Bitcoin and Chiba Inu prices are down 9 and 17 percent, respectively, amid the ongoing crisis in the crypto-mining capital of Kazakhstan.
Bitcoin was at $41,808.08 on Saturday evening and Shiba Inu was at $0.0002770.
Several well-known cryptocurrencies NOSEDIVED this week, with experts suggesting that the decline is linked to Kazakhstan’s cutting off internet supplies to quell recent violent protests against the government and President Kassym-Jomart Tokayev.
Bitcoin is down nearly 12 percent over the past seven days as of 9:30 a.m. Friday, according to CoinBase.
Meanwhile, Shiba Inu stock is down about 15% over seven days, and Ethereum is down about 14%, according to CoinBase.
It comes as one financial expert believes the value of Bitcoin could be as high as $10,000 (£7,400) per coin.
However, Goldman Sachs previously suggested that Bitcoin could reach a staggering $100,000 (£74,000) value this year.
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Microstrategy Spends $414 Million On Bitcoin
The business intelligence firm led by Michael Saylor revealed in a November 29 filing with the Securities and Exchange Commission that it purchased 7,002 bitcoins between October 1 and November 29.
MicroStrategy has reportedly spent $414 million on coins.
The company now has a reported stock of 121,044 bitcoins.
British company ASA cracking down on cryptocurrency
The UK Advertising Standards Authority has placed an official ban on two mobile app ads from popular cryptocurrency platform Crypto.com.
The ASA identified the article for breaching certain financial oversight rules, including failure to mention investment risks, abuse of consumer lack of understanding of the market, and failure to specify restrictions on purchasing cryptocurrency with credit cards.
ASA Crypto.com advised that its future announcements should be “clear enough that the value of investments in cryptocurrency has been volatile and can go down or up and that this cryptocurrency is unregulated.”
How to calculate tax bills in cryptocurrency
Since cryptocurrency is considered property, it is subject to capital gains when you exchange it or sell it at a profit – including exchanging digital currencies, cashing in US dollars, or making a purchase.
Form 1040, used to file an annual income tax return, contains a question about “virtual currency” on the first page.
“Internal Revenue Code and Regulations require taxpayers to maintain adequate records to determine the positions taken on tax returns,” the IRS website states. “You must therefore maintain, for example, records documenting receipts, sales, exchanges, or other dispositions of virtual currency and the fair market value of virtual currency.”
Fake Websites and Cryptocurrency
One fairly common fraud technique involves websites that look like a new mining operation or investment opportunity.
Sites encourage investors to transfer money, and sometimes offer investment “levels” and promise greater returns.
But when users try to withdraw their cash, they are unable to enter more cryptocurrencies and they are asked to.
Crypto scammer caught in Spain
An unknown scammer, presumed to be the “European wanted crypto scammer” was found and arrested by police in Spain on Saturday.
He was charged with seven counts of fraud and money laundering, and the fraudster owned more than 2.5 million euros ($2.83 million) in assets that were frozen by authorities.
The man created a Ponzi scheme as an online cryptocurrency investment platform that offers a minimum return of 2.5 percent per week to investors depending on the contribution.
Ohanian on Buterin, Part Three
“I’ve never been more excited about the potential of the internet,” Ohanian added.
“This is largely due to Vitalik Buterin.”
Buterin is a co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.
Ohanian on Buterin, continue
Ohanian added of Buterin: “Not everyone can come up with all the uses of Ethereum, but it took one person’s idea to get it started.”
“From there, a new world opened up, and it led to new ways to take advantage of blockchain technology — some of which I have invested in.”
“Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT kits, none of this would exist without the creation of Vitalik.”
Ohanian on Buterin
“Thanks to the r/Ethereum community at Reddit, I have had the privilege of following Vitalik Buterin’s career since early on, which is why I am proud to watch his legacy grow,” Ohanian wrote of the programmer.
“For sure, we can talk about the value he created as a co-founder of the platform, including the impressive market capitalization of Ethereum of around $400 billion, the dazzling world of decentralized applications and the boom this year in trading NFTs.”
“But what makes Vitalik so special is that he’s a construction worker.”
One of the founders of Ethereum named an influential person of the time
One of the founders of Ethereum, Vitalik Buterin, has been named one of Time magazine’s 100 Most Influential People of 2021.
Former Reddit CEO Alexis Ohanian praised him in writing the article.
The Risks of Investing in Cryptocurrencies, Part Four
Other investment risks are Fees and fees.
Consumers should consider the impact of fees and costs on their investment, which may be more than those of regulated investment products.
The Risks of Investing in Cryptocurrencies, Part Three
The third risk of investing in cryptocurrency is Product complexity.
The complexity of certain products and services related to crypto-asset groups can make it difficult for consumers to understand the risks.
There is no guarantee that crypto assets can be reconverted into cash.
