Bitcoin price news latest – Crypto market recovers as Elon Musk reveals BTC 'green mining' plan after HUGE stock crash

ELON Musk says he met with North American Bitcoin miners who have committed to publishing renewable energy usage in order to address concerns around the crypto-coin's environmental impact.

The price of Bitcoin jumped about 4% yesterday after the billionaire entrepreneur tweeted that he was having active discussions regarding the sustainability of the digital coin.

The Tesla founder tweeted: "Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising."

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

  • Joseph Gamp

    MAIN RISKS OF CRYPTO INVESTMENTS

    • Consumer protection
    • Price volatility
    • Product complexity
    • Charges and fees
    • Marketing materials

    WHAT IS BITCOIN'S PRICE TODAY, MAY, 24?

    Bitcoin has today, May 24, rallied after a weekend plunge.

    The price of Bitcoin is currently sitting at $38,500 (£26,860.30), still well down from its all-time high of $64,621 on April 14 (£45,616).

    At the time of writing, it's risen 11 per cent in the past 24 hours.

    Elon Musk flipped again over the weekend about cryptocurrency.

    He tweeted "I support crypto", which appeared to help Bitcoin stabilise at $37,600 on Sunday after the Tesla chief tanked its price weeks ago. In the latest twist, the tech billionaire shared his support for cryptocurrencies over legal tender.

    WHAT IS THE CURRENT PRICE OF CRYPTO?

    • Joseph Gamp

      EXPLAINED: WHAT IS SAFEMOON?

      Not a huge amount is known about SafeMoon meaning the risk to your investment may be even higher.

      SafeMoon technically isn't a cryptocurrency but a DeFi token, according to its website.

      DeFi stands for decentralised finance token. They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.

      Like Bitcoin they use a complicated method called blockchain technology.

      SafeMoon claims it will reward people who buy and hold onto the cryptocurrency. While those who sell the currency will be slapped with a penalty.

    • Joseph Gamp

      U.S. WRITER HORRIFIED AS SHE DISCOVERS SHE’S SPENT A BITCOIN FORTUNE ON DRUGS

      An author was horrified to find out she spent nearly £500,000 worth of Bitcoin buying drugs on dark web.

      Bitcoin continues to fluctuate in price as the volatile cryptocurrency last week plunged to just 50% of its record high – hitting lows of just £21,000.

      Ms Tolentino, 32, a staff writer for New Yorker and a published author, revealed her own Bitcoin horror story when appearing on the Reply All tech podcast in 2018.

      She contacted the show as she remembered buying around £50 ($80) worth of Bitcoin in 2012 while exploring the Dark Web – but wasn’t sure what had happened to her stash after changing laptops.

    • Joseph Gamp

      WILL THE CRYPTOMARKET RECOVER?

      Cryptocurrency markets went down dramatically wiping billions from their value.

      Bitcoin and Ethereum prices plummeted to their lowest since last year after months of record highs for the digital coins, highlighting just how unpredictable they are according to experts.

      Read more here.

    • Joseph Gamp

      DID YOU TRY PASSWORD?

      Bitcoin trader Stefan Thomas lost almost £200million worth of the crypto because he forgot his password – saying the blunder left him feeling like a “complete idiot”.

      The devastated German felt the sting as a simple slip of the mind meant he lost access to the 7,002 coins – which are now worth £189,905,495.

      Thomas is just one of the many Bitcoin traders who have seen their fortunes go missing – with an estimated £100billion worth of the highly volatile cryptocurrency now left stranded and inaccessible in the ether online.

      He realised he lost the password around 10 years ago when the coins were worth around £100,000 – and he has been left helplessly watching from the sidelines as his missing fortune swelled by almost 19,900 per cent.

    • Joseph Gamp

      EXPLAINED: WHAT IS HUMMINGBIRD FINANCE?

      Hummingbird Finance is a new cryptocurrency token, which launched in April 2021.It’s a smart contract, or program, built on the Binance Smart Chain blockchain network.

      Blockchain technology is at the heart of most cryptocurrencies, including Bitcoin. It can seem complicated, but it’s a kind of database used to record transactions.

      Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “Hummingbird’s founders promise to use proceeds from the token to help finance charities to protect the species in the wild and spread awareness.

      “But this promise can’t easily be verified, and the way the token works rewards holders for not selling their tokens, and taxing those who do.

      “That raises suspicions of an aim to simply drive up the price on a wave of speculation and so traders would be wise to treat the token with extreme caution.”

    • Joseph Gamp

      HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?

      Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.

      In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.

      Developed market shares are up 14.3% over five years.

      On paper that makes Bitcoin a higher performing asset than other investments.

    • Joseph Gamp

      BITCOIN TRADER SPENT £500,000 WORTH OF CRYPTO ON DOMINO'S PIZZA BACK IN 2011

      Bitcoin trader spend £500,000 worth of crypto on Domino’s pizza back in 2011

    • Joseph Gamp

      CRYPTOCURRENCY NOVICE GOT £185,000 BITCOIN IN HIS ACCOUNT BY MISTAKE

      A NOVICE crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.

      Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.

      Read more here.

    • caroline.mortimer@thesun.co.uk

      HOW HAS BITCOIN’S PRICE CHANGED THIS YEAR?

      Last year, the currency was around the $23,000 mark before it moved up to around $36,000 in January this year.

      Then in February the cryptocurrency soared to a new high of $50,000.

      In March, the currency climbed up further to $61,742. It then soared above $62,000 at the beginning of April before slumping again to around $42,000.

      This month the cryptocurrency has fallen back to below $40,000 after Elon Musk withdrew his support for the currency and Beijing announced its ban.

      Tesla boss Elon Musk had previously said his car firm had bought $1.5billion of Bitcoin and said his business would accept them as payment for its cars.

    • caroline.mortimer@thesun.co.uk

      BITCOIN JUMPS 4% ON MONDAY – THANKS TO ANOTHER ELON MUSK TWEET

      The price of bitcoin jumped about 4% Monday afternoon after Tesla CEO Elon Musk tweeted that he was having active discussions regarding the sustainability of the digital coin.

      The coin was trading around $38,074, according to Coindesk, when Musk tweeted the following around 3:42 ET.

      “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising,” Musk said on Twitter.

    • caroline.mortimer@thesun.co.uk

      CONTINUED – BAD DEAL

      "Jia says that she bought about 80 bucks worth of bitcoin for this drug purchase, and she knows that there was bitcoin left over," said host Alex Goldman.

      "But, in the 6 years since the original purchase, she has totally forgotten what happened to the bitcoin."

      Today – the 17.5 coins she purchased at the time are now worth £456,253.

      Thinking she could be sitting on a small fortune, the Super Tech Support team on the show put their heads together to try and track down her missing riches, which was worth around £200,000 at the time.

      However, what they found was she had spent nearly all of her Bitcoin buying drugs on Dark Web marketplace Silk Road.

    • caroline.mortimer@thesun.co.uk

      U.S. WRITER HORRIFIED AS SHE DISCOVERS SHE'S SPENT A BITCOIN FORTUNE ON DRUGS

      An author was horrified to find out she spent nearly £500,000 worth of Bitcoin buying drugs on dark web.

      Bitcoin continues to fluctuate in price as the volatile cryptocurrency last week plunged to just 50% of its record high – hitting lows of just £21,000.

      Ms Tolentino, 32, a staff writer for New Yorker and a published author, revealed her own Bitcoin horror story when appearing on the Reply All tech podcast in 2018.

      She contacted the show as she remembered buying around £50 ($80) worth of Bitcoin in 2012 while exploring the Dark Web – but wasn't sure what had happened to her stash after changing laptops.

      Jia Tolentino spent her bitcoins in 2012 CREDIT: Getty
    • caroline.mortimer@thesun.co.uk

      DID YOU TRY PASSWORD?

      Bitcoin trader Stefan Thomas lost almost £200million worth of the crypto because he forgot his password – saying the blunder left him feeling like a “complete idiot”.

      The devastated German felt the sting as a simple slip of the mind meant he lost access to the 7,002 coins – which are now worth £189,905,495.

      Thomas is just one of the many Bitcoin traders who have seen their fortunes go missing – with an estimated £100billion worth of the highly volatile cryptocurrency now left stranded and inaccessible in the ether online.

