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posted by martyb on Wednesday June 09 2021, @04:08PM   Printer-friendly
from the Flip-a-coin-for-profit dept.

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.


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  • (Score: 2) by JoeMerchant on Wednesday June 09 2021, @08:53PM

    by JoeMerchant (3937) on Wednesday June 09 2021, @08:53PM (#1143708)

    The fuzzy intersection is: most crypto-heads, particularly those who cling to proof of work schemes, espouse a deep distrust of government - making them want to conduct their normal business as a criminal would: out of sight and therefore out of control of the government. Funny how they also inherently depend, daily, on the government and police to defend their rights to privacy, property, etc.

    The laughable thing I have been mostly fruitlessly pointing out to these "gubbmint out my bidness" dweebs is that the very design of blockchain transactions makes them inherently the most traceable form of transaction ever conceived. There may be layers of obfuscation surrounding BTC exchange, but those could more easily be set up around any other form of exchange. The blockchain itself is irrefutable, otherwise you could spend your BTC multiple times.

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