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Ethereum boss makes billion-dollar donation to India COVID relief

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Ethereum co-founder Vitalik Buterin has donated $1 billion worth of Shiba Inu coin to a COVID-19 relief fund in India.

The 27-year-old programmer transferred more than 50 trillion Shiba Inu coins to the India COVID-crypto relief fund, according to his public wallet. He also transferred 500 ethereum.

Shiba coin was valued at $1 billion at the time of transfer but cryptocurrencies are notoriously volatile – its value plunged after the donation.

Shiba Inu coin is a dogecoin spinoff that plays off the popular Elon Musk-touted dogecoin – which is a parody in itself.

Crypto

Bitcoin surges after shocking week

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bitcoin price rises

Bitcoin continues to rebound from its lows for the year, and investors are now trying to understand why.

The cryptocurrency sank below the key $30,000 threshold Tuesday, at one point briefly erasing all its 2021 gains. It later recovered to turn positive for the day.

But now Bitcoin is climbing back above the $34,000 mark to trade as high as $34,367 in early morning trading.

Up 3% on the day

Smaller rivals also surged, with ether rising 6% to $2,014 and XRP up 9% at a price of 64 cents. The reason for the moves higher wasn’t clear, but cryptocurrencies are known for their volatility.

Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 ahead of crypto exchange Coinbase’s blockbuster debut and as institutional investors appeared to be warming to it.

But the world’s biggest digital coin has been on a roller-coaster ride since, almost halving in value amid a slew of negative news.

Thanks, Elon

The slide began when Elon Musk first raised concerns over the crypto’s environmental impact. Suddenly, the world looked towards other cryptos for hope.

In China, authorities have been clamping down on bitcoin mining, the power-intensive process for validating transactions and generating new bitcoins.

Over the weekend, Beijing’s crackdown on crypto mining extended to the hydropower-rich Sichuan province.

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Crypto

Crypto crash: why has Bitcoin dropped so low?

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Bitcoin dropped below the price of $30,000 for the first time since January 28.

Bitcoin dropped below the USD$30,000 mark for the first time since late January before pulling back above the mark to settle at around the USD$33,000 mark.

The dramatic drop comes just days after Chinese officials moved to prevent financial institutions from facilitating transactions that involve digital coins.

Just a few months ago, Bitcoin was hitting record highs… but fell substantially after global concerns were raised about the environmental impacts of the coin.

It spent a little more than three months rising exponentially, and it has now spent a little less than three months falling exponentially

Eric Diton from The Wealth Alliance says “what determines the value of Bitcoin is acceptance and more demand and supply.

He continues noting “when you have a country like China come out against Bitcoin, that really hurts its global acceptance and that’s why you’re seeing the value deteriorate.”

Is there a lot of fear surrounding bitcoin?

Bitcoin is in a free fall – tumbling to a two-week low amid an intensifying cryptocurrency crackdown in China.

China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.

Bitcoin is now down more than 50 per cent from its record high.

CLOSE OF MARKET TUESDAY (WALL STREET JOURNAL)

Bitcoin was priced at 30,000 at the beginning of the year, and while is has recovered a bit, publicly traded companies like Coinbase and Tesla have learned what a rollercoaster cryptocurrency can have.

The original cryptocurrency has formed a death cross, meaning its average price over the last 50 days fell below that of its 200-day moving average.

Dogecoin is enduring its ninth straight day of losses, with its currency losing the hype of the joke.

“There’s just a lot of fear, and when there’s fear, people sell risky assets. I do think that Bitcoin’s still perceived as a risk-on asset,”

Meltem Demirors, chief strategy officer at CoinShares, said on Bloomberg’s “QuickTake Stock” streaming program.

The world’s largest cryptocurrency by market value is still up about 11 per cent year to date, according to Coin-Desk 20 data

Meanwhile, GameStop shares rose 10 per cent after the videogame retailer sold more than $1 billion in fresh shares.

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Global markets bounce back after heavy blow

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Markets around the world are expected to rebound today after a day of heavy losses.

The Australian ASX has bounced back big time following from Wall Street overnight that offset those tremors we saw last week.

Australian shares rushed to an early gain on Tuesday with the ASX 200 up 1.3 per cent, partly retracing the 1.8 per cent dip on Monday as global financial markets steadied after the anticipated moves from the Federal Reserve to thwart inflation.

Wall Street stocks rallied, staging a strong bounce back from last week’s rout.

The Dow last week suffered its worst week since October 2020, dropping 3.4 percent.

It came as the US Federal Reserve shifts towards a more hawkish stance on monetary policy, which could lead to higher interest rates.

That spooked investors last week, and the pain was felt on markets around the world on Monday,.

Fed Chair Jerome Powell is scheduled to appear before a congressional panel, and the markets are bracing for that.

Yesterday, markets across Asia dropped in early trade over inflation concerns

In Japan, the Nikkei slumped 4 per cent, while the Hong Kong Hang Seng dropped 1.45 per cent.

Mainland Chinese stocks were also down.

In South Korea, the market declined under 1 per cent.

The rollercoaster day for Australian investors

Australia’s share market dived in early trading after sharp falls on Wall Street on Monday.

The ASX 200 index fell as much as 1.5% to 7258 points.

It was the biggest decline in four weeks.

Sectors including Financials, Energy and Materials led early falls.

Commonwealth Bank fell 3.9% after a string of record highs in recent weeks.

The other major banks fell more than 2.2%.

Australian dollar is hitting a new low

So why has this happened? A big reason is following similar damage on Wall Street and in European markets which has been triggered by St Louis Federal Reserve president James Bullard predicting US interest rates would rise next year, perhaps earlier than some would expect.

The Australian dollar was firmer on Monday morning, buying around 75.05 US cents, after hitting its lowest level in six months as the US dollar strengthened.

Bullard added to expectations that US interest rates could rise sooner rather than later.

He is one of seven Fed policymakers to predict a first rate hike in 2022.

“This suggests the Fed will move earlier than the RBA and will be moving by slightly more than the RBA over 2023, which has implications for the [Australian dollar],” St George chief economist Besa Deda wrote.

Bitcoin takes a further tumble

Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.

The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950.

China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.

According to bitcoin aficionado Stephan Livera this latest crackdown, on one of the main regions for bitcoin mining, is the real deal.

This time seems like a more serious time. The largest mining pool operators have come out…so for example the leader of F2Pool (has said) from our numbers we’re seeing a very large drop in the amount of hash rate that’s coming to our pool out of China.” 

STEPHAN LIVERA, MINISTRY OF NODES

Bitcoin has many complex layers, it’s important to remember we’re talking specifically about bitcoin mining.

Mining is simply the process that sees new bitcoins entered into circulation. It’s also a critical component of the maintenance and development of the blockchain ledger. Mining is performed using very sophisticated computers that solve extremely complex computational math problems.

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