Cryptocurrency traders are still struggling to profit from bitcoin’s recent record run as their funds continued to be frozen inside the most popular cryptocurrency exchange for as long as five weeks

Cryptocurrency traders are still struggling to profit from bitcoin’s recent record run as their funds continued to be frozen inside the most popular cryptocurrency exchange for as long as five weeks.

Some customers of Coinbase, which lets users buy, sell and store cryptocurrencies like bitcoin and ethereum, continue to be told their accounts are ‘under review’,  only a small number of customers were affected and most had had their accounts restored.

The exchange has struggled with customer service problems amid tighter regulation of cryptocurrency trading and a surge in activity from those seeking to cash in on bitcoin’s record run.

It also suffered technical problems on Wednesday and Thursday, which it described as ‘connectivity issues’, with complaints from customers spiking last night as the price of bitcoin briefly touched $40,000.

Customers of Coinbase are still reporting having their bitcoin frozen for weeks

This was fixed in the early hours of Friday morning, with the Californian company tweeting: ‘We’re aware that some customers experienced issues while using Coinbase today. 

‘We know that we’re letting many of you down and we’re committed to doing better.

We appreciate you bearing with us during this exciting time for the cryptoeconomy.

Customers began reporting difficulties accessing their money as long ago as last October, with even those who had been with the platform for years told they needed to re-upload identity documents like their passport and driving licence, after which they were told their accounts were under review and were unable to access their money.

RELATED ARTICLES Share this article Share 109 shares HOW THIS IS MONEY CAN HELP But the problems are persisting, with traders on the exchange telling us the same thing has happened to them only days before the end of 2020, a fortnight after we published our report into the original problems faced by traders.

And one trader, Robert Jones, told us he was unable to touch £7,000 of bitcoin he had deposited onto the exchange at the end of November for five weeks, after his account was only unfrozen on Tuesday.

Coinbase also suffered technical problems on Wednesday and Thursday with some customers unable to trade.

Complaints spiked Thursday night as the price of bitcoin briefly hit $40,000

He was required to verify his account almost as soon as he had loaded the money onto the exchange, where he intended to sell it as the price increased.

Bitcoin has surged in value over the last 12 months and currently trades at over $38,500 a coin, according to Coindesk.

Since the end of October, when customers began reporting their accounts were frozen, the price has risen from just under $13,900, a rise of around 133 per cent. 

The website Down Detector received hundreds of complaints about Coinbase on Wednesday and Thursday as the exchange suffered technical problems  

But the actions by San Francisco-based Coinbase, which has 35million worldwide users and is popular among casual investors as it lets them buy bitcoin with smaller sums of money, have left many unable either to bank existing profits or take advantage of the price rise and make more. 

Mr Jones told us in mid-December: ‘As soon as I loaded the bitcoin Coinbase said my account needed to be verified.

I uploaded my drivers’ license as required and expected it to be processed quickly.

Bitcoin has surged in price to more than $38,500 over the last year, and has more than doubled the previous all-time high set in 2017

’17 days later and it still says my account is under review.

I have raised 4 tickets, I had one response that said someone would look at it in 24-48 hours and binance kyc piirid still nothing. There is no phone support.

‘I’m obviously petrified that I’m going to lose £7,000 and there seems to be no way to contact them or do anything about it, the internet is littered with similar complaints.’ 

After his account was finally unlocked, ‘I took the opportunity and sold my crypto and closed the account with them’, he said.

UPDATE 5-Musk's Tesla electrifies bitcoin with $1.5 bln bet, car…

By Subrat Patnaik, Anna Irrera and David Randall

Feb 8 (Reuters) – Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had purchased $1.5 billion of the cryptocurrency and would soon accept it as a form of payment.

The announcements, buried deep in Tesla’s 2020 annual report, drove a 10% surge in the world’s most widely-held cryptocurrency.

Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.

Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S.

company, leaving other companies and investors eager to follow in his wake.

“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, е бинанс како монета база managing member at Great Hill Capital LLC in New York.

“But when the richest man in the world does it, everyone has to take a second look.”

The news sparked heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, Binance to experience technical issues, according to Coindesk website

A well-known supporter of cryptocurrencies, Musk has weighed in regularly on the past month’s frenzy in retail investment, also driving up prices of the meme-based digital currency dogecoin and shares of U.S.

video game chain GameStop.

He said a week ago that bitcoin was “on the verge” of being more widely accepted among investors, and in December asked if it was possible to do large transactions in the currency.

