Markets

Prominent American economist Paul Krugman once again shared his negative stance towards cryptocurrencies. He compared a Ponzi scheme. Taking Aim at Crypto The most recent adverse price developments in the cryptocurrency market sparked many negative comments. Joining them was the Nobel Prize laureate – Paul Krugman. In an interview for the New York Times, he described cryptocurrencies as a ”long-running Ponzi scheme.” He said that investing in digital assets is very similar to...

Litecoin price declined sharply below $350 and $300 against the US Dollar. LTC price is now trading well below the $250 level and the 55 simple moving average (4-hours). There is a crucial bearish trend line forming with resistance near $255 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair is correcting losses, but it is likely to face sellers near $220 and $250. Litecoin price is correcting losses from the $145 support zone against the US...

The NFT mania this bull season is not just limited to crypto enthusiasts and has gained mainstream momentum with the likes of top athletes and celebrity artists auctioning their rare memorabilia and art using blockchain. NFTs have turned into the biggest success story to emerge out of crypto space this bull season and Apollo Space Token (AST) is bringing a unique iteration of the same in the form of decentralized star naming registry. The emerging crypto project aims to...

Elliptic (a British blockchain security & analytics company) successfully traced DarkSide’s primary Bitcoin address, which contained over $90M in payments from 47 different victims. Ransomware As a Service – a Twisted Model DarkSide designs, creates and markets ransomware software to be sold to other cybercriminals who are able to locate the best targets. This type of software has the ability to lock down an entire system, making files and features on it inaccessible...

All transactions above $10,000 now have to be reported to the IRS for documentation and taxation purposes. This comes right after a major market-wide correction which saw the price of bitcoin tumbling down to $30K. IRS Doubles Down The IRS will be expanded with an $80B package aiming to increase their manpower and resources. Individuals and businesses dealing in cryptocurrency will be subject to a higher level of scrutiny, given that the Treasury believes cryptocurrency...

The Australian Financial Services Minister – Jane Hume – warned cryptocurrency investors to beware of the risks in the market. She sounded a note of caution to the public after the prices of most digital assets collapsed significantly yesterday. However, Hume outlined their future importance. ‘They Are Volatile And High-Risk Assets’ Following the recent bloodbath, many of the cryptocurrencies are now far away from their highs. For example, Bitcoin itself lost a major chunk of...

Electric car company Fisker Inc. is taking a page out of Tesla’s book and is giving a big thumbs down to the idea of bitcoin payments, claiming it will not be accepting the world’s largest and most popular cryptocurrency by market cap anytime soon for goods and services. Fisker Says “No” To BTC Tesla announced a few weeks ago that the company would be accepting bitcoin for items it produced. Customers could literally walk into a dealership then choose the car they liked...

Elon Musk and Tesla have been in the news a lot as of late, primarily for their roles in the bitcoin community. Just a few days ago, it was widely speculated that Elon Musk was potentially looking into selling all his bitcoins and that he may part ways with his stash. However, while nothing can be said for his personal crypto collection, Musk has assured his social media followers and crypto fans everywhere that Tesla has not parted with any of its digital assets. Elon...

Bitcoin and the rest of the market tanked yesterday. Red was all over the place with double-digit drops across all charts. In BTC’s case, this nosedive came as a continuation of larger retracement that started after the all-time high in April at $65,000. However, how does this correction compare to others? Mid-2021 Correction: What Happened? Before heading into the most recent price developments, it’s worth exploring what transpired before the market got there. In short,...

Things will soon go back to normal. Even after going to lows of $688.43 in the last 24 hours, Chia Coin bounced back to an uptrend and was trading at $1,019.2 at the time of writing.The price of the newly launched Chia coin (XCH) has been experiencing a bearish trend in the last couple of days, dipping to below $1000 in the last 24 hours. On May 17, 2021, the coin was trading at around $1300 but began a dip that saw it reach a low of $688.43 today, May 20, 2021. However, this is not because...