XRP surges in value as cryptocurrency market recovers after crash

INDY 500 CAR DECORATED IN BITCOIN BODY WRAP

One of the cars at the Indy 500 this weekend sported a Bitcoin body wrap.

The car led for around 10 per cent of the 200 lap race after the driver started in third place.

Team owner Ed Carpenter told Autoweek: “The whole movement is amazing,”

“I really believe that it is the future of what our financial system is going to look like…

“There’s so many positives to it that make it so valuable in the long-term.”

WHAT CRYPTOCURRENCIES HAVE INCREASED THE MOST IN VALUE TODAY, MAY, 30?

1. Enjin Coin up 17.6 per cent in 24 hours, according to Goldprice.org.
2. VeChain – $0.11 – up 33.96%
3. Chainlink – $23.88 – up 32.93%
4. Stellar – $0.42 – up 32.20%
5. cETH – $48.30 – up 23.54%

DOGECOIN FOUNDER NAMES ELON MUSK ‘CHIEF MEME OVERLORD’

Billy Markus, who co-founded dogecoin alongside Jackson Palmer in 2013 has announced his “resignation as a fake CEO”.

He also gave Elon Musk the role of “Chief Meme Overlord” after he slated an article that wrongly called him the CEO.

“There’s some new press article saying I’m CEO of Dogecoin, which is amusing as with 12 seconds of research they could figure out that Dogecoin isn’t a company and I am not with the project. But anyway.

“I’m announcing my resignation as fake CEO.”

“People are asking about @elonmusk, so before I fully make the transition, Elon will be given the role “Chief Meme Overlord.”

“This role gives the responsibility of tweeting randomly, whenever he feels like it, about whatever he wants.”

BITCOIN DOWN 37% IN MAY

The cryptocurrency Bitcoin has lost 37 per cent in May, which if sustained would be its worst monthly performance since September 2011.

Its drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and Tesla’s move to halt payments over worries about energy use.

Energy regulators in China’s Sichuan will soon meet local power companies to gather information on cryptocurrency mining, an official said on Thursday, potentially leading to a clampdown in the country’s second-biggest bitcoin production hub.

EXPLAINED: HOW DOES CRYPTO-MINING WORK?

Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.

Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins, including Dogecoin.

Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

ETHEREUM AND CARDANO DOWN MORE THAN 30 PERCENT

Both Ethereum and Cardano are down more than 30 per cent since the all-time highs they hit earlier this month – but they do seem to be showing signs of a recovery.

Glen Goodman, a market analyst and author said the price patterns of each crypto have looked bullish in recent days while even bitcoin is looking “less bearish” after its tumultuous month.

CRYPTO KILLER

A jealous bondage-obsessed Bitcoin trader “went crazy” and strangled his air stewardess girlfriend to death in a bathtub, a court was told.

But, the Russian court accepted that Nikita Enin, 27, was sane and sentenced him to just nine years in a strict regime penal colony.

Stewardess Albina Mukhametzyanova, 23, was found brutally strangled in the bath of their suite in Moscow in 2019.

His defence argued that Enin was mentally ill and needed treatment.

But Russia’s Serbsky Centre for Social and Forensic Psychiatry found him to be “explosive” and a “hot-tempered egoist” yet aware of the consequences of his actions when he killed the stewardess. The court accepted he was sane and convicted Enin.

‘ELABORATE SCAM’ CLAIM OVER DUBAICOIN

Dubaicoin saw its value shoot up 1,000 per cent in just 24 hours despite the price of other cryptocurrencies continuing to fall.

The city’s government has denied any official link, with the authority even claiming it is part of an “elaborate scam”.

A statement tweeted by the media office of Dubai’s government said: “Dubai Coin cryptocurrency was never approved by any official authority.

“The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”

The dramatic price rise came as the value of Bitcoin and other cryptocurrencies such as Ethereum continue to struggle.

HOW DOES BITCOIN WORK?

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

There are currently about 21million Bitcoin tokens in existence.

To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.

BITCOIN’S SUCCESS

BEEP BEEP BITCOIN

One of the cars at the Indy 500 this weekend sported a Bitcoin body wrap.

The car led for around 10 per cent of the 200 lap race after the driver started in third place.

Team owner Ed Carpenter told Autoweek: “The whole movement is amazing,”

“I really believe that it is the future of what our financial system is going to look like…

“There’s so many positives to it that make it so valuable in the long-term.”

HOW VALUE OF BITCOIN HAS CHANGED

• 2020: Started at $5,000 before ending the year around $28,000
• 2021 January: Bitcoin about $36,000
• February: Bitcoin around $50,000
• March: Bitcoin about $60,000
• April: Bitcoin soaring above $62,000
• May: Bitcoin tumbles to $39,790

BITCOIN PRICE TUMBLES

The price of Bitcoin is still showing no signs of recovery after it tumbled by more than 5 percent last night.

The broader crypto market also saw losses, with most major cryptocurrencies down this morning.

Only Ripple (XRP) has not struggled, after rising more than 5 percent in the last 24 hours.

BITCOIN BEST AS ‘DIGITAL GOLD’

Cryptocurrency experts reckon that Bitcoin is best used as ‘digital gold’, according to The Times.

In other words, a “store of wealth and a safe haven in times of turmoil, in the same way that physical gold has been used for centuries,” the paper adds.

The Times reports, though, that “detractors say that Bitcoin cannot function as such because it is too volatile.

“Before the recent crash, Bitcoin’s volatility had been in steady decline, leading to hopes that it was maturing as an asset and that its new mandate could soon be fulfilled.”

