Bitcoin has gained traction, evidenced by the recent surge in its price. The bitcoin price has crossed the $30,000 mark on October 20, fueling optimism in the market. The major factor behind this surge is the recent development in the XRP case, as SEC dismissed to file charges, which led to rebelieve of investors. Now, the market of cryptocurrency and trading looks fine, making bitcoin strong asset in 2023.
Bitcoin has dropped about half of its value since its November high and has been hovering around $30,000 for the past month. Some investors believe bitcoin has reached a bottom, based on the amount of money flowing into listed cryptocurrency funds, which represent a small portion of the market. Funds experienced an average weekly inflow of $66.5 million, reversing a disastrous April loss of $49.6 million.
After a previous mini-rebound, Bitcoin's price decreased on June 1. Despite the drop, the world's largest cryptocurrency was still trading over the $31,000 threshold. This occurred despite continued fears about inflation and the possibility of a recession. Over the previous four days, Bitcoin has gained over 8%. But bitcoin was trading at $31,437.72, down 0.69% on June 1. While the majority of cryptocurrencies declined, Luna increased by over… read-more
Courtesy: India Today
The Bitfinex cryptocurrency hacking in August 2016 is under investigation by US agencies as USD 4.5 billion bitcoin was stolen. It was referred to the hacker being from Bengaluru who was arrested in November 2020. However, the home minister of Karnataka released a statement, “American agencies have arrested two US nationals a few days ago and have recovered the entire amount that was hacked from the Bitfinex exchange."
Courtesy: The Indian Express
The FBI arrested a husband-wife, who conspired to launder cryptocurrency stolen from the 2016 hack of virtual currency exchange, Bitfinex. The department seized a record-shattering $3.6bn in bitcoin in a saga that has captivated the internet. The accused, Ilya Lichtenstein, 34, and his wife Heather Morgan, 31, were asked to make their initial appearances in federal court. Notably, they laundered 119,754 Bitcoins and initiated about 2,0000… read-more
Prime Minister Narendra Modi's Twitter account was 'very briefly' hacked on December 12, said Prime Minister's Office in a tweet. Reportedly, the account was used to tweet saying, ''India has officially adopted bitcoin as legal tender.'' However, PMO said that the account has now been restored, and malicious tweets are deleted. ''In the brief period that the account was… read-more
Courtesy: The Free Press Journal
Union Finance Minister Nirmala Sitharaman, on November 29, said that Central Government will not accept cryptocurrency as a legal tender. She clarified that the government does not collect data on bitcoin transactions in India. Moreover, the Centre will introduce Cryptocurrency Regulation of Official Digital Currency Bill, 2021 in the Winter Parliament Session, prohibiting all cryptocurrency holders in India with certain exceptions.… read-more
Courtesy: News 18
El Salvador's President Nayib Bukele announced plans to establish the world's first "Bitcoin City," funded by bitcoin-backed bonds. He assured that the cryptocurrency will help the Central American country attract investment. Moreover, Bukele stated that the city would use geothermal energy from a volcano and would not collect any taxes other than the value-added tax (VAT). "Invest here and make all the money you want," Bukele said.
Bitcoin, the world's biggest and best-known cryptocurrency, reportedly fell to more than 4 percent on November 16. According to reports, the cryptocurrency was seen at an all-time high for a week nearing $69,000. Ether, the second-largest cryptocurrency was also reported to be down by 4.5 percent at $4,355.4. Analysts have said that the downfall is caused by profit-taking after the sharp run-up.
Corruption investigations have rattled the BJP government in Karnataka in recent days. Congress requested explanations regarding the whereabouts of over 5,000 Bitcoins related to the suspected hacker, accusing police of a major cover-up. In November 2020, Srikrishna Ramesh was arrested for using Bitcoin to buy narcotics on the dark web. Accusations that he was involved in a bitcoin robbery at the Bitfinex exchange have been dismissed by… read-more
Courtesy: The Indian Express