Bitcoin ‘not seen as a currency for transactions’ says expert
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As of 7am today, Bitcoin rose by 2.14 percent over the last 24 hours, bringing the price to $32,570.40. Ethereum – the second-largest cryptocurrency – also jumped by 4.39 percent, increasing its price to $1,963.48.
Binance Coin's price rose to £303.66 – an increase of 3.33 percent – while Cardano jumped by 2.16 percent ($1.24)
Dogecoin – which has often been backed by Tesla chief Elon Musk – also saw a rise of 1.17 percent over the last 24 hours ($0.1929).
This comes after all cryptocurrencies struggled as all prices continued to fall this week.
According to the latest figures from Coin Market Cap, Bitcoin's seven-day average was around 2.16 percent.
All major cryptocurrencies increase price in last 24 hours (Image: Getty)
All major cryptocurrencies increase price in last 24 hours (Image: Getty)
Ethereum also struggled during the start of the week, with their seven-day average down by 4.99 percent.
Dogecoin's seven-day average also tanked by 11.79 percent.
This comes as a dormant Satoshi-era Bitcoin wallet suddenly activated after nearly a decade.
Bitcoin and other major cryptocurrencies rose this morning (Image: Getty)
The wallet – which contained more than $26million worth of cryptocurrency – was created shortly after Bitcoin's pseudonymous creator Satoshi Nakamoto disappeared in 2012.
Movement of funds from the Bitcoin address was spotted by crypto-tracking Twitter bot Whale Alert.
640 of the 791 Bitcoins within the wallet were moved to an unknown address, according to blockchain records.
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Cryptocurrency is becoming more and more popular. (Image: Getty)
Detectives have made Britain’s largest seizure of cryptocurrency. (Image: Getty)
19:12 Cardano price latest
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17:54 Record crypto seizure
Detectives have made Britain’s largest seizure of crypto-currency totalling nearly £180 million.
The seizures were made by detectives from the Met’s Economic Crime Command.
A 39-year-old woman was arrested on June 24.
Detective Constable Joe Ryan said: “Less than a month ago we seized £114million in cryptocurrency. Our investigation since has been complex and wide-ranging. We have worked hard to trace this money and identify the criminality it may be linked to.”
15:37 Cryptocurrency crackdown in France
France has called for EU-wide regulation of cryptocurrencies with the bloc’s markets watchdog given the reins of power.
French regulators have now proposed huge reforms to bolster financial regulation across Europe.
French regulators Autorité des Marchés Financiers said: "Granting Esma the power of direct supervision of public offers of cryptoassets in the EU and of cryptoasset service providers would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit.”
11:56 Bitcoin under pressure, says analyst
Bitcoin is on course for its lowest weekly close in more than a month as selling pressure pushes it down towards the $30,000, an analyst has said.
In a note, Alexandra Clark, a sales trader at digital platford GlobalBlock, said: “This comes after bitcoin's biggest drop in 10 days yesterday which some attribute to the poor performance of Galaxy Digital Holdings, one of the most popular crypto related stocks, which fell 63 percent from its high in April.
“Some of the biggest losers in the market today are Ethereum (ETH) and Cardano (ADA) which are down 11 percent, Doge (DOGE), Polkadot (DOT) and Uniswap (UNI) which are all down 20 percent, Solana (SOL) which is down 16 percent and Chainlink (LINK) which is down 15 percent.”
10:31 Dorsey announces platform for decentralised finance projects built on bitcoin.
Twitter founder Jack Dorsey has announced plans to focus on cryptocurrency with plans to create a a platform allowing developers to work on decentralised finance projects built on bitcoin.
Dorsey tweeted:”Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.
“Our primary focus is #Bitcoin. Its name is TBD.”
09:01 How high will dogecoin go? Experts pinpoint future for digital coin performance
Dogecoin cryptocurrency has been on the rise recently, after a period of sustained decreases. The coin has dropped by 4.71 percent in the last 24 hours as of 7.11am BST on July 16. Dogecoin has spiked in recent weeks stoking fears of a cryptocurrency bubble.
Dogecoin is an open-source peer-to-peer cryptocurrency that was featured in a meme shared by Elon Musk. The cryptocurrency has hit record highs in recent days after the meme was shared.
Online communities are driving up the price of the digital coin according to experts, having spiked 91 percent according to price trackers after the SpaceX CEO tweeted about dogecoin. The current price indicates a 20,000 percent increase from this time last year.
Michael Kamerman , CEO of broker Skilling, said the "parody currency" often appeals to investors due to its status and popularity on social media and with celebrities.