      He realised he lost the password around 10 years ago when the coins were worth around £100,000 – and he has been left helplessly watching from the sidelines as his missing fortune swelled by almost 19,900 per cent.

    • caroline.mortimer@thesun.co.uk

      CRYPTOCURRENCY NOVICE GOT £185,000 BITCOIN IN HIS ACCOUNT BY MISTAKE

      A NOVICE crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.

      Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.

      Read more here.

    • caroline.mortimer@thesun.co.uk

      MAIN RISKS OF CRYPTO INVESTMENTS

      • Consumer protection
      • Price volatility
      • Product complexity
      • Charges and fees
      • Marketing materials

      CRYPTOCURRENCY NOVICE GOT £185,000 BITCOIN IN HIS ACCOUNT BY MISTAKE

      A NOVICE crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.

      Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.

      Read more here.

      WATCH: WHY ELON MUSK IS SO SIGNIFICANT TO BITCOIN MARKETS.

      EXPLAINED: WHAT IS HUMMINGBIRD FINANCE?

      Hummingbird Finance is a new cryptocurrency token, which launched in April 2021.It’s a smart contract, or program, built on the Binance Smart Chain blockchain network.

      Blockchain technology is at the heart of most cryptocurrencies, including Bitcoin. It can seem complicated, but it’s a kind of database used to record transactions.

      Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “Hummingbird’s founders promise to use proceeds from the token to help finance charities to protect the species in the wild and spread awareness.

      “But this promise can’t easily be verified, and the way the token works rewards holders for not selling their tokens, and taxing those who do.

      “That raises suspicions of an aim to simply drive up the price on a wave of speculation and so traders would be wise to treat the token with extreme caution.”

      • caroline.mortimer@thesun.co.uk

        HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?

        Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.

        In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.

        Developed market shares are up 14.3% over five years.

        On paper that makes Bitcoin a higher performing asset than other investments.

      • caroline.mortimer@thesun.co.uk

        EXPLAINED: WHAT IS XRP?

        XRP is form of digital currency that can be used on the Ripple network. It can either be transferred between individuals or banks.

        For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP. The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.

        The founders of Ripple created XPR before the company Ripple existed. 

        Ripple was originally founded in California in September 2012 as Newcoin, Inc. before renaming itself Opencoin, Inc. the month after.

        In 2013, Opencoin Inc. was renamed Ripple Labs Inc., which was reincorporated as a Delaware corporation in 2014. XRP has been used as a method of currency transfer through the network since 2012.

      • caroline.mortimer@thesun.co.uk

        DID YOU TRY PASSWORD?

        Bitcoin trader Stefan Thomas lost almost £200million worth of the crypto because he forgot his password – saying the blunder left him feeling like a "complete idiot".

        The devastated German felt the sting as a simple slip of the mind meant he lost access to the 7,002 coins – which are now worth £189,905,495.

        Thomas is just one of the many Bitcoin traders who have seen their fortunes go missing – with an estimated £100billion worth of the highly volatile cryptocurrency now left stranded and inaccessible in the ether online.

        He realised he lost the password around 10 years ago when the coins were worth around £100,000 – and he has been left helplessly watching from the sidelines as his missing fortune swelled by almost 19,900 per cent.

      • caroline.mortimer@thesun.co.uk

        HOW THE VALUE OF BITCOIN HAS CHANGED OVER THE YEARS

        The value of Bitcoin has fluctuated since it was launched in 2009.

        • 2009-2011: One Bitcoin was equal to about one US dollar
        • 2013: Bitcoin rises upward to $1,242
        • 2014: Bitcoin falls to $530
        • 2017: Bitcoin rose to $13,800 by the end of the year
        • 2018: Price dropped to around $6,000 before halving again to around $3,000
        • 2020: Started at $5,000 before ending the year around $28,000
        • 2021 January: Bitcoin around $36,000
        • February: Bitcoin around $50,000
        • March: Bitcoin around $60,000
        • April: Bitcoin soaring above $62,000
        • May: Bitcoin tumbles to $39,790

          Source: Read Full Article