However, for some, those hopes were recently ‘dashed’ as the price dramatically dipped.

BE WARY OF CRYPTO BUYING!

Buying cryptocurrencies, like any investment, is a very risky business and making money is never guaranteed.

You should make sure you know the risks of investing in cryptocurrencies and that you can afford to lose any money you put in.

Cryptocurrencies are highly volatile, so the value of your investments can go down as well as up in the blink of an eye.

Some products and cryptocurrency services are very complex to understand.

You should only invest in things you understand.

WHAT IS ETHEREUM?

Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.

In fact, some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

It was founded by eight people, one of which is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.

He recently became the world’s youngest crypto billionaire as Ethereum soared in value.

Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

WILL THE CRYPTOCURRENCY MARKET RECOVER?

Cryptocurrencies like Bitcoin and Ethereum plummeted in value last week after months of record highs.

Since they went down, billions have been wiped from their value, highlighting the volatile nature of investing in the market.

The crash came after China announced a crackdown on cryptocurrencies and Bitcoin fan Elon Musk revealed that Tesla would no longer accept it as payment.

The price of Bitcoin is currently around $36,800 but earlier in the week it had plunged by almost 40% to below $33,000.

Bitcoin – the biggest cryptocurrency – hit an all-time high of $64,863 back in April.

HOW DOES BITCOIN WORK?

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

There are currently about 21million Bitcoin tokens in existence.

To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.

BANKS GO TO WAR AGAINST CRYPTO

High street banks are going ‘to war’ on cryptocurrencies such as Bitcoin after a spike in fraud, reports the Times

One bank will use technology to ban several million customers from buying ANY digital currencies, it adds.

Ashley Hart, head of fraud at TSB, said: “Platforms and exchanges are rife with fraudsters, and many do not have proper controls to prevent victims losing large sums of monty.

“Crypto is a hotbed for fraud and urgently needs greater regulation and consumer protection.

“Anyone approached to invest in crypto should be extremely wary.”

BITCOIN ‘SLUMBERING’

Bitcoin slumped last Friday to its lowest in the week, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40% so far this month.

“Bitcoin is currently in a bit of ‘slumber mode’ trading in the range of $34,000 and $40,000,” said Ulrik Lykke, executive director at crypto hedge fund ARK36.

“Many traders are acknowledging that price seems to be range-bound for the moment, why they may be hesitant to take a position with high conviction.”

The cryptocurrency has lost 37% in May, which if sustained would be its worst monthly performance since September 2011.

WHAT WAS BITCOIN’S PRICE SUNDAY MAY 30?

Bitcoin and Ethereum as well as other cryptocurrencies continue to be volatile as the markets continue their rollercoaster ride.

The two largest currencies, Bitcoin and Ethereum, have seen prices tumble over the past week.

The price of Bitcoin has continued to fall since last weekend, dropping 10 per cent, despite rallying earlier this week.

The price of Bitcoin is currently sitting at $35,861.06 (£25,269.09) on May 30, still well down from its all-time high of $64,621 on April 14 (£45,616).

Elon Musk‘s comments have continued to impact the cryptocurrency markets.

ARE REJOIN AND SUPERSPLIT A SCAM?

It is not clear whether these platforms are a scam, but experts have issued a strong warning to anyone considering investing their money through them.

The services are not regulated by the UK’s Financial Conduct Authority, meaning you may not be able to claim back any money you lose.

Regulated financial services firms are currently banned from selling these CFD crypto products to clients due to the high level of risk involved.

Susannah Streeter, senior investment and markets analyst at financial services firm Hargreaves Lansdown, said: “They can still be bought and sold in the unregulated crypto space and [Bitcoin Supersplit] site claims to have ‘insane results’ boasting that it ‘makes people rich’. 

“Such claims are preposterous, highly misleading and financially dangerous and so should sound loud warning bells to anyone in the vicinity.”

ELON MUSK’S ENERGY CONCERNS

Elon Musk‘s comments have continued to impact the cryptocurrency markets. Musk has hit out at Bitcoin’s huge energy use as well as initially pulling Tesla’s support of Bitcoin payments.

The Bitcoin network currently uses more electricity than the entire country of The Netherlands, according to the Cambridge Bitcoin Electricity Consumption Index.

His about-turn came days after the cryptocurrency plunged when Musk declared that Tesla would no longer accept Bitcoin payments to buy cars.

The founder cited the harmful effects to the environment that comes with mining the cryptocurrency, which is a hugely energy-intensive process.

The price of Bitcoin dropped last month as Turkey banned cryptocurrency payments. People considering investing in Bitcoin or shares and stocks have been warned over “risky” tips being shared on TikTok.

NO GUARANTEE WITH CRYPTOCURRENCIES

Cryptocurrencies are a speculative investment, with limited track records and a lack of reliable basis.

There is no guarantee that you can convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market.

Fees and charges may also be higher than with regulated investment products.

We know that crypto firms may also overstate the returns or understate the risks. Be careful.

BITCOIN BEST AS ‘DIGITAL GOLD’

Cryptocurrency experts reckon that Bitcoin is best used as ‘digital gold’, according to The Times.

In other words, a “store of wealth and a safe haven in times of turmoil, in the same way that physical gold has been used for centuries,” the paper adds.

The Times reports, though, that “detractors say that Bitcoin cannot function as such because it is too volatile.

“Before the recent crash, Bitcoin’s volatility had been in steady decline, leading to hopes that it was maturing as an asset and that its new mandate could soon be fulfilled.”

However, for some, those hopes were recently ‘dashed’ as the price dramatically dipped.