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Tag: bitcoin (page 1 of 3)

Bitcoin falls to $44,127 in 7% decline

The Bitcoin price fell to its lowest in a week, by 7.3% on Monday to $44,127. The Bitcoin Cash, EOS, and Ether declined as well. With investors careful about risks in Evergrande’s Debt woes, Stoxx Europe 600 index dropped as much as 2% on track for the largest decline since July. However, El Salvador’s President Nayib Bukele said the country had “bought the dip” in Bitcoin, adding 150 to its current stock of 550, now totaling the holdings up to 700.

Source: CNBC

PayPal launches Crypto trading in UK

PayPal customers in the UK can now buy, sell and hold Bitcoin and other cryptocurrencies. With over 403M global active accounts, this is the first international expansion of PayPal’s crypto services. Established crypto exchanges such as Coinbase Global and PayPal hope that this will encourage global use of virtual coins, and prepare the network for digital currencies. Bitcoin, Ether, Litecoin will be some of the currencies which can be traded.

Bitcoin prices cross $40,000 mark in longest winning streak of year

Bitcoin continues to recover as it enters its longest winning streak for this year. With a rise of 5.8%, the cryptocurrency has managed to cross the $40,000 mark today. Pankaj Balani, CEO of crypto derivatives exchange Delta Exchange is bullish on the $45,000 mark while $50,000 will take some doing. Amidst the criticism for mining bitcoin, companies like Twitter, Amazon have revealed plans to incorporate cryptocurrency.

Amazon exploring option for accepting cryptocurrencies for purchases

Amazon may soon allow customers to purchase with cryptocurrencies such as Bitcoin. The e-commerce behemoth, for its payments division, is seeking a digital currency and blockchain product lead to developing the roadmap for the customer experience, tech strategy, and capabilities. AWS, the company’s cloud division, now provides a managed blockchain solution. Apple and Tesla are also exploring accepting Bitcoin as a form of payment.

Mexican billionaire Salinas’ Bank may embrace Bitcoin

Mexican billionaire Ricardo Salinas Pliego, who owns the Banco Azteca banking business with a fortune of $15.8 bn, said his bank might start using bitcoin. This will make his bank the first one to use cryptocurrency in the country. Last year  Pliego stated, he invested 10% of his liquid portfolio into bitcoin. He recommends the use of bitcoin but asks to study cryptocurrency and its future. Bitcoin increased by 7.5% on Sunday and reached the $34,000 mark.

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Bitcoin to be legal tender in El Salvador from Sept 7

The recently passed law making bitcoin legal tender in El Salvador will take effect on Sept 7, President Nayib Bukele said in a national address. With this law, El Salvador will become the first country to accept bitcoin as a legal tender. However, the use of bitcoin will be optional. Salaries and pensions will continue to be paid in USD. Bitcoin plan’s to invest $1 mn to set up 1500 cryptocurrency ATMs in El Salvador, which will help to buy bitcoins or sell them for cash.

Chinese Bitcoin miners flee overseas, others sell out after ban

After China’s ban on bitcoin production, miners have left the country in despair seeking refuge in Texas and Kazakhstan. Miners have left the business to comply with the government and the machines that could be sold at 4,000 yuan can now be sold at 700-800 yuan. The Chinese ban caused almost 90% of the mining to go offline and mining operations outside China benefited right away. Some miners are moving to Russia in search of alternatives.

First time in 5 months Bitcoin drops below $30,000 mark

Bitcoin, following the concerns of China’s ongoing crackdown, fell below $30,000 for the first time in five months. The unit later stood at $29,590, down 9.25% in value. Bitcoin has also faced criticism over environmental concerns as its mining requires fossil fuels. Nearly 80% of trade in cryptocurrency is powered by Chinese mines, but in recent months several mines have been shut down as Beijing is being alerted of the industry. Last week 26 mines were closed down.

China’s crackdown on cryptocurrency extends to Sichuan

China’s crackdown on cryptocurrency “mining” has extended to Sichuan. Cryptomining is a big business in China, accounting for more than half of global bitcoin production. But the State Council, last month, vowed to clamp down on bitcoin mining and trading as part of a series of measures to control financial risks. The authorities urged local governments in Sichuan to start combing for crypto-mining projects and shut them down.

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