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Dogecoin soars another 600% as Reddit frenzy pushes the token into the top 10 cryptocurrencies by market cap | Currency News | Financial and Business News

Dogecoin soars another 600% as Reddit frenzy pushes the token into the top 10 cryptocurrencies by market cap | Currency News | Financial and Business News
  • Dogecoin’s rise extended Friday as the crypto-themed subreddit SatoshiStreetBets fueled a further rally. 
  • Bitcoin too climbed 15% on the same day after Elon Musk changed his Twitter bio to include it.
  • Robinhood temporarily restricted crypto trading on its platform due to “extraordinary market conditions.”
  • The Reddit-inspired market mania sent the price of meme-based digital asset Dogecoin soaring on Friday, which catapulted the token into the top 10 cryptocurrencies by market capitalization.

    Dogecoin jumped over 600% in the last 24 hours to a trading point of $0.0779 in early European trading. That pushed its market value to about $9 billion, ranking it at seven among cryptocurrencies, according to data from Coin Gecko.

    Crypto rival Bitcoin also climbed 15% on the same day after Elon Musk changed his Twitter bio to simply say: “#bitcoin.” Prior to that, Musk touted Dogecoin by posting a mock magazine cover of “Dogue” – a play on the fashion title Vogue. The billionaire has previously referred to it as his favorite cryptocurrency. 


    A crypto-themed version of the Wall Street Bets forum has been attempting to push the digital token higher to make money. By creating a hype around the coin, the SatoshiStreetBets subreddit is aiming for a $1 price target for Dogecoin.

    The recent frenzy led online brokerage Robinhood to restrict crypto trading temporarily. “Due to extraordinary market conditions, we’ve temporarily turned off instant buying power for crypto,” a Robinhood spokesperson told CNBC. “Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers.”

    Read the original article on Business Insider


    World’s Largest Hedge Fund Bridgewater Has Crypto Plans — Founder Ray Dalio Calls Bitcoin ‘One Hell of an Invention’

    World’s Largest Hedge Fund Bridgewater Has Crypto Plans — Founder Ray Dalio Calls Bitcoin ‘One Hell of an Invention’

    World's Largest Hedge Fund Bridgewater Has Crypto Plans — Founder Ray Dalio Calls Bitcoin 'One Hell of an Invention'

    The founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm, has clarified his view on bitcoin and cryptocurrency. Ray Dalio also reveals that he and his colleagues at Bridgewater “are intently focusing on alternative storehold of wealth assets.”

    Ray Dalio, founder and chief investment officer of Bridgewater, has clarified his view on bitcoin and revealed what his company has in store for cryptocurrency. With about $140 billion in assets under management, his hedge fund is the largest in the world. AICIO Magazine and Wired Magazine have called Dalio the “Steve Jobs of Investing,” and TIME Magazine has named him one of the 100 Most Influential People.

    In a research note published on the Bridgewater Associates’ website on Thursday, Dalio wrote: “I am writing this to clarify what I think of bitcoin. Please pay attention to what I am saying here and not what those in the media are saying I said because this is reliable.”

    He began by admitting that he is not an expert on bitcoin or cryptocurrency. “Still, people demand my non-expert assessment of bitcoin and clarifications in my own words are better than distortions in the media so here it goes, presented with the warning not to rely on it,” Dalio declared, elaborating:

    I believe bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.

    Emphasizing the current need for “alternative gold-like assets,” Dalio asserted that “Because there aren’t many of these gold-like storehold of wealth assets that can be held in privacy and because the sizes of their markets are relatively small, there exists the possibility that bitcoin and its competitors can fill that growing need.”

    The Bridgewater founder noted: “It seems to me that bitcoin has succeeded in crossing the line from being a highly speculative idea that could well not be around in short order to probably being around and probably having some value in the future.”

