Bitcoin news – Ethereum price hits all-time high as cryptocurrency market SOARS

ETHEREUM has today soared over $3,000 to quadruple its value in 2021.

It broke $3,000 on Monday to set a new record high.

It was a dazzling rally that has outshone the bigger Bitcoin, with investors betting that ether will be of ever greater use in a decentralised future financial system.

The Ether/Bitcoin cross rate has soared more than 100 per cent so far this year.

There was a 2.5-year high on Sunday, pointing to a rotation into the second-biggest cryptocurrency as investors diversify their exposure.

On Sunday, a new record was broken as Ethereum reached $2,953 – up nearly 1,500 per cent since this time last year. One analyst claimed this week that “a ride to $5,000 is imminent”.

This means its value has risen by more than 1,300 per cent in than a year and is currently outperforming Bitcoin in terms of percentage growth.

The price of dogecoin shot up from $0.25 to $0.30 in less than 15 minutes after Musk posted a cryptic tweet reading: "The Dogefather" – "SNL May 8”.

Read our cyptocurrency live blog below for the very latest updates…

  • Debbie White

    HOW TO SPEND YOUR BITCOINS

    Crypto website Coinbase says paying with Bitcoin has its advantages as you don’t have to give as much personal information such as your name and address buying online.

    Instead, transactions are stored in a network called the blockchain.

    The cryptocurrency can be spent anywhere so you could avoid forex fees on overseas purchases.

    It can also be cheaper for retailers as they don’t have to pay fees to VISA or Mastercard to accept card payments through chip and pin readers.

    Some shops will accept Bitcoin like any other currency. They may display a sign on their website or shop window that says Bitcoin accepted here.

  • Debbie White

    MILA KUNIS WARNED ASHTON KUTCHER BITCOIN

    Mila Kunis has warned Ashton Kutcher against investing in Bitcoin.

    The actress said she gave her partner "bad financial advice".

    Speaking on The Late Show with Stephen Colbert, she said Ashton sat her down and said: "Hey, babe, I got to explain this thing to you. Tell me if I'm crazy.

    "There's this thing, like mining for money. It's called cryptocurrency, and there's this company. It's called Bitcoin." 

    She said she was concerned about the cryptocurrency not being insured and said it was a "horrible idea".

    "And he went, 'Cool, we're investing in it.' So he didn't listen to me. I mean, this happens all the time."

  • Debbie White

    ETHER SOARS TO RECORD HIGH

    Cryptocurrency Ether hit a record high of $3,017 on Monday, while Bitcoin hovered around $58,000.

    This is a continuation of last week's rally, in reaction to a report that the European Investment Bank (EIB) could launch a digital bond sale on the Ethereum blockchain network.

    Ether rose 2% on the Bitstamp exchange to hit the milestone in Asia trade. It is up more than 300% for the year so far, outpacing a 95% rise in the more popular Bitcoin.

    Ether is the digital currency or token that facilitates transactions on the ethereum blockchain and it is the second-largest cryptocurrency by market cap behind Bitcoin.

    Bloomberg reported last Tuesday, citing unnamed sources, that the EIB plans to issue a two-year 100-million euro digital bond.

  • Sarah Grealish

    RISKS OF BUYING CRYPTOCURRENCY

    Investing and making a purchase in cryptocurrencies such as Bitcoin is risky. Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

    Investing in cryptocurrencies is not a guaranteed way to make money. You should also think carefully about making purchases with a cryptocurrency.

    For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.

    The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later. That’s a 15% drop.

    These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.

    Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis

  • Sarah Grealish

    WHAT IS LITECOIN?

    Litecoin entered the cryptocurrency market as a competitor to Bitcoin in 2011.

    Like the other cryptocurrencies – it is run on Blockchain. Each individual Litecoin is known as a token – which is the digital asset that you own when you invest.

    According to GoBankingRates, in 2017 Litecoin was the first cryptocurrency to complete a Lightning Network transaction.

