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Bitcoin latest news – Elon Musk tweets Dogecoin support AGAIN as crypto market recovers from $6bn drop after Tesla ban

ELON Musk has again tweeted his support of Dogecoin as the cryptocurrency rose by 17% this weekend following a midweek slump.

Yesterday the Tesla founder backed the supposed superior speed and environmental friendliness of DOGE over Bitcoin, tweeting: "Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

But his latest tweet has attracted the ire of other CEOs in the crypto world.

MicroStrategy founder Michael J. Saylor replied: “The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.”

The value of Dogecoin plummeted sharply after Musk talked about it on the late-night comedy show and called it a "hustle" in one sketch.

But it later rose after Musk said he was working with the Dogecoin to improve its impact on the environment - rising 29 per cent on Friday after a midweek dip.

It came after stocks plummeted by 17 percent last week, shaving $6.1billion in value from Bitcoin after the tech billionaire banned its use to buy Tesla.

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

  • BROTHERS BECOME MILLIONAIRES ‘OVERNIGHT’

    Two brothers became millionaires almost overnight after investing $7,900 in a cryptocurrency originally set up as a joke.

    The siblings – who wished only to be known as Tommy, 38, and James, 42, told CNN they dabbled in cryptocurrency in December 2020 after being recommended to by a friend.

    They then put several hundred dollars in a cryptocurrency called Shiba Inu – a parodic spinoff of Dogecoin – when one coin was worth a fraction of a cent.

    But it is as of Thursday it was worth nearly $9 millio

  • THE SUN EXPLAINS: WHAT IS YEARN FINANCE?

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

    It is 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.

  • CRYPTO MILLIONAIRES BLOCKED FROM BUYING HOMES

    Cryptocurrency millionaire Jeff Peters, 30, tried to buy a house for £1m, but was told by his lawyer he needed to prove his profits were clean, The Telegraph reports.

    Speaking under a pseudonym, he said: “They wanted me to prove I had paid tax on my profits and not got them from criminal activity. But I couldn’t find a forensic accountant.

    “I eventually found another solicitor and I passed anti-money laundering legislation by submitting trading statements.”

    Charlie Parker, a 31-year-old cryptocurrency and stock investor, was also blocked from using his profits to buy a property.

    He said he was asked to provide a paper trail of trading activity to prove his money wasn’t laundered.

  • NORTH DAKOTA CITY BECOMES THIRD PLACE IN US TO ACCEPT CRYPTOCURRENCIES

    A city in the U.S. state of North Dakota has begun accepting cryptocurrencies for utility bill payments.

    The city’s finance director says, “We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service.”

    The city of Williston in the U.S. state of North Dakota announced Thursday that “it now accepts digital cryptocurrency payments for utility bills.”

    The announcement continued: “Currently, utility bill payments are the only bills eligible to be paid with cryptocurrency.

    “Quality assessments will be conducted, and volumes evaluated, before migrating other bills such as landfill, permits, and licenses.”

  • FLARED NATURAL GAS LATEST PRIZE IN BITCOIN MINERS' ENERGY QUEST

    As the value of bitcoin soars and concerns rise about the energy-intensive process needed to obtain it, cryptocurrency entrepreneurs in the United States believe they have found a solution in flared natural gas.

    Profitably creating, or mining, bitcoin and other cryptocurrencies requires masses of computers dedicated to solving deliberately complicated equations -- an endeavor that globally consumes more electricity than entire nations, but for which these start-ups say the jets of flaming gas placed next to oil wells are perfect power sources.

    "I think the market is enormous," said Sergii Gerasymovych, CEO of EZ Blockchain, which has six different data centers powered off natural gas in the US states of Utah and New Mexico, as well as in Canada.

    Across the country, companies like EZ Blockchain are setting up shipping containers where racks containing hundreds of computers mine cryptocurrency, fueled by natural gas from oil wells that otherwise would be burned in the open.

    Interest in their work has grown over the past year. Bitcoin and other cryptocurrencies like ethereum and dogecoin have seen meteoric price spikes since the Covid-19 pandemic turned the global economy on its head and mainstream companies began to embrace the technology.

  • MEET THE DOGECOIN FOUNDERS

    Dogecoin was founded by Billy Markus and Jackson Palmer in 2013.

    The pair worked as separate software engineers before joining forces to create the cryptocurrency phenomenon.

    At the time, Markus (pictured) was working for IBM from Portland, Oregon, while Palmer was a member of the Adobe Systems Marketing Department in Sydney.

