Tag Archives: plunges

Bitcoin crisis: Crypto plunges over bear market fears – Google-backed Polygon up 10,000%

Bitcoin crisis: Crypto plunges over bear market fears - Google-backed Polygon up 10,000%
Bitcoin has fallen 38% in May, from $ 57,858 to its current price of $ 35,868. Other major coins including ethereum and cardano have also fallen steeply amid chaos sparked by a Chinese crackdown and Elon Musk. One coin has bucked the trend, however, rising by nearly 10,000% since January. Polygon, formerly known as Matic, was worth $ 0.01 on January 1, it is now worth almost $ 2.

Polygon (MATIC) has gained 100 percent in the past seven days and outperformed every major cryptocurrency – sparking growing attention.

Billionaire entrepreneur Mark Cuban sent Polygon an undisclosed investment this week, throwing more of the spotlight on the upstart crypto.

The cryptocurrency has been integrated with Google BigQuery, allowing developers to analyse data on its blockchain in a more simple way.

The price of Polygon is up more than 9,535 percent since January 2021.

READ MORE: Inflation rise sparks fears mortgages could rage out of control – will you be affected?

Polygon co-founder Sandeep Nailwal told CoinDesk this week: “We have spoken to many investors but the discussion with Mark Cuban was truly mind-blowing.”

This week the Polygon team Tweeted: “Mark Cuban is one of the most prolific and insightful investors with investments in top startups and he is also one of the Sharks on ABC Shark Tank.

“We’re proud to share that Polygon is now part of the Mark Cuban company portfolio!”

The team behind Polygon said: “We implemented and offered Matic Plasma Chains, a production-ready Ethereum Layer2, predicates-based Plasma implementation.

“We implemented and offered Matic PoS Chain, a permissionless, EVM-compatible, PoS-secured Ethereum sidechain which relies on strong Ethereum security for validator staking and checkpoints.

“We onboarded 80 plus amazing applications, including Polymarket, Aavegotchi, Neon District, Skyweaver, Cometh, EasyFi with more being added every day.”

This post originally appeared on Daily Express :: Finance Feed

Bitcoin price plunges to lowest this year after China ‘tightens the noose’, claims expert

Bitcoin price plunges to lowest this year after China ‘tightens the noose’, claims expert
According to a notice published on the People Bank of China’s (PBOC) official WeChat account, virtual currencies including Bitcoin can not be used in the Chinese economy as they are not considered “real currencies”. It added that financial institutions are not allowed to price products and services using cryptocurrencies.
Antoni Trenchev, managing partner and co-founder of Nexo in London, said it was “the latest chapter of China tightening the noose around crypto.”

China effectively banned internal “coin offerings” of cryptocurrencies back in 2017 which forced a lot of traders to exchange overseas.

Last month PBOC announced it was testing “digital yuan” in several regions as a way of monitoring the economy.

Much like the UK’s anticipated “Britcoin” the currency is controlled by China’s central bank as a new form of electronic money.

However, Kyle Bass, CIO of Hayman Capital Management said the new Chinese currency was a “Trojan horse” that could undermine the economies of the West.

Speaking to CNBC on Tuesday, he said: “I think China can force the adoption of their digital currency for trade and investment in China per se, unless the U.S. and the West outlaws it or basically disallows it.

“I believe the digital yuan is the largest threat to the West that we’ve faced in the last 30-40 years, and it’s because it allows China to actually get their claws into everyone in the West and allows them to potentially export their digital authoritarianism.”

At time of writing, Bitcoin’s price is hovering around $ 43,000 (£30.3k) after dropping from a short-lived three month surge which saw the price rise to an all time high of $ 63,000 (£44.4k).

READ MORE: Bitcoin warning as price volatility tipped to ‘go all over the place’

Those considering buying Bitcoin should consider the risks of investing in cryptocurrencies, which are notoriously volatile. Here in the UK, the Financial Conduct Authority (FCA) warned: “If you invest in cryptoassets, you should be prepared to lose all your money.”