  • Debbie White

    ETHER DECENTRALISED APPS 'POPULAR TARGET' FOR CYBER CROOKS

    Ethereum (ETH) DApps, decentralised applications based on the Ethereum smart contract, were the most popular blockchain targets among cybercriminals in the first quarter of 2021.

    They were affected by a total of 11 breaches and five scam events, which amounted to over $86 million in losses, reports Atlas VPN.

  • Debbie White

    CYBER-CRIMS HAUL IN OVER $100MILLION – REPORT

    Cryptocurrencies had a strong start this year, with crypto asset prices, such as Bitcoin (BTC), reaching record-heights.

    However, that caught the attention of cybercriminals.

    The Atlas VPN team found that cybercriminals stole around $108.3 million from various blockchain projects in the first quarter of 202.

    This is a 46% rise from the same period last year, Atlas VPN adds.

    Ethereum DApps, blockchain wallets, and cryptocurrency exchanges were the criminals’ target of choice.

    Credit: Atlas VPN
  • Debbie White

    BANK TO ISSUE DIGITAL BOND OVER ETHEREUM BLOCKCHAIN

    Bloomberg reported last week that the European Investment Bank plans on issuing a digital bond over the Ethereum blockchain.

    Meanwhile JP Morgan plans a managed Bitcoin fund.

    Venture capital giant Andreessen Horowitz is looking to raise a new fund of as much as $1 billion to invest in cryptocurrencies and crypto start-ups, the Financial Times reported last Friday, underlining interest in the sector.

    Bitcoin, the world's biggest crypto asset with more than $1 trillion in market capitalisation, regained the $50,000 mark last week.

    It hovered around $58,700 on Monday, up about 4% but well below its record high at $64,895.22. The US dollar was broadly steady.

  • Debbie White

    ETHER 'ECLIPSES BITCOIN'

    Cryptocurrency Ether scaled a new record high beyond $3,000 "as investors bet that it will be of ever greater use in a decentralised future financial system", reports Reuters.

    The news agency adds today: "Its lightning rally – now up 325% in 2021 – has eclipsed that of bigger rival Bitcoin."

  • Debbie White

    ETHER SMASHING CRYPTO RECORDS MONDAY… MORE

    Ether's big rally today is a catch-up to late 2020 gains in Bitcoin, said James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth .

    It also reflects improvements to the ethereum blockchain, he said.

    Plus, there's a growing shift towards "DeFi", or decentralised finance, which refers to transactions outside traditional banking for which the ethereum blockchain is a crucial platform.

    "At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call," Quinn said.

    "But as the rally has matured over the last six months, you have DeFi and a lot of DeFi is built on ethereum," he added.

  • Debbie White

    ETHER SMASHING CRYPTO RECORDS MONDAY

    Cryptocurrency ether broke past $3,000 on Monday to set a new record high.

    It was a dazzling rally that has outshone the bigger Bitcoin, with investors betting that ether will be of ever greater use in a decentralised future financial system.

    Ether, the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3,144.81 in morning deals in London.

    It is up 325% for the year so far, easily outpacing a 95% rise in the more popular bitcoin.

  • Debbie White

    NOSTRADAMUS OF CRYPTOCURRENCY

    Seattle-based Robert Weinstein, dubbed "the Nostradamus of Cryptocurrency" by Alys Key in the i, uses January 3 2009 as Bitcoin's 'birth' and works out where the planets were at this time.

    Key explains that he "observes the movements of the planets and what they might mean for Bitcoin, looking for signs of how it will move and it if will encounter challenges.

    "He does not claim to be able to predict exact prices, but is instead looking for indications that it will go up or down."

    Weinstein told her: "We don't believe the planet is actually causing Bitcoin to go down. It's a correlation. It's the study of energy patterns."