In late January, Musk changed the bio of his Twitter account, which has 46 million followers, to include #bitcoin.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash, including holding gold.

The report said it ended 2020 with $19.38 billion in cash and cash equivalents.

“We expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the company said.

Tesla said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term.” website

Gold jumped more than 1% Monday while ethereum, another cryptocurrency, surged to a record high.

LONG-TERM STORE OF VALUE?

Central banks remain skeptical of digital currencies, but analysts say the more real world uses appear for bitcoin, the more attractive it will prove as a long-term store of value.

Bitcoin surged more than 10% to a record high of $43,625 after Tesla’s disclosure.

“The argument for bitcoin is evolving. It used to be negative (reasons to buy) but suddenly there are positive reasons, and that’s why you see bitcoin at (new highs),” Mohamed El-Erian, chief economic advisor of Allianz, told CNBC.

Tesla is the latest company to add bitcoin to its corporate treasury, following similar moves by Square, the payments company led by Twitter Inc chief Jack Dorsey and U.S.

software firm MicroStrategy Inc.

PayPal said in October that it would allow customers to buy, sell and hold bitcoin and other virtual coins using its online wallets. It remains to be seen whether bitcoin will see greater adoption as a form of payment, something that it has traditionally struggled to achieve.

“If this becomes a trend in corporate treasuries the downside of staying on the sidelines will only become costlier over time,” said Maya Zehavi, a blockchain consultant.

Musk has also endorsed other cryptocurrencies. He gave dogecoin, the coin based on a popular internet meme, a shoutout on Twitter last week, sending its price to record highs over the weekend.

Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy and is not taken as seriously as bitcoin or ethereum.

It has almost doubled in value since Friday, hitting a record 8.71 cents, according to data on blockchain and cryptocurrency website Coindesk.

(Reporting by Subrat Patnaik in Bengaluru and Thyagaraju Adinarayan and Anna Irrera in London; Writing by Patrick Graham; Editing by Bernard Orr, Saumyadeb Chakrabarty and Nick Zieminski)

FOREX-Dollar rally pauses as Fed plays calm hand on inflation surprise

By Hideyuki Sano

TOKYO, May 14 (Reuters) – The dollar took a breather on Friday but looks set to post weekly gains against a basket of currencies as investors weighed the risk of U.S.

inflation rising faster than expected and prodding the Federal Reserve to hike interest rates sooner.

A strong reading on U.S. wholesale prices and jobless claims on Thursday failed to spark a renewed uptick in Treasury yields, which some traders put down to the market already pricing in a degree of inflation worries.

Moreover, the Federal Reserve has been sticking to its script that its stimulus will be in place for some time to support the economy, with officials viewing a spike in inflation as transitory.

“We’ve seen some surprise economic data. But because the Fed hasn’t budged an inch in its stance, markets won’t be able to keep talking up the inflation story,” said Masaru Ishibashi, joint general manager of trading at Sumitomo Mitsui Bank.

In mid-Friday Asian trade, the dollar index stood at 90.707 , sitting on a gain of 0.5% so far this week and keeping some distance from its 2-1/2-month low of 89.979 set on Tuesday.

Against the yen, the dollar stood at 109.50 yen, below Thursday’s one-month high of 109.785.

The euro was fetching $1.2076, holding above Thursday’s low of $1.20515 while the British pound changed hands at $1.4047.

The U.S.

producer price index rose 0.6% in April after surging 1.0% in March. In the 12 months through April, the PPI shot up 6.2%. That was the biggest year-on-year rise since the series was revamped in 2010 and followed a 4.2% jump in March.

A separate report showed the number of Americans filing new claims for unemployment benefits dropped to a 14-month low of 473,000.

Strong data, coming after a stunning jump in consumer inflation announced on Wednesday, added to the evidence inflationary pressure is building up in the United States as vaccine rollouts prompts economic normalisation.

On Thursday, however, U.S.

bond yields dipped, with the 10-year Treasuries yield slipping to 1.651% after hitting a five-week high of 1.707%.

All the same, given the U.S. economic normalisation is gathering steam, market players say underlying inflation concerns will remain for now.

“Inflation will remain a big theme for markets in coming few months. The Fed says it will be transitory but markets are asking ‘what if it turns out not to be transitory,” said Yukio Ishizuki, senior strategist at Daiwa Securities.