Bitcoin’s recent price plunge has been attributed to Elon Musk pulling the plug on Tesla sales using the cryptocurrency over environmental fears.

It has been observed that Mr Musk’s musings on Twitter are usually followed by a rise or fall in Crypto prices, especially in Dogecoin in which Mr Musk has a particular interest.

Speaking on his decision to suspend vehicle purchases using Bitcoin, Mr Musk said: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

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“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

Tesla has previously purchased $ 1.5 billion worth of Bitcoin back in February and made over $ 100 million in profits when they offloaded 10% of the holdings in a test of the market’s liquidity.

Mr Musk added: “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.”

Alongside Bitcoin, other cryptocurrencies including Ether and Dogecoin also saw a price drop.

This post originally appeared on Daily Express :: Finance Feed

Dogecoin plunges after meme-inspired crypto frenzy pushed its market value higher than Twitter

Author RT
This post originally appeared on RT Business News

Dogecoin plunges after meme-inspired crypto frenzy pushed its market value higher than Twitter

The cryptocurrency inspired by the popular Shiba Inu meme, dogecoin, which was initially set up as a joke, took a dive after a record rally that saw its market capitalization topping $ 50 billion.

Dogecoin fell more than 20% to trade at around $ 0.27 on Wednesday, according to data from price tracking website CoinDesk. The slump pushed the coin down to the sixth position among the largest cryptocurrencies by market value, with its market cap currently standing at around $ 40 billion.

It comes shortly after the market value of the meme-based token surpassed $ 50 billion. As of Tuesday, its capitalization was more than $ 53 billion, data from CoinGecko shows, putting it on par with the world’s fourth-biggest car producer, Stellantis, and making it worth more than social media giant Twitter.
Also on rt.com ‘Who let the Doge out?’ Musk’s favorite canine-crypto smashes another record high as celebrities jump on board
Dogecoin’s recent losses seem minor compared to its enormous rally. Over the last seven days, the token surged nearly 250% and more than 400% in one month. Those who poured money into it a year ago enjoyed gains of nearly 16,500%, according to CoinGecko. Year to date, the coin has gained around 7,000%.

The spike in dogecoin recorded earlier this week was fueled by its fans who used the hashtags #DogeDay and #DogeDay420 to post memes, videos, and messages about the coin on social media. Supporters dubbed April 20 ‘Dogeday’, when they hoped to get the coin’s value to $ 1.
Also on rt.com Coinbase IPO ‘monumental’ for crypto industry but has fueled kind of frenzy that ‘never ends well’ – investor Mike Novogratz
In another positive sign for dogecoin fans, online electronics retailer Newegg announced on Tuesday that it started accepting the cryptocurrency as a method of payment. Mars, the parent company of Snickers and Milky Way, earlier signaled support for the token on social media.

The dogecoin rally has also been driven by support from Tesla CEO Elon Musk, who has repeatedly posted memes about the Shiba Inu-themed token and called it his favorite crypto. Last week, he took to Twitter again, posting a picture by Spanish artist Joan Miro and captioning it “Doge Barking at the Moon.”

Some analysts warn that the dogecoin bubble could easily pop. Veteran trader Eddie Ghabour, managing partner at Key Advisors Group, earlier told Yahoo Finance that he considers the token more suitable for speculation, adding that “when this bubble bursts, it will probably cease to exist.”

For more stories on economy & finance visit RT’s business section

Russian-born skydiving star plunges to his death in front of horrified onlookers after parachute fails to open

Russian-born skydiving star plunges to his death in front of horrified onlookers after parachute fails to open

Skydiver Dimitri Didenko fell to his death in front of shocked onlookers after his parachute failed to open during an event at the Virtual Australian Skydiving Championships in Jurien Bay, north of Perth, on Sunday.

