The $610 million heist is believed to be the largest in cryptocurrency history, following the $534.8 million stolen from Coincheck in 2018.
We must be very thoughtful with how we apply our necessary and proper regulatory framework in the United States or the industry will find a home somewhere else.
A survey by Crypto Head, a crypto education site, ranked the U.S. first followed by Cypress, Singapore and Hong Kong,
Top crypto talent is gathering in Miami and may soon develop critical mass. The reasons: Low taxes, low operating costs, and a welcoming business environment.
It's unclear exactly what Tesla paid for Bitcoin when it invested $1.5 billion in the crypto last February, but it's almost certainly higher than the current price. On Tuesday, Bitcoin fell below $30,000 for the first time since late January.
After the cryptocurrency market took a drastic plunge, co-creator of Dogecoin Billy Markus reportedly invested in crypto for the first time in eight years. Experts believe the plunge in market prices can be attributed to China's crackdown on cryptocurrency bans.
Nearly 90% of the world's central banks are developing digital currencies, apparently pressured by the rise of Bitcoin and other crypto currencies. Retail sales dipped in May, but spending at bars and restaurants surged as COVID-19 vaccination rates rose.
El Salvador's legislature has adopted a bill making Bitcoin legal tender, the first nation to recognize the cryptocurrency as an acceptable form of payment for all debts. "Although enclosed shopping centers are continuing a contraction...the long-term future of malls is bright," an expert said.
Elon Musk's recent comments about Bitcoin undercut the efforts of investors to establish it as an asset class, and could erode Musk's standing as leader of his two major companies, Tesla and SpaceX.
"It's not about avoidance but rather portfolio construction based on an individual's investment goals or situation," Bill Herrmann, Co-Founder and Managing Partner at Wilshire Phoenix in New York told Newsweek.
Cryptocurrency investors and analysts believe the decentralized digital currency will rise further in value in the coming months and years.
"Several on-chain and network indicators have reflected a bullish skew over the week [for Birtcoin], albeit most being relatively neutral for the short and medium-term," Lennard Neo, a certified financial analyst and head of research at Stack Funds in Singapore, said in a research report.
"One certainty is crypto will continue to positively impact business more than the SEC," the billionaire entrepreneur tweeted.
Males outnumber females about 86% to 14% in the crypto market, while millennials, ages 25 to 35, make up 41.5% of Bitcoin investors. Meanwhile, Elon Musk keeps tweeting, and the SEC is taking notice.
Crypto prices have recovered from the lows, but investors remain cautious. Meanwhile, the dollar continued to tick down as traders assessed U.S. inflation, job growth and consumer spending amid the economic rebound from the COVID-19 lockdown.
"We can live in a world with cryptocurrency or a world without ransomware, but we can't have both," said Lee Reiners, executive director of the Global Financial Markets Center at Duke University's Law School in Durham, North Carolina. "It is time for the adults to tell the children: Party's over."
On the strength of two recent tweets from Elon Musk, Bitcoin Armageddon has been avoided—at least for now. And Federal Reserve Chairman Jerome Powell has predicted that any increase in inflation above the Fred's 2% target will be "transitory."
"Although cryptocurrency is a small share of current business transactions, such comprehensive reporting is necessary to minimize the incentives and opportunity to shift income out of the new information reporting regime," the Treasury Department said in a report.
Two events caused the drop in Bitcoin value: Elon Musk said Tesla would no longer accept Bitcoin as payment for its electric cars and the People's Bank of China restated its ban on the use of cryptos for any type of payment.
Bitcoin continued its five-day retreat Wednesday, losing about 34% in May and tumbling below $40,000 in what could be the worst month since November 2018.
The manic price swings underscore Bitcoin's evolving—some might say immature —market, and raise questions about Musk's seriousness as well as his understanding of market dynamics.
Michael Saylor, CEO of Nasdaq-listed Microstrategy, said the company invested another $15 million in Bitcoin after Tesla CEO Elon Musk said Wednesday his company would no longer accept the cryptocurrency as payment for its electric cars.
"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.
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%