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Tag: Bitcoins

Bengaluru lecturer loses bitcoins worth Rs 10 lakh to fraudster who offered help on app

Finance
(This story originally appeared in on Mar 17, 2021)BENGALURU: A 38-year-old lecturer who was new to the cryptocurrency world lost bitcoins worth Rs 10 lakh to a fraudster who had promised to handle his cryptocurrency account. Ramesh J (name changed), a resident of Palace Gutahalli and lecturer with a private college, lodged a complaint with Central CEN police on Saturday. According to the complainant, the incident took place on February 22. Police sources said Ramesh recently logged in to CoinSwitch Kuber, a trading platform to buy, sell and manage cryptocurrency. In order to understand the trading process, he also logged in to a few cryptocurrency rooms on Telegram mobile application, where people would share their views. An account hacker who messaged Ramesh personally said he could han...
Bitcoin’s record-breaking surge means one man ended up paying £440m for two pizzas

Bitcoin’s record-breaking surge means one man ended up paying £440m for two pizzas

Business
Bitcoin has surged to a new all-time high - with prices breaking £44,000 for the first time.Saturday's spike came exactly one year after the volatile cryptocurrency lost 50% of its value in the space of two days and fell to £2,873. It has risen 1,431% in the past 12 months. Bitcoin now finds itself in uncharted territory. While some analysts believe the digital asset could reach £70,000 this year, others fear that dramatic sell-offs could be on the horizon. Image: Bank of England Governor Andrew Bailey has warned people who buy Bitcoin should be prepared to lose all of their money Part of the cryptocurrency's popularity lies in how its supply is fixed at 21 million, with new coins set to be gradually released between now and 2140.Supp...
How Bitcoin’s vast energy use could burst its bubble

How Bitcoin’s vast energy use could burst its bubble

Science
ReutersWe've all heard the stories of Bitcoin millionaires.Elon Musk is the latest. His electric car company Tesla made a paper profit of more than $ 900m (£646m) after buying $ 1.5bn (£1bn) -worth of the cryptocurrency in early February.Its high profile support helped pushed the price of a single Bitcoin to more than $ 58,000.But it isn't just the digital asset's price that has hit an all-time high. So has its energy footprint.And that's caused blowback for Mr Musk, as the scale of the currency's environmental impact becomes clearer.It also helped prompt a series of high profile critics to slate the digital currency this week, including US Treasury Secretary Janet Yellen.President Biden's top economic adviser described Bitcoin as "an extremely inefficient way to conduct transactions," say...

Bitcoin’s latest slump shows why people should be cautious before investing in cryptocurrency

Finance
Hermione Granger | Moment | Getty ImagesIn the last few weeks, bitcoin has been on a wild ride, surging to record highs and then wiping hundreds of billions of dollars from the cryptocurrency market days later.The volatility shows why curious investors should pause before putting money into the cryptocurrency.Bitcoin had an epic runup early in 2021. The asset hit a record high of $ 41,973 on Jan. 12, according to data from Coin Metrics, but just days later fell about 15%, wiping as much as $ 200 billion from the cryptocurrency market in just 24 hours.The next week, it regained some of its losses, surging to near $ 40,000 before reversing course yet again. On Thursday, the cryptocurrency slipped about 8%, bringing the asset's two-day losses to more than 10%. In addition, the price of bit...
Europe’s biggest crypto fund sees no end to Bitcoin’s white-knuckle rally

Europe’s biggest crypto fund sees no end to Bitcoin’s white-knuckle rally

Finance
MUMBAI: Meltem Demirors, Chief Strategy Officer at Europe’s largest crypto asset management firm CoinShares, expects Bitcoin price to rise further in 2021, simply because “there is just not enough Bitcoin to meet the massive wave of demand.” “I think there will be volatility and cyclicality, but the trend over the next year will continue to be upward, because this is really a supply-demand story,” Demirors told ETMarkets.com in an email interview. Demirors pointed to the massive influx of institutional investors into Bitcoin over the past 12 months, which has driven demand for the cryptocurrency to stratospheric levels. “The demand is coming from institutional investors, who want to allocate not $ 10 million or $ 20 million or $ 30 million, but $ 100 million or $ 500 million or even a bill...