Russian-born Didenko, 30, was competing solo in the wingsuit category – an elite form of the extreme sport – when the tragedy struck.

Around two-dozen people, including friends, witnessed Didenko fall to his death from a reported height of more than 20,000ft, while fellow skydivers on the ground tried desperately to save him.

Didenko was a respected skydiver and had completed more than 6,000 jumps. 

“The first responders, and the (people) who had to witness this, it must be absolutely chilling,” said local official Leslee Holmes.

A GPS device fitted to Didenko’s helmet, which records details and feeds them back for jumps to be judged, will now be an important part of the investigation.  

The Australian Parachute Federation have promised a thorough probe, while an investigation is also underway involving the Civil Aviation Safety Authority.

The local community was said to be stunned at the fatality.

“I’ve been skydiving for 38 years and here in Jurien for 10 years and never had a fatality,” Skydive Jurien Bay’s co-owner, Pete Lonnon, was quoted as saying by Australia’s 7News.

“The staff here are pretty shaken up, we’re looking after each other and counselling will be available.”

After the news of his death, tributes poured in on social media for Didenko, who was born in Russia but lived in Italy.

“Not you too!” wrote fellow skydiver MG Franco in a tribute in Italian on Instagram. “Fly high, we will miss your amazing madness. Blue skies!”

Didenko was said to have been using his own equipment at the time of the tragedy.

“Regardless of the level of experience involved, safety is paramount and we take the incident very seriously,” said Australian Parachute Federation chief executive officer Richard McCooey. 


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Chinese investment in Australia plunges to RECORD LOW amid escalating trade row

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Chinese investment in Australia plunges to RECORD LOW amid escalating trade row

New data from the Australian National University (ANU) showed Chinese investment in Australia dropped by more than 61 percent in 2020, to just over a billion Australian dollars (US$ 780 million) – the lowest in the past six years.

According to figures from the Chinese Investment in Australia Database (CHIIA), the drop followed a 47 percent fall in 2019, when Chinese investment totaled US$ 1.57 billion. It was also well short of the peak of US$ 12.7 billion recorded in 2016.

“It reflects the effects of Covid, but also more scrutiny of foreign investment by the Australian government, particularly that from China,” said Shiro Armstrong, Director of the East Asian Bureau of Economic Research, where CHIIA is based.

The number of Chinese investments recorded was only 20 – well down from a peak of 111 investment projects in 2016, the ANU said.

According to the research, 45 percent of the Chinese investment last year was in rental, hiring, and real estate services, while 40 percent was in mining and 15 percent in manufacturing. Other sectors, including transport, energy, construction, healthcare, and agriculture, which had seen Chinese investment in previous years, recorded none in 2020.
Also on rt.com China turns away Australian wine amid escalating trade row
The ANU also found that, in 2020, about 86 percent of Chinese investment in Australia originated from Chinese companies already established in the country, which means purchases were made via Australian subsidiaries rather than directly by Chinese companies.

Armstrong told the Xinhua news agency that the investment environment in Australia “has become more uncertain,” adding that the decline of Chinese investment could result in lower asset values in Australia from removal of a large source of capital and a large bidder, as well as the retreat of economic integration between the two nations. “Foreign investment increases trade and can act as a ballast in relations between countries,” he said.

READ MORE: Australia’s economy may NEVER return to previous growth due to trade row with China – report

Economic tensions between China and Australia have escalated in recent years after Australia began cracking down on Chinese investment in the country. Relations deteriorated further after Australia banned Chinese telecoms Huawei and ZTE from its 5G rollout. Tensions were raised again last year, when Australia called for an international inquiry into the origins of the coronavirus outbreak, prompting accusations from Beijing that Australian lawmakers were acting on orders from Washington.

In response, China has imposed trade tariffs on Australian goods, including barley, wine, beef, and lobster.

For more stories on economy & finance visit RT’s business section