BITCOIN fell again Thursday morning at the start of trading, with internet searches for ATMs and crypto wallets increasing.
Amid fears of falling into the death cross indicator after a 37.28 percent drop, Bitcoin managed to rebound to $42,000, before hitting slightly higher levels.
Currently sitting at $42,739.40 per (BTC/USD), Bitcoin saw a sharp drop in value in 24 hours as it fell below $40,000 per (BTC/USD).
That is, Forbes contributor Philip Sandner predicts that Bitcoin will reach $100,000 in 2022, and the crypto-asset market will expand.
However, experts have taken into account the warnings about bitcoin’s volatility.
Commenting on this, Shivan Thanral, CEO of BuyUCoin stated: “Bitcoin needs to recover further as the RSI is still below 50, which indicates that it is in the oversold territory. If the bulls try to make an upward move, the price could go higher. to around $45,000, although if anything goes wrong, prices could drop to the $38,000-$36,000 region.”
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audio stream encoder
Audious is a cryptocurrency-powered music streaming platform.
It is owned and controlled by the token holders – the tokens are called voice.
The audio has been listed on CoinMarketCap since October 2020, and its value skyrocketed after a deal with the Chinese social media giant TikTok.
What is a phantom?
Fantom is a blockchain platform founded by a South Korean computer scientist in 2018.
The platform contains software, called microcontracts, that allow the blockchain to perform more advanced transactions than simply sending cryptocurrency from one person to another.
Fantom is a competitor to Ethereum, which also offers mini contracts.
Are NFTs regulated?
Currently, there are no official regulations about NFTs.
Thus, it is up to the buyer to ensure that the NFT he is purchasing is a unique work and has not been copied from elsewhere.
The current lack of NFT regulations means that there may not be a specific entity to investigate a complaint when a sale goes wrong.
What is Blockchain?
Blockchain is a type of computer code used to record transactions.
It is the technology at the heart of cryptocurrencies such as Bitcoin and Ethereum.
The blockchain is constantly growing with new transactions being added to the end as additional “blocks” of data.
Could Bitcoin reach $70,000 by the end of 2022?
While Bitcoin came close to hitting $70,000 in November 2021, December of that year saw a steady decline in value.
However, Wallet Investor boldly expects Bitcoin to exceed $78,000 by 2023.
In five years, the price is expected to rise to $203,020.
A valuable piece of NFT art is being sold at the wrong price
The highly coveted Bored Monkey NFT (NFT) token was accidentally sold for a hundredth of the asking market price.
Bored Ape owner #3547 made a fatal typo when he listed the NFT for $3,000 instead of $300,000.
Cryptocurrency crime reached $14 billion in 2021
According to Chainanalysis, cryptocurrency crime in 2021 amounted to $14 billion.
Despite this staggering amount in illicit transactions, only 0.15 percent of transactions were affected in 2021 because the total amount in transactions that year was $15.8 trillion.
How to buy bitcoin
There are cryptocurrency exchanges like FTX or Coinbase where bitcoins can be bought and sold.
When setting up a Coinbase account for example, it can be linked to your bank account or Paypal account for you to make a deposit to a virtual wallet. After the virtual wallet is funded, the traditional currency can be exchanged for bitcoin.
The IRS on cryptocurrency in taxes for 2021
For 2022, the US Individual Income Tax Return Form 1040 contains a question about cryptocurrency which states: “At any time during 2021 did you receive, sell, exchange, or dispose of any financial interest in any virtual currency?”
In addition, the IRS addresses questions on its crypto FAQ page saying, “If your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the Form 1040 question.”
What is the difference between a redeemable and non-replaceable token?
According to The VERGE, the main difference between a redeemable and non-fungible token is that a redeemable token can be traded, while a non-fungible token cannot be traded.
Thus, bitcoin, which is a redeemable token, can be traded against another bitcoin. However, a unique trading card, which is a non-fungible token, cannot be traded, as it is a unique asset.
The Bank of England warns citizens of the risks of trading
The Bank of England has warned cryptocurrency traders about the risks of trading.
According to the BBC, 0.1% of households in the UK have wealth stored in cryptocurrency, with around two million people holding it.
As a result, Sir John Cunliffe, Deputy Governor of the Bank, warned that “their rate can vary greatly and can theoretically or practically fall to zero”.
What is NFT? continued
Celebrities, artists, and influencers have used NFTs to promote products in recent times.
As a result, NFT gives collectors the opportunity to own a one-of-a-kind piece of music or art.
What is NFT?
NFT, short for Non-fungible Token, is a certificate indicating ownership of a digital asset. Thus, original copies of memes or viral videos can be sold in the same way as a piece of art.
Since NFT digitizes a work piece stored on the blockchain, it cannot be duplicated, and is unique to whoever owns it.
NFT is Collins’ Dictionary of Word of the Year in 2021
The non-fungible symbol abbreviation, NFT, won the Collins Dictionary’s Word of the Year award in 2021.