    Markus then reached out to Jackson Palmer and jokingly tweeted, “Investing in Dogecoin, pretty sure it’s the next big thing.”

    However, neither work on the project anymore with Mr Markus telling the Wall Street Journal that he sold all of his dogecoin in 2015.

  • THE SUN EXPLAINS: WHAT IS CARDANO?

    Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.

    It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

    Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

    Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation. The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.

    It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

  • STATE OWNED SWISS BANK LAUNCHES APP THAT SUPPORTS 13 CRYPTOCURRENCIES

    Postfinance, the banking subsidiary of the national postal service of Switzerland, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more.

    The bank’s new App, titled Yuh, allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks.

    Postfinance has partnered with online trading platofmr Swissquote for the softeware, which was launched in May 11 during a virtual launch event.

    Anyone who wants to test it is encouraged and welcomed be the bank to download and install the app on either an iOS or an Android device.

  • WATCH: MOMENT CYBER COPS SWOOPED ON ORGANISED CRIME BOSS AND HACKER GRANT WEST SEIZING HALF A MILLION POUNDS WORTH OF BITCOIN

    Moment cyber cops swooped on organised crime boss and hacker Grant West seizing half a million pounds worth of Bitcoin
  • DOGECOIN POPS AFTER MUSK TWEETS ABOUT ‘PROMISING’ SYSTEM IMPROVEMENTS

    Cryptocurrency dogecoin jumped as much as 20% on Friday after Tesla boss Elon Musk said he was involved in work to improve the token’s transaction efficiency.

    “Working with Doge devs to improve system transaction efficiency. Potentially promising,” Musk said on Twitter.

    Dogecoin rose from about $0.43 to $0.52 on the Binance cryptocurrency exchange immediately after the tweet.

    Near worthless in late 2020, dogecoin has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap.com, and is up more than a hundredfold this year as speculators have piled in to the asset class.

  • BROTHERS BECOME MILLIONAIRES ‘OVERNIGHT’

    Two brothers became millionaires almost overnight after investing $7,900 in a cryptocurrency originally set up as a joke.

    The siblings – who wished only to be known as Tommy, 38, and James, 42, told CNN they dabbled in cryptocurrency in December 2020 after being recommended to by a friend.

    They then put several hundred dollars in a cryptocurrency called Shiba Inu – a parodic spinoff of Dogecoin – when one coin was worth a fraction of a cent.

    But it is as of Thursday it was worth nearly $9 million.

  • THE SUN EXPLAINS: WHAT IS YEARN FINANCE?

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

    It is 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.

  • NORTH DAKOTA CITY BECOMES THIRD PLACE IN US TO ACCEPT CRYPTOCURRENCIES

    A city in the U.S. state of North Dakota has begun accepting cryptocurrencies for utility bill payments.

    The city’s finance director says, “We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service.”

    The city of Williston in the U.S. state of North Dakota announced Thursday that “it now accepts digital cryptocurrency payments for utility bills.”

    The announcement continued: “Currently, utility bill payments are the only bills eligible to be paid with cryptocurrency.

    “Quality assessments will be conducted, and volumes evaluated, before migrating other bills such as landfill, permits, and licenses.”

  • WATCH: ELON MUSK HAS HUGE INFLUENCE OVER THE CRYPTO MARKET AS HE ANNOUNCES HE WILL NO LONGER ACCEPT BITCOIN FOR TESLA PRODUCTS

    Elon Musk has huge influence over the crypto market as he announces he will no longer accept Bitcoin for Tesla products
  • TEACHER LOSES HOUSE DEPOSIT IN FAKE ‘ELON MUSK’ BITCOIN SCAM

    A teacher broke down in tears after losing her house deposit in a fake ‘Elon Musk’ Bitcoin scam.

    Julie Bushnell said she felt ashamed and embarrassed after falling victim to the cryptocurrency con that cost her £9,000.

    The scam was posted on a fraudulent website made to look like the BBC.

    It used the name of entrepreneur billionaire Tesla and SpaceX CEO Elon Musk to suggest she could double her money in a Bitcoin giveaway.

    Julie, from Brighton, East Sussex, forked out $12,650 (£9,007) which she had saved for a deposit on her first home.

    More on the story here.

  • 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.

  • WHAT YOU NEED TO KNOW ABOUT BITCOIN

    Bitcoin got you baffled? Here’s what you need to know:

  • STATE OWNED SWISS BANK LAUNCHES APP THAT SUPPORTS 13 CRYPTOCURRENCIES

    Postfinance, the banking subsidiary of the national postal service of Switzerland, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more.

