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Bitcoin Price: Cryptocurrency Investors See Red As Market Value Drops:
Crypto investors are waking to sea of red this morning as the entire market took an absolute hammering overnight for the second time in just a few weeks.
The price of bitcoin fell sharply on overnight, approaching a dreaded $US30,000 ($A38,800) threshold it has not crossed since January and dragging other cryptocurrencies in its wake.
At around 2am, bitcoin fell 8.6 per cent to a value of $US31,501 ($A40,715), a level not seen since mid-May, when the volatile cryptocurrency temporarily lost 30 per cent in one session.
The second-largest cryptocurrency, ethereum, lost 11.2 per cent of its value, falling to $US2361 ($A3051).
Bitcoin's value has recovered slightly since the drop, rising to $US33,738 ($A43,606) at around 7am today – but, across the board, almost all of the smaller cryptos have been battered overnight.
[...] No concrete reason appeared to explain the price drop on Tuesday, but some analysts pointed to the seizure of $2.3 million ($A3 million) worth of bitcoin belonging to the Darkside hackers by US authorities as a possible factor.
[...] The US managed to recover almost all the bitcoin ransom paid to the perpetrators of the cyber attack on the Colonial Pipeline last month.
[...] It is being seen as a sign that law enforcement is capable of pursuing online criminals even when they operate outside the nation's borders – and, crucially, that crypto isn't beyond government control.
(Score: 1, Insightful) by Anonymous Coward on Wednesday June 09 2021, @05:54PM (5 children)
Digital currency has the same purposes as any other kind of money: https://en.wikipedia.org/wiki/Money#Functions [wikipedia.org]
I think that you meant to ask: What advantages does digital currency have compared to alternative forms of money? The answer depends on the form of money you are talking about:
(Score: 0) by Anonymous Coward on Wednesday June 09 2021, @06:18PM
I will also add that some of us are buying cryptocurrencies as a hedge against fiat currencies. I predict if/when the US dollar collapses, crypto will shoot to the moon.
(Score: 2) by Thexalon on Wednesday June 09 2021, @07:45PM (3 children)
I'm curious how you concluded that 2-3% is "a large percentage".
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 0) by Anonymous Coward on Wednesday June 09 2021, @08:23PM (1 child)
It's actually 0.5% or lower in many places these days
https://www.valuepenguin.com/interchange-fees-na-vs-eu [valuepenguin.com]
(Score: 3, Funny) by dwilson on Thursday June 10 2021, @02:09AM
Well, as per TFS, ~8% is "hammered in a bloodbath", so...
- D
(Score: 0) by Anonymous Coward on Thursday June 10 2021, @03:26PM
I was thinking of pass-through transactions. Some goods pass through many hands on the way to market. If the bank gets a 2-3% cut every time the goods change hands, that is a large percentage.