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Tag: cryptocurrency

Bitcoin dips below $6,000 amid cryptocurrency sell-off

Bitcoin dips below $6,000 amid cryptocurrency sell-off

Finance
Bitcoin fell below $ 6,000 late Monday — for the first time since June — against a backdrop of cryptocurrencies declining in value. The world's largest digital currency by market value tumbled as low as $ 5,900 at around 10 p.m. ET, and was down around 4 percent, according to CoinDesk index data, which tracks prices from several exchanges. The cryptocurrency's price is close to its lowest point of the year. The lowest level of 2018 was reached in June 18, when it retreated to $ 5,785. Rival coins ether, the digital tok...
The government created a fake cryptocurrency to help you avoid scams

The government created a fake cryptocurrency to help you avoid scams

Finance
What is an ICO? There's a hot new crypto coin linked with luxury travel out there: HoweyCoins. But this initial coin offering isn't going to earn you anything more than a better understanding of how crypto works and a warning about scams. This mock ICO — or initial coin offering — is a creation of the Securities and Exchange Commission's office of investor education and advocacy in an effort to teach people about the dangers and pitfalls of investing in cryptocurrencies. Lesson one: If it sounds too good to be true, it probably is. The goal of the project is to acquaint investing novices with signs of fraud before it's too late. "The rapid growth of the 'ICO' market, and its widespread promotion as a new investment opportunity, has provided fertile gro...
New York is investigating cryptocurrency exchanges. What you need to know

New York is investigating cryptocurrency exchanges. What you need to know

Finance
New York Attorney General Eric Schneiderman announced on Tuesday that he is investigating at least 13 cryptocurrency exchanges, including the popular platform Coinbase. "Too often, consumers don't have the basic facts they need to assess the fairness, integrity, and security of these trading platforms," Schneiderman said in a statement. Schneiderman said he hopes to make exchanges more accountable and transparent to their clients. Each company will be asked in a letter to supply information on its "operations, internal controls, and safeguards to protect customer assets." The news serves as a reminder that investing in cryptocurrencies is risky not only because they're new and their value is volatile — even the places where you buy them can be suspect. There are at least 190 exchanges in o
A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

Finance
Billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh have invested in a cryptocurrency project called Basis, along with many other investors, the company said Wednesday.Bain Capital Ventures said it led the $ 133 million private placement, which was the private equity firm's first purchase of cryptocurrency tokens. Other investors included Alphabet's GV venture capital arm and Andreessen Horowitz.Formerly known as Basecoin, Basis is developing a cryptocurrency whose supply is controlled by an algorithm rather than a central bank. In contrast, bitcoin and most major cryptocurrencies have a fixed supply. Changes in demand can then send prices in wild swings.Basis' developers say such volatility has prevented mainstream adoption of cryptocurrencies and they want t...