    He further said: “I greatly admire how bitcoin has stood the test of 10 years of time, not only in this regard but also in how its technology has been working so well and has not been hacked.” Nonetheless, the Bridgewater executive cautioned that those “holding digital/cyber assets at a time when cyber offense is much more powerful than cyber defense, the cyber risk is a risk that I can’t ignore.”

    if (!window.GrowJs) { (function () { var s = document.createElement(‘script’); s.async = true; s.type = ‘text/javascript’; s.src = ‘’; var n = document.getElementsByTagName(“script”)[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; = || [];{ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

    In conclusion, Dalio said bitcoin looks to him “like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of.” He concluded, “That is what bitcoin looks like to this non-expert. I am eager to be corrected and learn more,” elaborating:

    Believe me when I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets.

    Dalio further revealed: “Expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and bitcoin won’t escape our scrutiny.” The head of Bridgewater clarified that when he uses the word “bitcoin,” he means “bitcoin and its analogous competitors.”

    Dalio has recently been talking more about bitcoin. In November, he admitted that he may be wrong about the cryptocurrency but still had doubts. In December, he said bitcoin could be an alternative storehold of wealth to gold.

    What do you think about Ray Dalio’s view on bitcoin? Let us know in the comments section below.



    Author: admin

    To see eye-to-eye? Crypto industry should start embracing regulation

    To see eye-to-eye? Crypto industry should start embracing regulation

    Since the exuberant crypto bull run of 2017, regulators have increased their activity in the industry. United States governing bodies such as the Securities and Exchange Commission, the Department of Justice and the Commodity Futures Trading Commission have all pursued various types of legal enforcement. 

    From December 2020, there has been an even further regulatory push, including a proposal from the Financial Crimes Enforcement Network aimed at heightened crypto wallet overwatch. What do crypto industry players think of regulation at present?

    Dean Steinbeck, co-founder of Horizen Labs, told Cointelegraph that, indeed, in conjunction with increasing institutional involvement, “notices from entities such as the SEC, OCC, IRS and FinCEN have become more regular.” He added: “Over the recent few months, we’ve continued seeing an increase in institutional adoption of Bitcoin/cryptocurrency slowly but surely closing the educational gap between traditional and decentralized finance.”

    Over the course of 2020, a number of sizable mainstream entities and individuals, including MicroStrategy, MassMutual, Square and Paul Tudor Jones, unveiled their large purchases of Bitcoin. In 2019 and 2020, U.S. regulators increased their activity in the space, both in terms of enforcement as well as clarity.

    “However, these notices and regulations are often convoluted and unclear, which, in turn, makes them meaningless and misguided in the eyes of the crypto community,” Steinbeck said, adding:

    “What is preventing the creation of transparent and fair regulation? Those drafting these regulations do not interact with crypto on a day-to-day basis. If we can change the system in which these notices, rules and policies are created, the community may be more receptive to proposed regulations being put into place.”

    The past two years or so have yielded a number of regulatory actions. The Office of the Comptroller of the Currency gave national banks the go-ahead for crypto custody. The Internal Revenue Service attempted to issue clarity on taxes, although the agency’s effort added confusion in the process. The IRS also added a question about digital asset ownership to its tax reporting forms.

    More recently, the CFTC and DoJ went after crypto derivatives exchanges BitMEX, the SEC filed a suit against Ripple, claiming its XRP asset as a security, and FinCEN proposed a rule to monitor the flow of funds to self-custodied crypto wallets, as well as between platforms.

    “As an industry, we’ve come a long way but, in the same vein, are just getting started,” Konstantin Richter, founder and CEO of Blockdaemon, told Cointelegraph when asked about his thoughts on the current crypto regulatory scene, adding: “This past year, crypto regulators seemed to be moving faster and asking better questions — not easier questions per se.”

    Richter noted a present opportunity to guide governing bodies in learning more about the industry. He added:

    What cryptocurrency will become the main one in a year?

    “I think we are collectively in a position to put our best foot forward to encourage and inform regulators on the best ways for them to be partners in innovation with the crypto industry at large and also enact more of the safeguards and standards required for continued institutional and mainstream adoption.”

