Bitcoin latest – Cryptocurrency price PLUMMETS after Elon Musk's shock Tesla announcement, plus Shiba Inu & Dogecoin

THE price of Bitcoin has crashed following a shock announcement from Elon Musk.

Musk yesterday released a statement saying Tesla would no longer be accepting Bitcoin for purchasing vehicles.

Posting to his personal Twitter account, he wrote: " Tesla has suspended vehicle purchases using Bitcoin.

"We are concern about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which ash the worst emissions of any fuel."

Within minutes Bitcoin started plummeting, presumably as much of the recent growth of the cryptocurrency was based on speculation of its future as a legitimate currency based off Tesla's decision to accept payments.

Read our cryptocurrency live blog below for the very latest updates…

  • Joseph Gamp

    SHIBA INU COIN: 5 THINGS TO KNOW ABOUT THE NEW CRYPTOCURRENCY

    SHIBA Inu coins are one of the latest cryptocurrencies to hit the market – we round up five things you need to know.

    It comes as crypto fans are on the hunt for the next success story to follow Bitcoin.

    Read more here.

  • Joseph Gamp

    WHAT IS EOS?

    EOS is the crypto token of the EOSIO platform, the latter which is designed to allow developers to build decentralized apps.

    These are digital applications or programs that exist and run on a blockchain or peer to per network of computers instead of a single one.

    The aim is to make it as easy as possible for programmers to embrace blockchain technology.

    The technology is a kind of database used to record transactions and is at the heart of cryptocurrencies such as Bitcoin.

    EOS launched in June 2018, having been developed by the company Block.one.

  • Joseph Gamp

    IS YEARN FINANCE RISKY?

    Investing in ANY cryptocurrency is very risky.

    It’s essentially gambling and there are no guarantees that you will see what you pay in go up in value.

    It’s a speculative investment, with limited track records and no underlying value.

    There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market. 

    Plus, investing in newer cryptocurrencies rather than Bitcoin, for example, is even riskier and makes you more open to scams and many experts advise against them.

    As crypto investing is not regulated in the UK you don’t have the same protection as you do with investing.

  • Joseph Gamp

    ELON MUSK MAKES COMMENT ABOUT NEW CRYPTOCURRENCY DOGECOIN

    Elon Musk makes comment about new cryptocurrency Dogecoin

     

  • Joseph Gamp

    BITCOIN SEES SUDDEN DROP AFTER ELON MUSK SAYS TESLA WILL NOT ACCEPT IT AS PAYMENT

    Bitcoin has seen a sudden drop in value over the past few hours, with a single Bitcoin down by more than $7,000 (£5,000).

    The drop was largely linked to Elon Musk's tweet confirming that Tesla won't be accepting the cryptocurrency as payment any longer.

    "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," he said.

    "Cryptocurrency is a good idea… but this cannot come at great cost to the environment.

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

  • Joseph Gamp

    AUSTRALIA’S WRIGHT LAUNCHES LAWSUIT OVER £4BILLION BITCOIN HAUL

    An Australian computer scientist who alleges he created bitcoin has launched a London High Court lawsuit against 16 software developers in an effort to secure bitcoin worth around £4 billion he says he owns.

    In a case that was promptly labelled “bogus” by one defendant, Craig Wright is demanding that developers allow him to retrieve around 111,000 bitcoin held at two digital addresses that he does not have private keys for.

    In his second London lawsuit in three weeks, Wright alleges he lost the encrypted keys when his home computer network was hacked in February 2020. Police are investigating.

    Wright, who is bringing the case through his Seychelles-based Tulip Trading firm, concedes he is a controversial figure since alleging in 2016 that he wrote the bitcoin white paper – which first outlined the technology behind the digital assets – under the pseudonym Satoshi Nakamoto in 2008.

    The claim is hotly disputed.

  • Joseph Gamp

    ELON MUSK ISSUES STATEMENT ABOUT BITCOIN PURCHASES FOR TESLA

    Elon Musk released a statement today claiming that Tesla would no longer be accepting Bitcoin for purchasing vehicles.

    Posting to his personal Twitter account, he wrote: ” Tesla has suspended vehicle purchases using Bitcoin.

    “We are concern about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which ash the worst emissions of any fuel.”

  • Joseph Gamp

    IS YEARN FINANCE RISKY?

    Investing in ANY cryptocurrency is very risky.

    It’s essentially gambling and there are no guarantees that you will see what you pay in go up in value.

    It’s a speculative investment, with limited track records and no underlying value.