Converting crypto assets to cash depends on the supply and demand that exists in the market.
The Risks of Investing in Cryptocurrencies, Part Two
Another investment risk price volatility.
The high price volatility of crypto assets, combined with the inherent difficulties in reliably valuing crypto assets, puts consumers at high risk of losses.
Risks of investing in cryptocurrency
Investing in cryptocurrency means taking on a number of different risks.
The first is consumer protection.
Certain investments that advertise high returns based on crypto assets may not be subject to regulation other than anti-money laundering requirements.
What are Altcoins, continue
“They are building on Bitcoin’s success by slightly changing the rules, the economy, or the use cases to attract different users,” said Simon Peters, crypto-asset analyst at eToro.
Altcoins vary greatly in their use cases and practicality. They usually have some form of technology that they support or provide a liquidity solution for a product or service.”
What are alternative currencies?
Altcoin stands for Altcoin, a type of virtual currency that uses what is called a blockchain to allow secure transactions.
Altcoin is a class of cryptocurrency and not a currency in itself, and there are more than 900 different altcoins available.
What is Metaverse? continued
“The metaverse is a collection of 3D virtual spaces where you can share immersive experiences with each other when you are not together,” said Andrew Bosworth, President of Meta Virtual Reality.
“What comes after the internet? Instead of looking at a screen, you get into experiences.
“You don’t have to try it in VR. Most people will experience it initially on the screens they already have.”
Facebook’s Mark Zuckerberg called it “the next version of the Internet,” and predicted that the real metaverse would be ready within a decade.
What is Metaverse?
Metaverse has a broad definition. It’s the Internet, but it’s immersive – so you live in it.
The platform will feature games, social networking, videos, shopping, health and fitness, and more.
Why is Bitcoin harmful to the environment?
The problem is the amount of energy used to mine a single bitcoin.
Computers are needed to perform complex mathematical calculations to put new bitcoins into online trading.
This process is also known as mining.
A lot of energy is needed to mine Bitcoin and some experts are concerned that huge amounts of fossil fuels are used to generate this energy.
Trader on Cryptocurrency Losses, Part Two
The investor did not give up new coins and bought into SHIB after hearing rumors that they were found in Tesla’s source code and likely to be used as a payment option for the company.
The rumor turned out to be incorrect, leaving the dealer in the red once again.
It was the third and final time before the new coin was announced Matic. The dealer said he bought the coin very close to the date of the announcement.
“Anyway, don’t believe in rumors and hype, just stick with your usual crypto plan,” the trader said.
Trader details cryptocurrency losses
An online investor has revealed how he lost a fortune after buying a cryptocurrency based on rumors – three times.
The anonymous trader described Reddit’s losses, saying their first loss to Cardano was the hardest hit.
“Everything about the ad seemed legitimate: it’s not a coin, smart contracts are a thing and there was a lot of hype,” the merchant said.
The trader said that once Cardano was launched, its price dropped leaving the trader at a huge loss.
What is NFT Market?
NFT is a non-replaceable token.
Non-fungible tokens, unlike Bitcoin, are unique and cannot be exchanged for anything else.
The majority of NFTs are located in the Ethereum blockchain. Ethereum is a cryptocurrency that has the ability to support NFTs.
NFTs can be anything digital, and they are most commonly used as a way to buy and sell digital art.
The NFT market is used to list NFTs and make sure they can be accessed for trading.
Marketplaces allow users to promote their NFTs, where buyers can browse and bid on what they want to buy.
Expert predicts Bitcoin crash
One financial expert believes that the value of Bitcoin can reach $10,000 per coin.
Carol Alexander, a professor of finance at the University of Sussex, told CNBC that bitcoin “is likely to collapse” in 2022.
The professor warned last year: “If I were an investor now, I would consider exiting Bitcoin soon because its price will likely collapse next year.”
She referred to Bitcoin as a “game” rather than an investment.
Top Five NFTs of 2021
In the past year, non-fungible tokens have proliferated exponentially.
Here is a list of the five best NFTs by price in 2021, according to Investopedia.
- Every Day: The First 5000 Days – Photo collage by Mike “Pebble” Winkelman
- Human One – Winklemann’s ‘kinetic video sculpture’, again
- Cryptopunk #7523 – pixel art character that looks like “Covid alien”
- Cryptopunk #3100 – Pixel Art Figure With Blue And White Headband
- Cryptopunk #7804 – Alien with a pixel art character smoking a pipe
How dangerous are NFTs?
Buying an NFT is risky as it is like buying a collectible item. It is a bet on whether the value of the item will rise or not.
NFTs are also still a new market, so they may not be as in demand as other markets yet.
Why are NFTs popular?
Non-fungible tokens give collectors the opportunity to own a completely unique digital item.
Crypto commentator Jonathan Marriott said that people love the sense of community around business.