Worries about an over-heated economy could intensify especually if the Biden administration manages to press ahead with its $4.1 trillion jobs and infrastructure plan.

“People think it will be scaled back considerably by Republicans. But if can get a deal close to a full amount, that would get a lot of people nervous,” said Seiya Nakajima, chief economist at Office Niwa.

In crypto currencies, bitcoin flirted with 2-1/2-month lows after Tesla Inc chief Elon Musk reversed his stance on accepting the digital currency and on news of a U.S.

probe into Binance, one of the world’s biggest cryptocurrency exchanges.

The world’s biggest cryptocurrency last traded at $49,155 , having fallen to as low as $45,700 on Thursday, بائنس ڪرڪي its lowest level since March 1.

The second-biggest cryptocurrency ether was firmer at $3,783.5, though it was still off a record high of $4,380.64 hit on Wednesday.

Also moving in the opposite direction from bitcoin, dogecoin, a relatively new coin promoted by Musk, jumped as much as 20% after he said he was involved in work to improve the token’s transaction efficiency.

(Reporting by Hideyuki Sano Editing by Shri Navaratnam)

UPDATE 5-Musk's Tesla electrifies bitcoin with $1.5 bln bet, car…

By Subrat Patnaik, Anna Irrera and David Randall

Feb 8 (Reuters) – Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had purchased $1.5 billion of the cryptocurrency and would soon accept it as a form of payment.

The announcements, buried deep in Tesla’s 2020 annual report, drove a 10% surge in the world’s most widely-held cryptocurrency.

Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.

Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S.

company, leaving other companies and investors eager to follow in his wake.

“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York.

“But when the richest man in the world does it, everyone has to take a second look.”

The news sparked heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, binance pregled Kanada – to experience technical issues, according to Coindesk website

A well-known supporter of cryptocurrencies, Musk has weighed in regularly on the past month’s frenzy in retail investment, also driving up prices of the meme-based digital currency dogecoin and shares of U.S.

video game chain GameStop.

He said a week ago that bitcoin was “on the verge” of being more widely accepted among investors, and in December asked if it was possible to do large transactions in the currency.

In late January, Musk changed the bio of his Twitter account, which has 46 million followers, to include #bitcoin.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash, including holding gold.

The report said it ended 2020 with $19.38 billion in cash and cash equivalents.

“We expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the company said.

Tesla said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term.” website

Gold jumped more than 1% Monday while ethereum, another cryptocurrency, surged to a record high.

LONG-TERM STORE OF VALUE?

Central banks remain skeptical of digital currencies, but analysts say the more real world uses appear for bitcoin, the more attractive it will prove as a long-term store of value.

Bitcoin surged more than 10% to a record high of $43,625 after Tesla’s disclosure.

“The argument for bitcoin is evolving. It used to be negative (reasons to buy) but suddenly there are positive reasons, and that’s why you see bitcoin at (new highs),” Mohamed El-Erian, chief economic advisor of Allianz, told CNBC.

Tesla is the latest company to add bitcoin to its corporate treasury, following similar moves by Square, the payments company led by Twitter Inc chief Jack Dorsey and U.S.

software firm MicroStrategy Inc.

PayPal said in October that it would allow customers to buy, sell and hold bitcoin and other virtual coins using its online wallets. It remains to be seen whether bitcoin will see greater adoption as a form of payment, something that it has traditionally struggled to achieve.

“If this becomes a trend in corporate treasuries the downside of staying on the sidelines will only become costlier over time,” said Maya Zehavi, a blockchain consultant.

Musk has also endorsed other cryptocurrencies. He gave dogecoin, the coin based on a popular internet meme, a shoutout on Twitter last week, sending its price to record highs over the weekend.

Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy and is not taken as seriously as bitcoin or ethereum.

It has almost doubled in value since Friday, hitting a record 8.71 cents, according to data on blockchain and cryptocurrency website Coindesk.

(Reporting by Subrat Patnaik in Bengaluru and Thyagaraju Adinarayan and Anna Irrera in London; Writing by Patrick Graham; Editing by Bernard Orr, Saumyadeb Chakrabarty and Nick Zieminski)

Bitcoin plunges 14 per cent from record highs amid China blackout

Bitcoin fell by as much as 14 per cent to $51,541 on Sunday amid unconfirmed Twitter speculation that the US Treasury may crack down on money laundering that’s carried out through cryptocurrency.