Commenting on the matter, Alex Beecroft, a Collins Dictionary executive, stated, “It has not been determined whether NFT will have a lasting impact, but its surprising presence in conversations around the world makes it very clear our word for the year.”
What cryptocurrencies have increased in value?
As of January 12, 2022, the price of Bitcoin is up 1.45%, according to Coinmarketcap.
The value of Ethereum also rose by about 3.68%. Additionally, Dogecoin is up 4.95%. While Dogecoin’s competitor, Shiba Inu, is also up 12.84%.
What is a Shiba Inu? part two
At the time of writing, Shiba Inu’s share is up over 430% in the past month.
The gathering started billionaire Elon Musk, who has a Shibu Inu puppy, and posted a photo of him on Twitter.
What is a Shiba Inu? part One
Shiba Inu coins are cryptocurrency meme tokens that feature the same Shiba Inu dog as Dogecoin.
These meme tokens are listed on its own decentralized exchange platform, ShibaSwap.
Its website claims to have shut down 50% of its total supply to Uniswap, while the rest has been burned to Ethereum founder Vitalik Buterin.
Why is the value of cryptocurrencies unpredictable? continued
Experts have also warned cryptocurrency traders about the risks associated with trading.
In an interview with The Sun, Susanna Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown, stated: “A lot of cryptocurrencies and tokens are being advertised as part of the decentralized finance movement, which aims to disrupt existing payment systems.”
“In this mysterious world, where the use case for cryptocurrencies is far from proven, traders should only work with money they can afford to lose,” she added.
Why is the value of cryptocurrencies unpredictable?
The value of cryptocurrencies was unexpected due to many unrelated factors that contributed to their depreciation or rise in value.
For example, the value of cryptocurrencies plummeted in May 2021 due to a tweet from Elon Musk, where he stated that his company, Tesla, would no longer accept Bitcoin payments due to the negative environmental impacts of crypto mining.
In the same month, the value of cryptocurrencies plummeted when the Chinese government banned cryptocurrency exchanges within the country.
In stark contrast to the reason given by Elon Musk, the Chinese government stated: “Recently, the price of cryptocurrency has risen and fallen dramatically, and speculative trade in cryptocurrency has boomed, which is a serious violation of the integrity of people’s property and disruption of the normal economic and financial system.”
What are Crypto Fan Tokens? continued
A report by BBC News stated that football teams have been the main participants in selling tokens to crypto fans in recent months.
In fact, it is estimated that more than $350 million was spent by fans of football teams in England, Spain, Italy, Germany and France.
What are Crypto Fan Tokens?
Cryptocurrency fan tokens, also referred to as sports cryptocurrency, are digital assets that sports teams sell to fans with the goal of promoting fan engagement.
These fan codes give exclusive access to participate in certain activities of their beloved team. Activities can include giving fans the opportunity to vote on the songs that will be played in the stadium during the match.
US Cities Adopting Cryptocurrency, Part Two
The mayor of Miami is also working to expand cryptocurrency options in the city of Florida.
Mayor Francis Suarez said he will take his salary in bitcoin and want residents to be able to pay fees and taxes in cryptocurrency.
Miami launched a token called MiamiCoin earlier this year, which generated $30 million in revenue over three months, Suarez told Bloomberg News.
US cities embrace cryptocurrency
A city in Tennessee hopes to become the first in the country to offer its employees cryptocurrency as a payroll transfer option.
The Jackson Sun reports that a Request for Proposal (RFP) has been opened, allowing third-party platforms to apply to be the city’s crypto exchange.
“We are offering our employees a deferred compensation opportunity for their already retired. Why not add more options?” the mayor told news outlets.
He said the move will diversify the ways city employees can receive payments and allow the city to pay contractors in Bitcoin.
Seven Crypto Ads Banned, Part Two
The Advertising Standards Authority is looking to release new guidance on cryptocurrency.
BBC News reports that crypto-asset monitoring is a “red alert priority” for the regulator.
The news outlet said the companies whose ads were found to have broken the rules are:
- Coinburp: Cryptocurrency Exchange Twitter Page
- eToro (UK): Paid Advertisement for Stocks and Cryptocurrency Trading
- Payward: A digital poster for Kraken, an online cryptocurrency exchange
- Exmo Exchange: YouTube video promoting cryptocurrency exchange
- Luno Money: An in-app advertisement for the Luno cryptocurrency exchange
- Coinbase Europe: Paid Facebook Ad for Cryptocurrency Exchange
- Papa John’s GB: Promotion on the Papa John’s pizza chain website and on Twitter
British regulator bans seven crypto ads
The UK Advertising Standards Authority (ASA) has banned seven cryptocurrency ads following concerns.
BBC News reported that a banned ad included a promotion for a pizza chain while a second ad included Facebook ads for a major cryptocurrency exchange.
The news organization stated that all seven ads were “blocked for irresponsibly exploiting consumers’ inexperience and failing to explain investment risks.”