SHIBA Inu coin is up on Coinbase on Tuesday, as is Bitcoin after Square CEO Jack Dorsey revealed the company is looking to get into crypto mining with that currency.
“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” CEO Dorsey said in a tweet on Friday.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
Bitcoin’s price hit a six-month-high of $62,000 after the tweet, Business Insider reported.
Both Bitcoin and Shiba Inu remain up on Tuesday, according to Coinbase.
Plus, crypto prices saw some changes after President Biden’s statement drawing attention to potential pitfalls of the currency, such as ransomware and other cyber threats.
The statement from Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community. That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
Read our cryptocurrency live blog for the latest news and updates…
HOW VALUABLE IS THE CRYPTO ECONOMY NOW?
The crypto economy is approaching $3trillion in value.
This week, the crypto economy became worth more than Apple, and bitcoin became the sixth most valuable asset in the world.
GRAYSCALE BITCOIN TRUST ETF
On October 19th, Grayscale and the New York Stock Exchange filed to convert the Grayscale Bitcoin Trust into an ETF.
Grayscale Bitcoin Trust is the largest bitcoin fund in the world, and the company also manages the Grayscale Ethereum Trust.
BITCOIN SURPASSES $64,000 WEDNESDAY
For the first time since April, bitcoin surpassed $64,000 on Wednesday, reaching almost $65,000.
The milestone came just a day after the launch of ProShares’ Bitcoin Strategy ETF on October 19th.
SOLANA SCALABILITY, CONTINUED
Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun: “The collection of 10,000 artworks reported sold out in under 10 minutes. Each piece was ‘minted’ using the SOL token.”
He added that “there’s a sentiment among crypto evangelist that Solana has strengthened its status as credible challenger to Ethereum as the blockchain of choice for building decentralized applications.”
‘MILESTONE SCABILITY TEST’
Solana is on the rise following a “milestone scalability test” last month.
It hosted the “Degenerate Ape Academy”, a collection of digital artworks (NFT) on Solanart, a marketplace on the Solana network.
AMC CEO TALKS ABOUT ACCEPTING CRYPTO
“AMC CEO Adam Aron says company will accept Bitcoin, Litecoin and Ethereum ‘before year end,’ with Dogecoin expected in Q1,” someone captioned this video on Twitter.
EXPERT COMMENTS ON ALCHEMY PAY AND BINANCE
Shaun Heng, vice president of growth and operations at CoinMarketCap told The Sun that it’s challenging to assess the risk of many crypto projects like Alchemy Pay.
And while he isn’t a fan of Alchemy Pay’s crypto-linked cards, he did tout one its partners Binance, which is the largest crypto exchange by trading volume globally.
Heng said: “The partnership with Binance is most definitely a good sign of validation for the project.”
BITCOIN SCORES NEW HIGH AFTER DORSEY TWEET
Bitcoin’s price hit a six-month-high of $62,000 after Dorsey tweeted about the possible Square development on Friday, according to CoinDesk and Business Insider.
That surge launched its year-to-date gains to 114 percent.
It was last trading around $64,200 on Tuesday afternoon.
SQUARE MAY BUILD BITCOIN MINING HARDWARE
Square CEO Jack Dorsey said the company may create a bitcoin mining rig in a tweet on Friday, according to Business Insider.
“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” CEO Dorsey said in a tweet late that day.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
RISKS OF ROBINHOOD, PART THREE
In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
RISKS OF ROBINHOOD, PART TWO
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.
RISKS OF ROBINHOOD
When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.
If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.
Since then, the crypto spaced has endured volatility.
HOW MUCH HAS THE VALUE OF BITCOIN CHANGED, CONTINUED
“We believe the turnaround in sentiment towards bitcoin is due to constructive statements from SEC Chair Gary Gensler, potentially allowing a Bitcoin ETF in the US,” digital assets fund manager CoinShares wrote in a report on Monday.
“Our recent survey data also highlights greater institutional participation in the asset class.”
But keep in mind that September wasn’t the greatest month for Bitcoin.
HOW MUCH HAS THE VALUE OF BITCOIN CHANGED?
Bitcoin has jumped 26 percent in the past month.
