mecca for Bitcoin and other cryptocurrency miners over the last year. It might not appear to be a likely location for virtual token mining, but crypto professionals and billions of dollars in capital are flooding the southern state. This has led to a growing number of cryptocurrency communities across the…
Celsius CEO Says Bitcoin May Crash Ahead of Massive Rally, Ethereum Heading to New All-Time High
Alex Mashinsky, CEO of crypto lending platform Celsius, says that Bitcoin could fall by up to 20 percent from the current price before surging higher. In a recent interview, Mashinsky said that Bitcoin could follow past precedents and surge by around four times over current levels, after testing the critical support level. “If Bitcoin does what it…
IMF Urges El Salvador to Drop Bitcoin as Official Currency
The International Monetary Fund (IMF) has urged El Salvador to drop the status of Bitcoin as the country’s legal tender, citing a series of risks, including to financial stability. The IMF’s cautionary remarks about the Central American country using Bitcoin as its official currency alongside the U.S. dollar came in a review note following a…
The ‘Death’ of Bitcoin, Ethereum? Why These Analysts Think a 50 Percent Downturn for Crypto Can Be Shrugged Off
Loup Funds analysts Gene Munster and Dough Clinton—touching upon the recent cryptocurrency crash that plummeted valuations of Bitcoin and Ethereum—said that “crypto is here to stay.” What Happened In a recent discussion, Munster noted that the downturn in the prices of Bitcoin was sharper compared with the tech-stock-heavy Nasdaq. Munster said the volatility in cryptocurrencies “scares…
Bitcoin Plummets to 6 Month Low
Bitcoin has fallen to its lowest value in six months, bottoming out at $33,046 on Monday morning, before rebounding slightly to over $36,000 by mid-afternoon. For six out of the last seven days, the leading cryptocurrency has declined in value, bringing its total market cap to a little over half of its historic high last November….
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