  • Debbie White

    BITCOIN'S 'FATE WRITTEN IN THE STARS'

    There "appears to be a blossoming relationship between astrology and finance," according to a fascinating story on Bitcoin in the i.

    Alys Key writes: "Bitcoin really likes full moons. That's one of the things I learned from delving into the world of Bitcoin astrology.

    "Many have tried to crack the pattern of what makes it go up and down… and astrologers are no exception.

    "Seattle-based Robert Weinstein has been following Bitcoin's astrological patterns since 2017, and shares public perceptions on his Twitter account, @AstroCryptoGuru, where he goes by the moniker 'Crypto Damus', an allusion to the 16th century figure Nostradamus.

    "Bitcoin has several inception dates attached to it, but its birthday is most commonly celebrated on 3 January. This is the date when, in 2009, the currency's mysterious creator known as Satoshi Nakamoto, created the 'genesis block', thereby beginning the Bitcoin network."

  • Alex Winter

    'THERE'S A GROWING SHIFT AWAY FROM TRADITIONAL BANKING'

    More on that blog post.

    In part, the huge surge is a catch-up to late 2020 gains in Bitcoin, said James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth manager.

    It also reflects improvements to the Ethereum blockchain, he said, and a growing shift towards "DeFi", or decentralised finance, which refers to transactions outside traditional banking.

    "At first, the rally was really led by Bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call," Quinn said.

    "But as the rally has matured over the last six months, you have DeFi and a lot of DeFi is built on Ethereum."

  • Alex Winter

    ETHER'S RECORD-BREAKING SURGE

    Big news from Singapore overnight – cryptocurrency Ether broke past $3,000 to set a new record high in a dazzling rally that has outshone the bigger Bitcoin, Reuters reports.

    Ether, the token transacted on the Ethereum blockchain, rose 3 per cent on the Bitstamp exchange to $3,051.99 by lunchtime in Asia.

    It is up more than 300 per cent for the year so far, easily outpacing a 95 per cent rise in the more popular Bitcoin.

  • Alice Fuller

    WHAT DO SIM-SWAPPING ATTACKS INVOLVE?

    The US Department of Justice explains: “SIM-swapping attacks involve convincing a victim’s cellphone carrier to reassign the victim’s phone number from the SIM card inside the victim’s cellphone to the SIM card inside a cellphone controlled by the cybercriminals. 

    “Cybercriminals then pose as the victim with an online account provider and request that the provider send account password-reset links or an authentication code to the SIM-swapped device now controlled by them.

    “The cybercriminals can then reset the victim’s account log-in credentials and use those credentials to access the victim’s account without authorization, or “hack into” the account.”

  • Alice Fuller

    MILA KUNIS WARNED ASHTON KUTCHER AGAINST BITCOIN

    Mila Kunis warned Ashton Kutcher against investing in Bitcoin.

    The actress said she gave her partner "bad financial advice".

    Speaking on The Late Show with Stephen Colbert, she said Ashton sat her down and said: "Hey, babe, I got to explain this thing to you. Tell me if I'm crazy.

    "There's this thing, it's like mining for money. It's called cryptocurrency, and there's this company. It's called Bitcoin." 

    She said she was concerned about the cryptocurrency not being insured and said it was a "horrible idea".

    "And he went, 'Cool, we're investing in it.' So he didn't listen to me. I mean, this happens all the time."

  • Alice Fuller

    WHAT IS LITECOIN?

    Litecoin entered the cryptocurrency market as a competitor to Bitcoin in 2011.

    Like the other cryptocurrencies – it is run on Blockchain. Each individual Litecoin is known as a token – which is the digital asset that you own when you invest.

    According to GoBankingRates, in 2017 Litecoin was the first cryptocurrency to complete a Lightning Network transaction.

  • Alice Fuller

    WHAT ARE THE RISKS OF BUYING WITH CRYPTOCURRENCIES?

