I started off investing $2,000 in 2019. Then, in April 2021 my crypto investments hit $1million in value.
The global cryptocurrency market saw hundreds of billions of dollars wiped off its value in less than day.
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 bank said people are souring on cryptocurrency.
One BlockFi client who expected to receive $700 US dollars was instead transferred more than 700 Bitcoin.
Musk, the CEO of SpaceX and Tesla, is considered an influential figure in the world of cryptocurrency.
Beijing has taken another step in restricting the use of cryptocurrency in China, causing a market-wide price plunge.
Henrik Fisker, CEO of the Los Angeles-based company, said he will not invest in Bitcoin or accept the cryptocurrency as payment. He didn't rule out future use of a cryptocurrency, but told CNBC that Bitcoin isn't a "sustainable solution."
The pop culture publication boss also said of SafeMoon: "Invest at your own risk. I have no idea how this works."
The Tesla and SpaceX CEO is well known for his tweets regarding cryptocurrency, and some people are concerned.
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.
Around 410 trillion Shiba Inu tokens worth several billion dollars were burned by young billionaire Vitalik Buterin.
The Tesla CEO's tweet followed speculation that his company was planning on dumping holdings of the cryptocurrency.
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.
The scam, involving a fake BBC news article, is not the only one to have cheated people out of money recently.
Tesla CEO Elon Musk said Thursday that he was working with Dogecoin developers "to improve system transaction efficiency," prompting the price of the cryptocurrency to quickly spike.
On Thursday, Bitcoin fell 28.59% below its record high after Elon Musk tweeted Tesla would no longer accept it to pay for its products, based on environmental concerns.
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.
According to records on Etherscan, Buterin donated 500 Ether coins, worth $2,030,580, to India's crypto COVID-19 relief fund, which according to its website, is a "community-run fund delivering relief during the ongoing Covid crisis in India."
"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.
The token is one of many Dogecoin-esque meme coins that have spawned recently, but the founders are often anonymous and an expert has warned Newsweek about the risk.
Dogecoin's price surged after Musk hinted that the cryptocurrency could be used to purchase Teslas in the future.
The price rise came as an expert warned Newsweek of an increase in "over-hyped" cryptocurrencies.
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.
"#SAFEMOON has landed in Times Square! Thanks to the community who raised the funds to make this possible, we are overwhelmed with the billboard action across the globe... the message is strong. #SAFEMOONARMY," the cryptocurrency's Twitter account wrote.
Shiba Inu can currently be swapped for other cryptocurrency on decentralised exchanges UniSwap and 1Inch.