The selloff meant the cryptocurrency reversed most of the big gains it made over the past week. 

The latest dip meant it was trading at $53,991, which is a whopping $12,000 below record highs of above $64,800 set on Wednesday.  

Smaller rival Ether, poluga binancea the coin linked to the ethereum blockchain network, dropped 10 per cent to $2,101.

Bitcoin fell by as much as 14 per cent to $51,541 on Sunday morning, reversing most of the gains of a record week that saw it reach highs of ab

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The tumbling prices came after a record week for cryptocurrency. In the run up to Coinbase Global Inc going public on Wednesday, the value of of all coins surged past $2.25 trillion amid a frenzy of buying. 

Founded in 2012, Coinbase became popular among cryptocurrency fans by providing them with an easier way to exchange shares of Bitcoin and other

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Buyers beware as "altcoin" frenzy bruises bitcoin

By Tom Wilson

LONDON, May 18 (Reuters) – Bitcoin’s smaller rivals are eroding its share of the $2 trillion digital currency market.

Of the dozens snapping at its heels, most have little use beyond financial trading – but few of the investors fuelling their rise seem bothered.

Among the major “altcoins” – as all cryptocurrencies aside from bitcoin are known – some such as ethereum aspire to be the backbone of a future financial system.

Others, like Dogecoin, have no such ambitions, and are barely used in payments or business.

For the army of retail punters pouring money into them, their backstory – and the inherent volatility that exposes those who invest in them to potentially heavy losses – often matter little.

Instead, buyers see the chance of quick profit, or at least an entertaining ride.

‘OH, THIS IS FUN’

Demi Staal, a 27-year-old electrical engineer based in The Hague, holds a portfolio of altcoins worth around $8,000.

Among his previous plays: a 30 euro ($36) bet on Shiba Inu, a Dogecoin spin-off that briefly became one of the 20 biggest cryptocurrencies this month.

“I think it’s a joke coin, just like Dogecoin,” said Staal, who doubled his money on that transaction. “I saw it listed at my exchange a few days ago and was like ‘oh, this is fun, I’ll buy this’.”

Along with prospects of fun and gains, however, altcoins are plagued by volatility.

Such swings in price can leave investors heavily out of pocket and, unlike bitcoin and depending on the regulatory framework of the exchange on which they are bought, many can only be swapped on exchanges for other digital coins rather than cashed in for hard currency.

As investors pile into rivals, Bitcoin’s share of the crypto market has slumped to around 45% from 70% this year, according to U.S.

researcher Coin Metrics, while its trading volume share at major exchange examen de binance google has halved to 23%, data provider CryptoCompare says.

Its market cap remains around $800 billion and, while all cryptocurrencies continue to operate outside the mainstream global financial system’s regulatory framework, it is more widely accepted for payments than its peers.

Second-largest coin ethereum is catching up, having risen more than four-fold this year to around $380 billion as more peer-to-peer “decentralised finance” crypto lending platforms have started to use its blockchain.

Ethereum’s surge has triggered wider interest in the altcoin universe from retail investors with cash to burn, part of a trend that has also fuelled the use of trading apps like Robinhood and powered a social-media driven rally in stocks including GameStop Corp.

“The fact (the crypto market) is 24/7 makes it more accessible for people who are working,” said Amar Rai, a 25-year-old risk consultant whose crypto investments have doubled since March last year.

WHO LET THE DOGE OUT?

Half a dozen other altcoin investors, all men in their 20s, told Reuters they based their decisions on information gleaned from sites like Reddit, Twitter and TikTok.

As coins such as ethereum – whose backers say it will transform finance – grow, that use of social media trends as a reference point has meant others with few such prospects have also ballooned.

Take Dogecoin: Started as a joke in 2013, its logo features a Shiba Inu dog widely used in memes.

But that has not dented its ascent.

It has soared over 10,000% this year to becomes the fifth-biggest token with a market cap of over $60 billion, but that rise has not coincided with any growth in mainstream usage for payments, and with an unlimited supply it lacks the scarcity that has attracted inflation-warier investors to bitcoin.

Instead it has gained momentum from the tweets of a prominent backer: Tesla boss Elon Musk.

Dogecoin last week jumped about 25% after Musk said he was working with its developers to boost its efficiency.

It had previous slumped by a third after Musk called it a “hustle”.

Staal, the investor in The Hague, said he recently lost out after buying Dogecoin.

