It’s been a wild weekend for Bitcoin, dropping 9.29% to $48,752.15, losing $4,991.54 from its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down 29.3% from the year’s high of $69,000 on November 10.
Ether, the coin linked to the ethereum blockchain network, dropped 3.61% to $4,070.52 on Saturday, losing $152.28 from its previous close.
The downward spiral for Bitcoin began oSaturday morning before gathering momentum after late-afternoon selling.
Between Friday evening and late Saturday afternoon Saturday, bitcoin fell from $US56,740 to $US44,800.
As of Sunday afternoon, Bitcoin was nine per cent lower than the previous week.
Bitcoin is notoriously volatile but jumped in value in the last year.
Concerns about the Omicron variant’s effect on the global economy have continued, with an International Monetary Fund official warning that new Covid-19 outbreaks would “dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth”.
How Elon Musk landed Time’s ‘Person of the Year’
Tesla Chief Executive Officer, Elon Musk has been named Time magazine’s “Person of the Year” for 2021
It’s been a big year for Musk, whose electric car company became the most valuable carmaker in the world and his rocket company soared to the edge of space with an all-civilian crew.
The 50-year-old is also the founder and CEO of Space-X, and leads brain-chip startup Neuralink and infrastructure firm The Boring Company.
Tesla’s market value soared to more than $1 trillion U-S this year, making it more valuable than Ford Motor and General Motors combined.
‘Time’ has described Musk as “the man who aspires to save our planet and get us a new one to inhabit”.
Is Twitter Changing its Name?
Just days after Jack Dorsey resigned for the second time as CEO of Twitter, his other company, Square, is getting a name change
The parent company of Cash App and Tidal will now go under the new corporate name of “Block”.
Other individual businesses owned by Block, referred to by the company as “building blocks”, will keep their original names except for the company’s Square Crypto initiative.
Square Crypto, whilst keeping it’s ticker name of SQ on the stock exchange, will be renamed as Spiral.
These name changes follow Dorsey’s well known interest in cryptocurrency, with the business having $220 million in bitcoin in its treasury according to the Wall Street Journal.
This contributes to Dorsey, who Forbes estimates to be worth $10.8 billion, as being one of the most influential cryptocurrency advocates worldwide.
Square’s name change comes just over a month after Mark Zuckerberg rebranded Facebook group to Meta.
Square’s business involves payment systems such as banking products for retailers as well as those small square card readers you see at some vendors.
The company’s name change is therefore is simply the introduction of a new corporate name to “tie” the company’s building blocks together.
There will be no organisational change as a result of the name change which is expected to go legally into effect around December 10th..
Crypto executives put under microscope at Congress hearing
The executives of eight major crypto firms will testify at a US Congress hearing on December 8, set to face tough questions on the sector
The bosses of eight major cryptocurrency agencies have been called to testify before a US congressional committee on the 8th of December. Among those called to appear include Coinbase’s Alesia Haas, Circle’s Jeremy Allaire and Bitfury’s Brian Brooks.
It will be the first time agencies representing the controversial sector have been questioned in this particular way, following American politicians across the political spectrum calling for more regulation on crypto.
Elizabeth Warren on the left of the Democratic Party has called for tougher regulation of the sector and Donald Trump has described crypto-currencies as “a scam”.
Mr Brooks, an executive of Bitfury previously served as a top banking regulator under the Trump administration and had a role in policy-making around cryptocurrencies.
Digital coins are not traditional currencies in the traditional sense, however they can sometimes be used to make payments. They are stored online in a “digital wallet” and act more like an investment often carried with a high degree of volatility.
The anonymity of paying using crypto means they have been favoured for criminal activities such as drug dealing, money laundering and ransomware attacks. However their supporters say the view that they are predominantly for circumventing the law is outdated and that innovation in this area offers huge potential.
Countries around the world have taken radically different approaches to crypto, with nations like El Salvador embracing it – making it legal tender – and others like China imposing bans.
China has declared crypto-currency transactions illegal, a move India looks set to follow. Many other central banks are eyeing the sector warily and discussing regulation.
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