    The bank’s new App, titled Yuh, allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks.

    Postfinance has partnered with online trading platofmr Swissquote for the softeware, which was launched in May 11 during a virtual launch event.

    Anyone who wants to test it is encouraged and welcomed be the bank to download and install the app on either an iOS or an Android device.

  • ELON MUSK 'COULD CREATE HIS OWN CRYPTOCURRENCY'

    Billionaire Elon Musk has hinted he may create his own cryptocurrency.

    The Tesla and SpaceX CEO announced he would stop accepting payment for Tesla vehicles in Bitcoin due to the environmental impact.

    A Twitter user asked Musk why is he not creating his own cryptocurrency.

    He replied: "Only if Doge can't do it. Big pain in the neck to create another one."

  • CONTINUED: IS YEARN FINANCE RISKY?

    For example, you can't claim to an ombudsman if something goes wrong. Fees and charges may also be higher.

    Many crypto coins are built on pyramid scheme-style marketing strategies, which means that they can suddenly collapse in value.

    Cryptocurrency specialist trader and author Lisa Edwards said the main risks are for DIY investors, looking to cash in on the cryptocurrency hype.

    “That is essentially like going to a casino and putting everything on red on the roulette wheel,” she said.

    Meanwhile, Asktraders.com lead analyst Nigel Frith has urged Brits to be cautious when investing.

    “As with all things crypto investors should be aware of the risks,” he said. “Bad news and changes in market behaviour can trigger huge crashes.”

  • 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.

  • YEARN FINANCE EXPLAINED

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

    It is 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.

  • CONTINUED: MUSK BANNING BITCOIN PAYMENTS TO TESLA WELL-RECEIVED

    Bitcoin mining uses about the same amount of energy annually as the Netherlands did in 2019, data from the University of Cambridge and the International Energy Agency showed, generating between 22 million and 22.9 million metric tons of carbon dioxide emissions a year, according to a 2019 study in scientific journal Joule.

    Guillaume Mascotto, head of ESG and Investment Stewardship at American Century Investments, a top-40 Tesla investor according to Refinitiv, said any move into Bitcoin by a company would impact the way they were viewed.

    "It would affect our ESG risk views on payment companies and other firms taking large positions in crypto especially if it contributes to 'engineering' their bottom-lines like we saw with Tesla," he said.

    A UK-based investor, who declined to be named, said Musk's reversal showed the ability of consumer and investor discontent to push through change, raising broader recognition of the carbon footprint embedded in cryptocurrencies.

    "Tesla decided to make a big statement about bitcoin in February and it did not pan out that well, so this is a warning shot to those who might be considering integrating some cryptocurrency into their strategy," the investor said.

  • MUSK BANNING BITCOIN PAYMENTS TO TESLA WELL-RECEIVED

    Elon Musk's decision to stop accepting Bitcoin as payment over environmental concerns has been well-received by some of Tesla's investors, offering a warning to corporate peers mulling a dabble with the cryptocurrency.

    The Tesla boss' tweets, which had helped drive some of the gains in Bitcoin in recent months, this week triggered a 17% slide in the value of the cryptocurrency when he said his company's customers would no longer be able to use bitcoin to buy its cars.

    Driving the decision, Musk said, was concern over the amount of energy it takes to "mine" bitcoin, with much of it done in China using cheap, climate-destroying thermal coal. Tesla could revisit the decision if the situation changes, he added.

    More than half a dozen investors in the electric vehicle maker contacted by Reuters said they were happy with Musk's decision.

    "The energy waste should be avoided regardless of its color. And Tesla should focus on its core business. Drop the bitcoin position and move on," said APG Asset Management Chief Investment Officer Peter Branner, a Tesla investor.

  • DAD PAYS 7TH GRADER SON TO DO CHORES IN BITCOIN

    A dad has said he pays his son, who is in seventh grade, to do chores - in Bitcoin.

    Writing for Bloomberg, Eddie Yoon said: "We are intentional about teaching our kids about money because collectively as Americans we focus a lot on earning money, but collectively we stink at managing money.

    "We want our children to be self-aware of feel the full spectrum of feelings that money induces.

    "Our kids know investing matters. Whether they turn out to be good investors, well, only time will tell.

    "But least for now, Tesla and Bitcoin ensure we always have something interesting to talk about.

    "We will all collectively benefit if we can raise a new generation of savvier investors at a much earlier age."

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