Bitcoin

The latest rise came after Elon Musk, the CEO of Tesla, revealed that U.S. buyers can now pay for their car with Bitcoin.

The crypto-currency is once again on the rise, but this time it's not the little people who are driving the train, it's the billionaires and big banks.

The CEO of the electric car maker made the announcement just weeks after it bought $1.5 billion of the cryptocurrency.

Anthony Scaramucci, perhaps best known outside Wall Street for his 10-day stint as former President Donald Trump's communications director, is joining the stampede to Bitcoin exchange-traded funds through the company he founded in 2005.

Bitcoin's price surged this month as large companies including Elon Musk's Tesla and Mastercard voiced support for its potential as a payments option. This week, however, it's price has fallen.

"Bitcoin's value will continue to rise and fall depending on what people believe it is worth," Dr. Marion Laboure said in a research report. "This is sometimes called the 'Tinkerbell Effect'—a recognized economic term stating that the more people believe in something, the likelier it is to happen."

Is Bitcoin a "particularly vile asset class" indicative of an "extreme form of libertarian anarchism" or is it a precursor to an increasingly decentralized world powered by digital technology and a good inflation hedge against government-issued fiat currencies?

"We believe a healthy correction is in play as short-term traders put profits on the table after a good run from $45,000," Lennard Neo, head of research at Stack Funds in Singapore. "The digital asset is now trading comfortably in an upward channel as we head into the final week of March."

Crypto in India may be heading to the crypt, as it considers a ban on Bitcoin and other cryptocurrencies. Government officials are drafting a report on proposed legislation and will submit it to the cabinet for review soon.

Many accounts use similar methods of scamming people out of cryptocurrency, and last year more than 10,000 people were victims.

Bitcoin reached $61,556.59 this weekend, eclipsing its previous high of $58,356. "If you're looking for one word, it would be 'inevitable!'" Jason Deane, analyst at Quantum Economics, in London, told Newsweek.

"The IRS has made crypto tax a top priority, as shown by the Operation Hidden Treasure initiative and training all their agents on 'virtual currency' [cryptocurrency]," Kell Canty, CEO of Verady, told Newsweek. "Analytics make crypto the most transparent and trackable asset ever invented."

The basic issue: spend the world's leading cryptocurrency now or buy and hold, betting on appreciation?

"The narrative that Bitcoin is a good hedge against inflation is, in our view, a robust one that appears to be firmly adopted by key players in the market for the time being," Jason Deane, Bitcoin Analyst, Quantum Economics, London, told Newsweek.

The continued stampede of Bigfoot investors into Bitcoin may turn the cryptocurrency market into what the founders and hordes of geeks planned to avoid: a playpen for the moneyed few.

With one lot at Christie's going for over $3 million at auction, the art world is assessing the value of digital art—but this could just be the beginning for NFTs.

"This national currency's only 50 years old, it's already showing extreme signs of weakness," Kraken CEO Powell said, "and pretty soon I think people are going to start measuring the price of things in Bitcoin."

The IG Client Sentiment Report said 70.78% of traders held long positions while 29.22% were short. A long position is a bet on future price appreciation while those going short see a price decline.

While Bitcoin and other cryptocurrencies have experienced slight setbacks over the last two weeks, the industry as a whole has been booming alongside other technology equities over the past year.

Illegal use of Bitcoin fell from about $20 billion in 2019 to about $10 billion in 2020, according to a report released on Monday. That total represented only a small fraction of the overall volume of Bitcoin transactions, the report said — and that percentage decreased as well.

Elon Musk has made an estimated $1 billion betting on Bitcoin, but Bill Gates warns that anyone with less money than the electric carmaker should "probably watch out." Both billionaires have a point.

Here's a Q&A with a Bitcoin cryptocurrency expert.

Major institutions appear to be buying Bitcoins on the price dip to increase their holdings, a show of faith in its future value and likely building the foundation for a future rebound.

The tech entrepreneur—who is currently the world's second richest person with a £176 billion net worth—did not appear worried amid speculation of a fresh probe from financial regulators.

Investigators lack full authority to pursue the financial transactions of alleged domestic terrorists using Bitcoin or other cryptocurrencies, witnesses told members of Congress Thursday.

"The human race has never had a monetary system with this much versatility before," said Bitcoin Analyst Jason Deane of Quantum Economics, London.

The Microsoft co-founder and philanthropist discussed Tesla, bitcoin and the U.S. handling of the COVID pandemic on the invitation-only app. Here's what you may have missed.

Bitcoin rebounded Wednesday after a sharp downturn earlier this week as major companies continued to buy the cryptocurrency and hold it as a long-term investment. Bitcoin had plunged from $58,356 on Sunday, a record high, to as low as $45,501 on Tuesday.

Major cryptocurrencies have taken a hit and are down about 14% worldwide, led by Bitcoin, which represents about 60% of the market by value, CoinMarketCap reported.

"A Biden White House and blue Senate is a very bullish political backdrop and a potential 'game changer' for Tesla and the overall EV sector in the US, with a more green-driven agenda now certainly in the cards over the next few years," said Daniel Ives, an analyst at Wedbush Securities.