He told Express.co.uk: "The resurgence in attention to Dogecoin, which was originally launched as a parody currency, may seem attractive to investors due to its volatility but for the currency to ever have intrinsic value, scalability and security issues need to be addressed.
"It’s moved by headlines, tweets, celebrity, or corporate endorsements and while that's likely belittled by "traditional" investors, it's what brings the masses to cryptocurrencies.”
08:09 Nowhere to hide: £300million crypto seizure sent stark message to 'bad actors' says expert
Crooks attemting to use cryptocurrencies for money-laundering purpises have been sent a clear message with the seizure of £300million in digital cash by the Metropolitan Police this week, an expert has said.
Alexandra Clark, Sales Trader at digital trading platform GlobalBlock was speaking after police confirmed they had swooped on £294million in cryptocurrency in two separate raids in the last three weeks. In the first, they landed a haul valued at £114million, and on Tuesday another worth £180million.
She said: “Opinions on how consequential the seizure of crypto funds is for the digital asset market vary but, by demonstrating to bad actors that there is nowhere to hide, I am confident this is a positive step for the industry.
"Further to this, by re-injecting seized crypto back into the system (rather than removing them from the marketplace altogether) law enforcement agencies are demonstrating that they recognise them as a genuine asset.”
07:12 Bitcoin, Dogecoin and Ethereum all slip back – but Stellar surges
Bitcoin, Dogecoin and Ethereum have all slipped back in the last 24 hours, illustrating the unpredictability of the current market.
Bitcoin is currently valued at $31,758.57, according to coilnmarketcap.com – down 2.62 percent in the last 24 hours, with the market capped at $595,945,341,862
Meanwhile Dogecoin was valued at $0.1835, down 5.15 percent, with a market cap of $24,012,254,544 and Ethereum was worth $1922.31, down 2.17 percent, with a market cap of $224,710,952,808.
However, Stellar is moving in the opposite direction, having surged by 6.17 percent in the last 24 hours to $0.2491, with a market cap of $5,828,979,866.
14:03 ECB working on new cryptocurrency to go alongside cash
The European Central Bank is launching a two-year investigation on whether to introduce a digital version of the euro to complement cash.
The ECB said in a statement that the digital euro must be able to meet consumers' needs while helping prevent illegal activity such as money laundering and must not have an adverse impact on financial stability and monetary policy.
Digitalisation "is reaching all areas of our lives," Fabio Panetta, a member of the ECB's executive board, wrote in a blog post.
He said: "The coronavirus pandemic has shown just how fast such change can happen.
"And this is affecting the way we pay.
"We are increasingly buying digitally and online."
He said that there were many questions to be answered and that "a decision about whether or not to issue a digital euro will only come at a later stage".
12:22 Shares in Picasso painting up for grabs in blockchain sale
Connoisseurs of Pablo Picasso will soon be able to own a share in one of his paintings for less than $6,000.
'Fillette au beret' is being sold via the blockchain in what has been described as a world first.
Sygnum, the digital asset-focussed Swiss bank, and co-organiser Artemundi said: "This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank."
Subscriptions for the four million Swiss franc (€3.68million) sale are expected to open at the end of July.
Tradable shares in the painting available for 5,000 Swiss francs and above.
10:27 Dogecoin co-creator slams cryptocurrency
One of Dogecoin's co-founders, Jackson Palmer, took to Twitter and blasted cryptocurrency as an "inherently right-wing, hyper-capitalistic technology".
In a Twitter storm, he wrote cryptocurrency takes the worst parts of capitalism and uses technology to circumvent regulatory oversight.
He claimed it removes key "safety nets" for the average investor and leaves them vulnerable to cryptocurrency's volatility.
Mr Palmer vowed never to go back to dabbling in cryptocurrency.
08:56 Bitcoin to blame for Tesla's shares with US companies becoming less correlated
According to the latest report from Elon Musk's company, the 20-day correlation b between Tesla's stock price and the Nasdaq 100 index fell from 0.83 on June 17 to 0.14 yesterday.
Amy Wu Silverman, derivative strategist at RBC Capital Markets, said Tesla's drop in shares is to do with their "bitcoin exposure".
She said: "When I ask around, the feedback I get is that this is related to their Bitcoin exposure and how it will have to be accounted for they report earnings."
08:13 China's share of bitcoin mining slumped before Beijing's crackdown
China's bitcoin production fell sharply before a Beijing's recent crackdown on cryptocurrency mining, according to research from the University of Cambridge.
Xi Jinping's nation has long been the centre of global cryptocurrency mining but recently the government has cracked down on the industry.
However, the research found the decline in Chinese mining power came ahead of a crackdown by China’s state council, or cabinet, on bitcoin mining and trading in late May, citing underlying financial risks.
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