    There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market. 

    Plus, investing in newer cryptocurrencies rather than Bitcoin, for example, is even riskier and makes you more open to scams and many experts advise against them.

    As crypto investing is not regulated in the UK you don’t have the same protection as you do with investing.

  • Niamh Cavanagh

    WHAT IS BITCOIN?

    Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.

    Unlike physical currencies such as pounds, dollars or euros, which come in physical notes and coins, Bitcoin isn't printed or minted.

    Instead, Bitcoin tokens are a digital-only form of payment and are created by a computer code.

    If you have invested in Bitcoin, you can set up a virtual wallet to store, keep track and spend your digital money.

    You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM –  but not all businesses accept Bitcoin as a form of payment.

    You can use the Where To Spend Bitcoin UK website to find merchants that accept the currency.

  • Niamh Cavanagh

    HOW RISKY IS EOS?

    Investing in any cryptocurrency is essentially gambling and there are no guarantees that you will see what you pay in go up in value.

    It's a speculative investment, with limited track records and no underlying value.

    There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market.

    Although EOS was created in 2018, keep in mind that investing in newer cryptos, rather than Bitcoin, is even riskier and makes you more open to scams.

  • Niamh Cavanagh

    WHAT IS EOS?

    EOS is the crypto token of the EOSIO platform, the latter which is designed to allow developers to build decentralized apps.

    These are digital applications or programs that exist and run on a blockchain or peer to per network of computers instead of a single one.

    The aim is to make it as easy as possible for programmers to embrace blockchain technology.

    The technology is a kind of database used to record transactions and is at the heart of cryptocurrencies such as Bitcoin.

    EOS launched in June 2018, having been developed by the company Block.one.

  • Niamh Cavanagh

    CONTINUED – CALLING IT QUIT

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

    "We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction," Musk ended.

    Tesla only began accepting Bitcoin 49 days ago in late March.

    After Musk's tweet, Bitcoin stock fell by almost $2,000, falling from $54,700 to roughly $52,600.

  • Niamh Cavanagh

    CALLING IT QUIT

    Tesla will no longer accept bitcoin to purchase its cars, Elon Musk said on Wednesday, citing the harmful effects to the environment that comes with mining for cryptocurrency.

    Immediately after making the announcement, both Tesla's and Bitcoin's share prices dropped considerably.

    "Tesla has suspended vehicle purchases using bitcoin," Musk tweeted. "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."

    "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,” he continued.

  • Niamh Cavanagh

    IS YEARN FINANCE RISKY?

    Investing in ANY cryptocurrency is very risky.

    It’s essentially gambling and there are no guarantees that you will see what you pay in go up in value.

    It's a speculative investment, with limited track records and no underlying value.

    There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market. 

    Plus, investing in newer cryptocurrencies rather than Bitcoin, for example, is even riskier and makes you more open to scams and many experts advise against them.

    As crypto investing is not regulated in the UK you don't have the same protection as you do with investing.

  • Niamh Cavanagh

    WHAT IS YEARN FINANCE?

    Yearn Finance is a cryptocurrency, and its coins are referred to as YFIs.

    It’s also a decentralised currency – which is a very complex notion but essentially aims to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.

    It was launched in February 2020 according to CoinMarketCap, and was founded by Andre Cronje.

    There is reportedly a fixed supply of YFI tokens. 

    Around 30,000 coins are in circulation.

  • Niamh Cavanagh

    AUSTRALIA’S WRIGHT LAUNCHES LAWSUIT OVER £4BILLION BITCOIN HAUL

    An Australian computer scientist who alleges he created bitcoin has launched a London High Court lawsuit against 16 software developers in an effort to secure bitcoin worth around £4 billion he says he owns.

    In a case that was promptly labelled “bogus” by one defendant, Craig Wright is demanding that developers allow him to retrieve around 111,000 bitcoin held at two digital addresses that he does not have private keys for.

    In his second London lawsuit in three weeks, Wright alleges he lost the encrypted keys when his home computer network was hacked in February 2020. Police are investigating.

    Wright, who is bringing the case through his Seychelles-based Tulip Trading firm, concedes he is a controversial figure since alleging in 2016 that he wrote the bitcoin white paper – which first outlined the technology behind the digital assets – under the pseudonym Satoshi Nakamoto in 2008.

    The claim is hotly disputed.

