Bitcoin

The cryptocurrency started as a joke in 2013, but has gained mainstream attention in recent weeks, and has continued to gradually rise in value.

"Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy," said Musk in a statement.

The value of the cryptocurrency and Tesla shares fell after Elon Musk said his company would no longer accept bitcoins for vehicle purchases.

Critics of the digital currency say the energy-intensive process used to "mine" coins is bad for the environment.

"It's impossible for digital assets to go mainstream without clear regulation and sufficient safeguard," Vytautas Zabulis, CEO ofH-Finance, a digital asset trading company based in Vilnius, Lithuania, said in a research report.

In a survey conducted by the New York Digital Investment Group (NYDIG), about 75% of the respondents said they wanted to learn more about Bitcoin annuities and Bitcoin life insurance.

Ethereum, the world's second largest cryptocurrency, soared to a record high Monday as investors placed their bets on the coin's future in commerce and looked for an alternative to Bitcoin's lofty valuation.

Surging demand for the cryptocurrency drove Square's first quarter profit to 41 cents a share, exceeding Wall Street's consensus estimate of 16 cents by about 156%

Countries are divided on cryptocurrency, with some looking to ban it, while others are seeking ways to incorporate it into their economic systems.

Bitcoin appears poised to climb higher despite a recent downturn and sluggish trading in a narrow range. Its funding rates have remained low, and suggest the market is set to advance.

Bitcoin's lofty valuation and manic price swings receive intense news coverage, but Ethereum may provide the foundation to build an alternative worldwide financial system.

The trading platform stated it had added Dogecoin due to demand. Meanwhile, Elon Musk has suggested the token will feature in his upcoming Saturday Night Live skit.

"The introduction of micro Bitcoin futures responds directly to demand for smaller-sized contracts from a broad array of clients and will offer even more choice and precision in how participants can trade regulated Bitcoin futures in a transparent and efficient manner, " CME Group said.

The Louisiana resolution, lauds Bitcoin "for its success in becoming the first decentralized trillion dollar asset," and notes that it "could potentially replace gold as a monetary reserve."

Tesla's CEO plugged his appearance next week on Saturday Night Live by tweeting, "The Dogefather SNL May 8." And Dogecoin's price jumped 20% to $0.32.

The social media platform's first quarter 2021 earnings report made no mention of an investment in the cryptocurrency.

"The more hashpower a miner has, the higher probability of winning the guessing game. This is why organizations set up massive mining facilities with hundreds of specialized mining machines, where expensive machines have more hashpower."

Although some countries, including India, are considering banning Bitcoin, an outright ban in the United States is unlikely. Wall Street has embraced Bitcoin as an asset class, and derivatives are traded on the Chicago Mercantile Exchange.

Barstool Sports founder Dave Portnoy made the claim against Musk on Twitter after Tesla reported its Q1 2021 earnings.

Elon Musk on Monday said that Tesla recently sold 10 percent of its Bitcoin, turning a $101 million profit, in a bid "to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."

A recent survey of 1,015 of investors in cryptocurrency found that 54.3% believe Bitcoin will climb to $100,000 this year. The survey offered no analysis of the cryptocurrency's fundamentals or outside forces affecting its price.

"I realized that Bitcoin was the solution to many of the problems in the world. And with high conviction, I wanted to be paid in it," Culkin told Newsweek.

The "hodl" message from the Tesla CEO comes amid fluctuation in the cryptocurrency markets.

The new cryptocurrency has gained popularity since its launch but experts have warned about its volatility.

News that President Joe Biden will propose a significant increase in the capital gains tax sent Bitcoin's price below $50,000 for the first time since early March.

Experts weigh in on the risks of cryptocurrency trading, and why they have a reputation for volatile prices.

Other cryptocurrencies, including Dogecoin and Ethereum, were also down in price amid reports Biden will increase levies on investments to fund social care.

" An entire generation of investors is speculating on their own meme currency, which is essentially a parody of money," Seeking Alpha said in a report. "Behind Dogecoin is a rebelliously nihilistic and perhaps dangerous idea that meme money is no more real than actual currency."

"Given the massive move we've had in Bitcoin in the short run, things are very frothy, and I think we're going to have a major correction in Bitcoin," Scott Minered, firm's global chief investment officer at Guggenheim Partners in New York, told CNBC.

The four types of cryptocurrencies can now be bought and sold via the social payments app. Here's what you need to know about trading.