    Investing and making a purchase in cryptocurrencies such as Bitcoin is risky. Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

    Investing in cryptocurrencies is not a guaranteed way to make money. You should also think carefully about making purchases with a cryptocurrency.

    For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis. The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.

    That’s a 15% drop. These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.

    Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.

  • Alice Fuller

    WHAT IS BLOCKCHAIN TECHNOLOGY?

    Blockchain technology, which can seem very complicated, is a kind of database used to record transactions.

    It’s the technology at the heart of cryptocurrencies such as Bitcoin.

    Typically, this storage is referred to as ledgers, or digital records.

    These can be shared publicly among a network of linked computers around the world.

  • Alice Fuller

    HOW TO SPEND YOUR BITCOINS

    Crypto website Coinbase says paying with Bitcoin has its advantages as you don’t have to give as much personal information such as your name and address when buying online.

    Instead, transactions are stored in a network called the blockchain.

    The cryptocurrency can be spent anywhere so you could avoid forex fees on overseas purchases.

    It can also be cheaper for retailers as they don’t have to pay fees to VISA or Mastercard to accept card payments through chip and pin readers.

    Some shops will accept Bitcoin like any other currency. They may display a sign on their website or shop window that says Bitcoin accepted here.

  • Alice Fuller

    TURKEY ADDS CRYPTO TRADING TO TERROR FUNDING RULES

    Turkey added cryptocurrency trading platforms to the list of firms covered by anti-money laundering and terrorism financing regulation, it said in a presidential decree published on Saturday.

    The Official Gazette said the country's latest expansion of rules governing cryptocurrency transactions would take immediate effect and cover "crypto asset service providers", which would be liable to the existing regulations.

    Last month Turkey's central bank banned the use of crypto assets for payments on the grounds such transactions were risky.

    In the days that followed two Turkey-based cryptocurrency trading platforms were halted under separate investigations.

    The probe into one of them, Thodex, led to the jailing on Thursday of six suspects including the siblings of its chief executive, Faruk Fatih Ozer, who Turkish authorities are seeking after he travelled to Albania. 

  • Alice Fuller

    CONTINUED: CHINA RAMPS UP CRACKDOWN ON FINANCIAL SCAMS

    Last year, China busted over 7,500 financial scams, according to the regulator, up 27% from the previous year.

    The clampdown on swindlers comes as rules combating illegal fundraising come into force on May 1, putting the onus on local officials to kill off investment scams at an early stage, said a local financial regulator who attended several mobilization conferences this week.

    "Previously, you asked victims to go to court. Now, victims can bring officials to court for negligence of duty," said the official, who is not authorized to speak to the media and declined to be identified.

  • Alice Fuller

    CHINA RAMPS UP CRACKDOWN ON FINANCIAL SCAMS

    China has ramped up a crackdown on financial scams, from cryptocurrency swindles to bogus patriotic fundraising that capitalizes on the coming 100th birthday of the ruling Communist Party, as new anti-fraud rules took effect yesterday.

    In recent years, China has shut roughly 6,000 peer-to-peer (P2P) platforms in a purge of an industry that still owed victimized investors over $100 billion as of last August.

    But financial frauds are mutating in their complexity and widening, according to China's banking regulator, which last week called for a tougher crackdowns.

  • Alice Fuller

    AMAZON HIRES EX-FCA OFFICIALS AHEAD OF RUMOURED CRYPTO LAUNCH

    Amazon has hired a team of British financial regulation experts ahead of its rumoured cryptocurrency launch.

    At least six regulatory specialists from the UK banking watchdog the Financial Conduct Authority (FCA) in the past two years, The Telegraph reports.

    It follows rumours that the tech giant is starting its own digital currency job adverts appeared online earlier this year.

    There were listings for Amazon's Digital and Emerging Payments (DEP) division which will mean customers can "convert their cash into digital currency" and use it to buy products on its website.

    A virtual currency already exists on the site – Amazon Coin – which can be used to purchase apps and games on its app store.

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