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Bitcoin’s sharp tumble that’s wiping billions off crypto market

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Bitcoin falls below $40,000 for first time in 14 weeks, wiping hundreds of billions off the crypto market.

Bitcoin fell more than 13 per cent and hit a major low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data.

That was the lowest level since Feb. 9, the last time it dropped below $40,000.

Around $279.65 billion had been wiped off the entire value of the cryptocurrency market in 24 hours.

Bitcoin hit its all time high of $64,829.14 in mid-April, but after Elon Musk’s tweet-storm, it sent the price tumbling.

Tesla’s decision on May 12 to suspend vehicle purchases using bitcoin caused over $300 billion to be wiped off the cryptocurrency market.

Bitcoin’s smaller rivals are eroding its share of the $2 trillion digital currency market

Of the dozens snapping at its heels, most alternative coins have little use beyond financial trading, but very few investors seem bothered.

It’s led to analysts to raise a question “could bitcoin die” ?

As the rise of Shib Coin, Dogecoin and Ethereum continue at rapid speeds, and Elon Musk swings some hate for Bitcoin’s environmental impact, the number one crypto could become a memory.

Crypto

Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Crypto

Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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Crypto

Ethereum to finally undergo shift to new energy model

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Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.

The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.

Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.

The transition has been repeatedly pushed back because of major flaws.

But developers reportedly say the latest test run was very smooth.

The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.

Investors will continue to keep an eye out on what will come out of this upgrade.

Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.

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