“I bought some a couple of weeks ago, just for fun,” he said. “I just put a couple of hundred euros in there. It didn’t pan out for me though – I bought it at the wrong time.”

Further down the food chain sits Shiba Inu, which soared over 2,000% in the four days to May 11.

The Dogecoin spinoff’s individual coins are worth fraction of a cent and have barely any practical use, while its website calls it “an experiment in decentralized spontaneous community building”.

For 24-year old Vancouver plumber Austin Alexander, that translates into profits.

“I’m interested in money,” he said, having started buying Shiba Inu about four weeks ago.

“The tech behind it is interesting, but the money is what gets me.”

The spinoff is still valued at around $6 billion, according to CryptoMarketCap, though it has sunk 60% over the past week.

($1 = 0.8226 euros)

(Reporting by Tom Wilson Additional reporting by Elizabeth Howcroft; editing by John Stonestreet)

EU should adopt common cryptocurrency rules, report for ministers says

By Francesco Guarascio and Peter Maushagen

BRUSSELS, Sept 4 (Reuters) – The European Union should adopt common rules on cryptocurrencies and scrutinise how new digital units are distributed to investors and subsequently traded, according to a report prepared for EU finance ministers.

In the report, the Brussels-based think tank Bruegel argues for EU-level regulation of crypto exchanges and clearer rules on “Initial Coin Offerings” (ICOs) to control risks and exploit the potential of the industry and its underlying Blockchain technology.

The document, seen by Reuters, is due to be presented to the ministers who are meeting on Friday and बायनेन्स पेपाल Saturday in Vienna.

So far EU authorities have avoided comprehensive regulation because of the sector’s relatively small size and the low percentage of trade in bitcoin, the most popular cryptocurrency, into euros.

However, they have long worried about the market’s high volatility and the risk of fraud and money laundering.

The market capitalisation of crypto assets, such as cryptocurrencies and crypto tokens issued for an ICO, has fallen to around $200 billion in August from a peak of more than $800 billion in January.

Bitcoin has dropped by about 60 percent against the dollar this year.

Now the possible expansion of the crypto exchange business in Europe and considerable interest in ICOs in EU countries, which account for 30 percent of the global market in terms of projects funded, is pushing regulators to take a closer look.

Hong Kong-based Binance, one of the world’s largest crypto exchanges, plans to move to Malta, the EU’s smallest state, after a Chinese crackdown on the industry.

Austria, which holds the rotating EU presidency, is asking whether EU regulations need changing to address “potential risks posed by crypto assets” and harness their full potential, according to a preparatory document for the meeting of finance ministers.

Bruegel says regulation of bitcoins as such is impossible because of their virtual nature, but that of entities dealing with the instruments, such as exchanges, could be subject to stricter disclosure rules or even be banned.

“As done in China, mining farms can be forbidden,” the document said, referring to the business of releasing new cryptocurrencies.

REGULATORY ARBITRAGE?

New EU rules on money laundering will increase checks on crypto exchanges but are unlikely to be fully operational in all member states before 2020.

Regulation of the platform business is largely left to national authorities.

Citing the planned Binance move to Malta, Bruegel said this “might suggest that there is scope for regulatory arbitrage” following a crackdown on exchanges in some Asian countries.

However, the report also said exchanges seeking jurisdictions with lighter regulation might need to be tolerated for some time “to experiment and learn about the best approaches to this fast-developing technology”.

Clearer rules on ICOs could also be useful as most involve utility tokens, where future services are promised in exchange for a current payment – a business that is currently often unregulated.

Only the smaller share of ICOs that are securities usually fall under EU financial regulations. (Writing by Francesco Guarascio; editing by David Stamp)

Bitcoin has rallied after plunging below the $40,000 mark for the first time in more than three months, as Tesla boss Elon Musk insists the company will not sell any of its holdings in the cryptocurrency

Bitcoin has rallied after plunging below the $40,000 mark for the first time in more than three months, as Tesla boss Elon Musk insists the company will not sell any of its holdings in the cryptocurrency.

Despite the turbulence, celebrities and others who bought in early are still up big – but small investors who jumped on the Bitcoin trend in the past few months may have suffered ruinous losses.

Investors had rushed out of cryptocurrency earlier Wednesday after China sparked a market panic when officials announced a regulatory crackdown. Bitcoin dropped as low as $30,201.96 – down as much as 30 percent before it retraced most of its losses after Musk’s vote of confidence. 

