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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: 2) by turgid on Wednesday June 09 2021, @06:06PM (8 children)
I bought an Asus Phoenix GeForce GTX 1650 just over a year ago, and they've gone up in price since then!
I don't do gambling as a rule, not in any serious way, but after the Bitcoin crash over a week ago I decided to buy some. I have an on-line bank account that I got a few years ago to convert from Sterling to Euros cheaply. It now lets you deal in commodities, crypto and stock. So I put in a limit order and got some Ethereum and some Bitcoin. I bought some more Bitcoin on the latest dip. I'm about 10% up after trading fees. It really is a small amount though. I can now afford to buy a beer in a pub with my profit. It's free money, so I thought I might as well have some.
I refuse to engage in a battle of wits with an unarmed opponent [wikipedia.org].
(Score: 1, Interesting) by Anonymous Coward on Wednesday June 09 2021, @06:22PM (3 children)
> I can now afford to buy a beer in a pub with my profit.
Sounds like we have a similar level of interest in gambling.
Some years back, stopping in Lost Wages (Los Vegas) with a friend, I threw a few quarters in a slot machine-and got back a few bucks. We had ice cream with the winnings.
(Score: 2) by turgid on Wednesday June 09 2021, @08:04PM (2 children)
Excellent. Quit while you're ahead.
I refuse to engage in a battle of wits with an unarmed opponent [wikipedia.org].
(Score: 0) by Anonymous Coward on Wednesday June 09 2021, @10:32PM (1 child)
i won some lottery. bought a new vacuum cleaner ...
(Score: 1, Funny) by Anonymous Coward on Thursday June 10 2021, @12:57AM
...that sucks.
(Score: 1, Insightful) by Anonymous Coward on Wednesday June 09 2021, @08:17PM (2 children)
Did you report the profit as your income for tax purposes? Or are you dodging that?
(Score: 3, Funny) by turgid on Wednesday June 09 2021, @08:31PM (1 child)
Technically, it's not profit yet because I haven't sold it, but yes when I am lucky enough to have made over £12,300 profit, I will pay Capital Gains Tax on the rest. Only £12,295 to go!
I refuse to engage in a battle of wits with an unarmed opponent [wikipedia.org].
(Score: 0) by Anonymous Coward on Wednesday June 09 2021, @09:22PM
so you did not buy the beer from profit, more from promise. however that does mean you can get another beer when you actually cash out. well played sir.
(Score: 4, Insightful) by Aegis on Thursday June 10 2021, @01:22AM
When the gold rush comes you don't invest in gold. You invest in shovels!