    In terms of educated government rule, President Joe Biden’s pick for SEC chairman, Gary Gensler, will likely bring a wealth of crypto knowledge into his position. Gensler taught a course on crypto and blockchain at the Massachusetts Institute of Technology’s Sloan School of Management. Recent Cointelegraph reporting reveals Gensler’s immense knowledge of the industry.

    “Crypto regulation has always been an important topic, with news or even just rumors causing major price fluctuations in the past,” Philip Salter, head of mining operations for Genesis Mining, told Cointelegraph.

    Regulation has increased in line with crypto’s growth as an asset class. Part of its departure from a regulatory gray area can include government agencies fielding comments from the sector. Industry participants, for example, flooded FinCEN with comments recently on the governing body’s proposed crypto wallet regulation.

    “We are seeing a much more open and knowledgeable discussion on crypto regulation lately,” Salter said. “The big new topic seems to be if KYC is required for personal wallets and coin holdings,” he explained, adding:

    “This would have major implications and possibly cause some panic if enacted in the U.S. I think, generally, it’s the best not to worry too much about the short-term rumors and regulations but, instead, to take a step back and acknowledge that it will take years to reach a final conclusion on crypto regulation. We are talking about a financial revolution here, there will surely be battles.”

    Erik Finman, an early crypto buyer who became a millionaire via his Bitcoin investments, sees regulation as a long-standing point of importance. “Regulation has always been the greatest challenge to cryptocurrency, and I think there’s been a bit of a pause with some of the political turbulence focusing on other things,” Finman told Cointelegraph, adding:

    “Under the new administration, cryptocurrency advocates will need to do their best to work with the government to create win-win scenarios.”

    As the U.S. continues firming up its government’s roles after a presidential changeover on Jan. 20, 2021, the atmosphere around crypto regulation remains to be seen. Gensler as the SEC’s chairman will bring a wealth of crypto knowledge to the commission, which could pave the way for educated regulation.

    Janet Yellen, the president’s Treasury Secretary choice, however, worries about crypto’s role in criminal transactions, as per her recent comments. Meanwhile, the industry awaits new developments on FinCEN’s wallet regulation proposal, for which the agency recently extended the comment period.


    After Elon Musk Changes Twitter Bio To “#Bitcoin,” BTC Price Surges

    After Elon Musk Changes Twitter Bio To “#Bitcoin,” BTC Price Surges

    Go to the unique article*

    Early this morning, Elon Musk, the CEO of SpaceX and Tesla, as well as the richest person in the world, changed his Twitter profile to learn “#bitcoin” and tweeted a cryptic message that many within the Bitcoin house interpreted as advocacy for the know-how or acknowledgment that his tacit endorsement was certain to occur.

    Inside minutes of the tweet surfacing, the worth of bitcoin climbed sharply. It rose from about $32,000 on the time of the tweet to about $37,500 simply an hour later, a 14 p.c spike, per TradingView. The BTC value finally reached a 14-day excessive of $38,300 on the day. This value acquire brought about greater than $446 million value of brief liquidations throughout a number of cryptocurrency exchanges, in keeping with the information aggregator Coinalyze.

    Commemorating the second, bitcoin mining pool F2Pool embedded Musk’s message into block 668,197.

    Whereas it isn’t potential to attract a direct line between Musk’s tweet and the rise in bitcoin’s value, it’s clear that it generated main curiosity. In response to Google Traits, searches for the phrase “bitcoin” greater than doubled inside two hours of the message.
    Some have additionally speculated that the worth was moved by Musk himself making a major funding in bitcoin. Final month, Musk publicly asked Michael Saylor — the MicroStrategy CEO who has diverted thousands and thousands of {dollars} of treasury belongings into bitcoin — concerning the feasibility of creating giant bitcoin transactions.

    The put up After Elon Musk Modifications Twitter Bio To “#Bitcoin,” BTC Worth Surges appeared first on Bitcoin Journal.


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