By late afternoon trade in New York, बायनेन्स रिव्यू इन्वेस्टोपेडिया the currency was still down about 10 percent on the day, but was well off its earlier lows. 

Shoring up the market amid turbulence, Musk indicated the company would not sell any of its Bitcoin holdings, tweeting on Wednesday morning: ‘Tesla has [diamond hands]’.

‘Diamond hands’ is slang popularized by the Reddit forum WallStreetBets, indicating a refusal to sell even in the face of falling prices.

Tesla stock was down 2.6 percent in afternoon trading.

Tesla holds roughly 38,700 Bitcoins at an average purchase price of $34,700, according to a DailyMail.com analysis of the company’s public statements, meaning the company’s investment was worth $1.56 billion at Wednesday’s prices. 

That means even after the topsy-turvy markets of Wednesday, Tesla still has a gain of more than $200 million.

In the earlier sell-off, cryptocurrencies across the board were hit, and technology platforms that host the digital assets’ trading and other related functions reported being down and, in some cases even suspending withdrawals, adding to the negative tone in markets. 

People on Reddit trading boards described losing their shirts and some people even posted telephone numbers for a suicide help line in case the losses led to hopeless feelings.

Bitcoin rallied on Wednesday after plunging below the $40,000 mark for the first time in more than three months

Tesla boss Elon Musk insists the company will not sell any of its holdings in the cryptocurrency 

Musk suggested Tesla will not sell its Bitcoin, using the internet slang ‘diamond hands’

‘I know today looks terrible and lots of people lost too much money they can afford to lose, but markets always bounce back so lets not do rash decisions!!!

Life is more important!’ one person wrote on Reddit.

Another person wrote that they were selling because they could no longer stand the topsy turvy nature of the cryptocurrency: ‘I’m tired of holding an asset that I’m always worried will crash, is bad for the environment, could get stolen, where the network slows to crawl with even mild usage, will probably depreciate to zero value, and which barely gets used …’  

Yet another person said a weekend dip in the currency wiped out $40,000 of his Bitcoin holdings.

‘I actually sold,’ he said, after earning enough to pay off his mortage. 

Bitcoin earlier Wednesday  tumbled more than 50 percent from a record high of $64,895 hit on April 14, and erased all of its gains since February 8, when Tesla announced it had acquired a stake costing $1.5 billion. 

The company later sold off 10 percent of its holdings for a profit of $101 million, a 59 percent gain. 

Celebrities who have previously said they own Bitcoin include Twitter CEO Jack Dorsey, former boxer Mike Tyson and Game of Thrones star Maisie Williams. 

However, all expressed interest in the cryptocurrency long before the recent price run-up and were unlikely to be in negative territory during the recent crash, presuming they still hold onto their holdings they previously touted. 

Dorsey said in 2019 that he spends several thousand a week on Bitcoin, Tyson was an early adopter in 2015, and Williams joined the Bitcoin train last November. 

Any Bitcoin purchased before early February of this year is still worth more than it cost to purchase. 

However, amateur enthusiasts who jumped on the trend at peak prices over the past two months would have suffered heavy losses. 

For example, $1,000 worth of Bitcoin purchased at the peak price would be worth just $618 on Wednesday afternoon, even after the cryptocurrency rebounded off its worst losses. 

In March 2019, Twitter CEO Jack Dorsey said that he spends several thousand dollars each week to buy Bitcoin

Former boxer Mike Tyson and Game of Thrones star Maisie Williams have previously said they own Bitcoin, though it is unclear how much they still own

Amid the selloff, Barstool Sports founder Dave Portnoy, a cryptocurrency enthusiast, said that he would not sell as prices plunged.

‘I’m still in on crypto, I do believe buy the dips.

I do believe that is a fundamental — if you like crypto, if you believe in crypto, you should never be happier than today, because you can get it on discount,’ he said on a video podcast.

Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Musk, but the news from China sent it as low as $30,201.96 on Wednesday, a 28 percent drop on the day. 

China’s announcement on Tuesday reiterated a prior ban on financial institutions and payment companies from handling cryptocurrency transactions.

China also warned investors against speculative crypto trading.

Barstool Sports founder Dave Portnoy, a cryptocurrency enthusiast, said that he would not sell as prices plunged

On the Reddit board CryptoCurrency, one person posted a suicide help line

Tesla stock dropped another 4% on Wednesday morning in reaction to Bitcoin’s plunge

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