Some of gains can be attributed to Gary Gensler, chair of the US Securities and Exchange Commission, repeating his support for Bitcoin exchange-traded funds (ETFs).
Instead of buying Bitcoin directly, the move means you invest in futures contracts.
WHAT ARE THE RISKS OF INVESTING IN BITCOIN?
Although the returns have been favorable in the past year – a potential investment can turn out poorly if bought too high.
For instance, Bitcoin was looking unstoppable when Elon Musk’s Tesla bought $1.5billion worth of the cryptocurrency earlier in the year.
But then the billionaire caused a big sell-off on Bitcoin when he said Tesla would stop accepting payments of the cryptocurrency.
Although Musk has said he thinks there’s a future with Bitcoin and Tesla, he has expressed environmental concerns over the cryptocurrency.
Since April 13, Bitcoin has dropped 10 percent to date.
CAN BITCOIN HIT $70,000, CONTINUED
A year from now, Wallet Investor sees the price of Bitcoin surpassing $86,000.
In five years, the price is expected to skyrocket to $209,033.
Meanwhile, Economy Watch predicts the price of Bitcoin will return to its heights in April of $64,000 at the end of the year.
Then, at the beginning of 2022, Economy Watch notes Bitcoin will “be heading towards the $70,000 mark.”
CAN BITCOIN HIT $70,000?
To reach $70,000, Bitcoin would have to climb by 23 percent in the remaining days of the year.
And the way things are trending, Bitcoin might break $70,000 at the end of the year.
At the end of 2021, Coin Price Forecast sees the price surging to $79,576. By mid-2023, it is expected to hit $71,386.
WHAT IS BITCOIN?
Bitcoin was established in 2009 by an unknown computer expert using the alias Satoshi Nakamoto.
The cryptocurrency uses a mining procedure that involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.
But the reason why it gets criticism from environmentalists is that Bitcoin currently uses roughly 99.10terawatt-hours annually, according to the Cambridge Center for Alternative Finance.
Currently, are about 21million Bitcoin tokens in existence.
WHAT ARE ALTCOINS?
Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions.
Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”
HOW HAS THE PRICE OF SHIBA INU CHANGED?
In the past month, Shiba has skyrocketed more than 300 percent.
Elon Musk, the billionaire entrepreneur behind Tesla has a Shibu Inu puppy and posted a picture of it on the social media site.
But what does the future has in store for the dog meme cryptocurrency?
The Sun spoke to experts to find out what lies ahead — and what the cryptocurrency could be worth in 2022.
Shibu Inu is a cryptocurrency token that allows users to hold trillions of them.
Tokens of Shiba Inu feature the same dog as Dogecoin, which has become one of the most popular cryptocurrencies this year.
WHEN WILL SHIBA INU RELEASE SHIBOSHI NFTs?
On October 5, 2021, the company announced it will release 10,000 digitalized “lovable creatures” for sale, 10,000 digitalized “lovable creatures.”
The post explained that the 10,000 digitalized “lovable creatures” will be set for sale 10,000 digitalized “lovable creatures.”
The company vowed to provide a “heads up” before the official launch.
WHAT ARE SHIBOSHI NFTs?
Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”
The NFT holders will also be able to name the Shiboshis for an additional $100.
The Shiboshis will come with generic names like 00001.
The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.
“With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”
SWISS REGULATOR APPROVES FIRST CRYPTO FUND
Switzerland’s Financial Market Supervisory Authority has approved the first Swiss crypto fund, Bitcoin.com reported.
FINMA revealed the fund is called “Crypto Market Index Fund.”
It noted that it is “an investment fund according to Swiss law belonging to the category ‘other funds for alternative investments’ with particular risks.”
DOW JONES EXPERT ON TRADING CRYPTO ON WALL STREET
Some cryptocurrencies will be brought to the trading floors of Wall Street, Money Control reported.
“Traditional financial markets and digital assets are no longer mutually exclusive markets,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.
WHAT WILL MEASURE THE PERFORMANCE OF BITCOIN ON WALL STREET?
S&P Bitcoin Index, S&P Ethereum Index, and S&P Crypto Mega Cap Index will measure the performance of digital assets linked to them now that digital currencies including Bitcoin and Ethereum will be traded on Wall Street, according to Money Control.