  • Niamh Cavanagh

    ELON MUSK ISSUES STATEMENT ABOUT BITCOIN PURCHASES FOR TESLA

    Elon Musk released a statement today claiming that Tesla would no longer be accepting Bitcoin for purchasing vehicles.

    Posting to his personal Twitter account, he wrote: " Tesla has suspended vehicle purchases using Bitcoin.

    "We are concern about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which ash the worst emissions of any fuel."

  • Niamh Cavanagh

    IS YEARN FINANCE RISKY?

    Investing in ANY cryptocurrency is very risky.

    It’s essentially gambling and there are no guarantees that you will see what you pay in go up in value.

    It's a speculative investment, with limited track records and no underlying value.

    There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market. 

    Plus, investing in newer cryptocurrencies rather than Bitcoin, for example, is even riskier and makes you more open to scams and many experts advise against them.

    As crypto investing is not regulated in the UK you don't have the same protection as you do with investing.

  • Niamh Cavanagh

    AUSTRALIA'S WRIGHT LAUNCHES LAWSUIT OVER £4BILLION BITCOIN HAUL

    An Australian computer scientist who alleges he created bitcoin has launched a London High Court lawsuit against 16 software developers in an effort to secure bitcoin worth around £4 billion he says he owns.

    In a case that was promptly labelled "bogus" by one defendant, Craig Wright is demanding that developers allow him to retrieve around 111,000 bitcoin held at two digital addresses that he does not have private keys for.

    In his second London lawsuit in three weeks, Wright alleges he lost the encrypted keys when his home computer network was hacked in February 2020. Police are investigating.

    Wright, who is bringing the case through his Seychelles-based Tulip Trading firm, concedes he is a controversial figure since alleging in 2016 that he wrote the bitcoin white paper – which first outlined the technology behind the digital assets – under the pseudonym Satoshi Nakamoto in 2008.

    The claim is hotly disputed.

  • Niamh Cavanagh

    WHAT IS YEARN FINANCE?

    Yearn Finance is a cryptocurrency, and its coins are referred to as YFIs.

    It’s also a decentralised currency – which is a very complex notion but essentially aims to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.

    It was launched in February 2020 according to CoinMarketCap, and was founded by Andre Cronje.

    There is reportedly a fixed supply of YFI tokens. 

    Around 30,000 coins are in circulation.

  • Niamh Cavanagh

    ETHER 2021 GAINS NEAR 500%

    Ether has jumped almost 500% against the dollar this year as the ethereum blockchain becomes more widely used by peer-to-peer – or decentralised – cryptocurrency platforms that enable crypto-denominated lending outside of traditional banking institutions.

    The surge has also seen ether – which in the crypto world is also widely referred to as ethereum – outperform bitcoin, which has almost doubled in price this year as larger investors warm to the emerging technology.

    U.S. bank J.P. Morgan today said the pace of evolution in the ethereum market has "remained rapid" and that there was still room for growth.

  • Niamh Cavanagh

    DIGITAL COIN ETHER HITS RECORD HIGH

    Cryptocurrency ether hit a record high today.

    Ether, the second-biggest cryptocurrency by market capitalisation after bitcoin, climbed to $4,372.35, eclipsing its previous record hit on Monday, and was last up 2%.

  • Niamh Cavanagh

    WHAT IS EOS?

    EOS is the crypto token of the EOSIO platform, the latter which is designed to allow developers to build decentralized apps.

    These are digital applications or programs that exist and run on a blockchain or peer to per network of computers instead of a single one.

    The aim is to make it as easy as possible for programmers to embrace blockchain technology.

    The technology is a kind of database used to record transactions and is at the heart of cryptocurrencies such as Bitcoin.

    EOS launched in June 2018, having been developed by the company Block. one.

  • Joseph Gamp

    NEARLY $200BN WORTH OF BITCOIN AT RISK FROM THEFT – REPORT

    Approximately 3,480,000 out of the world’s mined 18.5million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping, a report has highlighted.

    The report by Opimas LLC, a finance-based management consultancy firm, extensively covered the various institutional safekeeping gaps – capable of exposing owners of cryptocurrencies to coin theft.

    Opimas highlights in its report the need for the establishment of more middlemen in cryptocurrencies.

    These middlemen can exist in the form of institution-based custody solution providers, that is, the provision of solutions that help store, exchange, and hold cryptocurrency safely for big investors and corporations.

  • Joseph Gamp

    PICTURED: BITCOIN ADVERT ON HONG KONG PUBLIC TRANSPORT

    An advert for Bitcoin is displayed on a tram in Hong KongCredit: AP

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