Bitcoin price news LIVE – New DubaiCoin rises 1,000% in just 24hrs defying cryptocurrency market slump and Ethereum fall

THE cryptocurrency market continued to slump this morning with Bitcoin, Ethereum and a whole host of major currencies losing values.

One brand new entry defied the slump, however, with DubaiCoin rising a staggering 1,000% in just 24 hours.

DubaiCoin's incredible gains led to the government of Dubai issuing a warning that the currency is not officially linked to the emirate, and may well be an elaborate scam that could cost investors their cash.

Meanwhile Bitcoin’s overnight price plunge means analysts remain divided over whether it is entering a bear market or is simply going through a period of turbulence before correcting itself and hitting more record highs.

Despite the overnight falls, Bitcoin remains notably stable week-to-week.

Read our cryptocurrency live blog below for the very latest updates…

  • Joseph Gamp

    WHY IS ETHEREUM GOING DOWN?

    Ethereum has rocketed in value over the course of this year.

    It hit an all time high on May 12 after a wave of interest across crypto which pushed up many digital coin prices this year.

    The surge to a record high of $4,362.95 meant ethereum rocketed by more than 2,000% since last year.

    The price of Ethereum is currently $2,573.92 at the time of writing on Friday morning, according to coinmarketcap.

    Cryptocurrencies across the board crashed last week after a crackdown by China was announced and billionaire entrepreneur Elon Musk raised concerns over the environmental impact of Bitcoin mining.

  • Joseph Gamp

    PRICE OF ETHEREUM TODAY (FRIDAY, 28 MAY)

    Ethereum is trading at $2,573.92 at the time of writing on Friday morning, according to coinmarketcap.

    That's down around 5% in the last 24 hours and around 3% over the past week.

    Ethereum hit an all time high of $4,362.95 on May 12, but the cryptocurrency has now fallen by around 40% since then.

  • Joseph Gamp

    NATWEST’S TIPS TO AVOID CRYPTO SCAM

    Here are NatWest’s tips to avoid a cryptocurrency scam:

    • If you have been contacted by a “trader” promising large profits and offering to help you invest in cryptocurrency, this is a likely to be a scam.
    • Always have control of your cryptocurrency wallet.
    • If you did not set the wallet up yourself or a cryptocurrency trader persuaded you to download remote access software onto your computer, this could be a sign of a scam. You should stop making payments immediately.
    • Follow FCA advice and check the cryptocurrency firm you are dealing with has been approved by them.
    • Joseph Gamp

      LANDFILL BLUNDER LEADS TO £213MILLION LOSS

      There are some spectacular disasters from people who definitely do regret their Bitcoin blunders – including those who lost their savings to a fake Elon Musk.

      IT engineer James Howells, 35, stored 7,500 Bitcoin on his PC in 2009 when the currency was essentially worthless.

      Today, the his stash is worth over £213million – but James can’t access it.

      That’s because in 2013 he made the mistake of a lifetime when he accidentally chucked the hard drive away at a council landfill site near his home in Newport, Wales.

      “I had two identical hard drives and I threw out the wrong one,” James said.

      “I know I’m not the only person who has ever thrown out the wrong thing but it usually doesn’t cost people over £200million. I have to laugh about it now because what else can I do?”

    • Joseph Gamp

      WHY IS THE CRYPTOCURRENCY MARKET GOING DOWN?

      The cryptocurrency market has slumped further today after crashing last week following months of major gains.

      The price of big-hitter coins like Bitcoin, Dogecoin and Shiba Inu have plummeted by up to 12% at the time of writing.

      It marks a disastrous week overall for the cryptocurrency market, after news broke that Bitcoin’s value nearly halved in value within the space of six weeks after reaching a record high of $64,000 in April.

      The digital currency fell to its lowest level since January after Beijing said it will block crypto exchanges and initial coin offerings.

      Bitcoin is currently trading at $38,101 at the time of writing, down 5.6% in 24 hours.

    • Joseph Gamp

      HOW MUCH IS SAFEMOON WORTH AND WILL THE PRICE GO UP?

      The value of SafeMoon is currently sitting at $0.000004939 – and it’s up by 23% over 24 hours, according to CoinMarketCap.

      In comparison, it hit its peak on April 20 when it reached $0.000014.

      SafeMoon recorded a 99% rise in one day last month after Bitcoin had its biggest single drop for months.

      The latter has since dived further after Tesla boss Elon Musk withdrew his support for the currency and China announced a further crackdown.

      Mr Musk had previously said his car firm had bought $1.5billion of Bitcoin and said his business would accept them as payment for its cars.

    • Joseph Gamp

      BITCOIN TRADER SPEND £500,000 WORTH OF CRYPTO ON DOMINO'S PIZZA BACK IN 2011

      Bitcoin trader spend £500,000 worth of crypto on Domino’s pizza back in 2011

    • Joseph Gamp

      TECH WRITER BLOWS BITCOIN WORTH £300,000 ON SUSHI (CONTINUED…)

      "I felt guilty at the time, making Yung Chen accept $1,000 worth of funny money because it was unclear to me whether Bitcoin should be worth anything at all," she said.

      The journalist got back in touch with Mr Chen as Bitcoin enjoyed a bumper year during pandemic as prices surged as people moved much of their lives online. She revealed Mr Chen and his wife have now retired – having amassed their own fortune of 41 Bitcoins, which is worth around £1.1million.

      Sake Zone was an early adopter of accepting cryptocurrency, and was one of the few places that would accept it when Ms Hill challenged herself to live on Bitcoin only for Forbes in 2013.

      Mr Chen actually sold a quarter of his total Bitcoin when they shut Sake Zone in 2017 – a decision he now regrets, but he is relived he kept hold of the rest of his coins.

      He said: "I sold some. I feel so bad. Now, I just keep it. I just put it there like stock and wait.” The Bitcoin has become one of the major saving assets in my portfolio. It’s a lot. It’s close to like a half-million dollars in my account.”

    • Joseph Gamp

      TECH WRITER BLOWS BITCOIN WORTH £300,000 ON SUSHI – AND CRYPTO FORTUNE IS NOW THE RESTAURANT OWNER’S RETIREMENT FUND

      A TECH writer has revealed how she blew Bitcoin now worth almost £300,000 on a Sushi dinner for strangers.

      Kashmir Hill revealed she spent 10 of the crypto coins at a restaurant Sake Zone in San Francisco while doing a piece for Forbes in 2013.

      And some seven years later she revealed restaurant owner Yung Chen still has hold of much of her Bitcoin, using the fortune in part to retire.

      Ms Hill revealed her experience in December in a piece of the New York Times, saying she thought it was "silly" that Bitcoin could become a store of value like gold.

      She was taking part in a challenge to live for a week on Bitcoin – and decided to offer her final few coins for a gathering of crypto fans from Reddit to have a slap up meal at Sake Zone. She admitted at the time she even feared she had cheated Mr Chen – but now her platter of tempura shrimps and teriyaki is worth £272,000.

      Read more here.

    • Joseph Gamp

      HOW HAS BITCOIN'S PRICE FLUCTUATED OVER TIME?

      BITCOIN is one of the oldest and most popular cryptocurrencies, but has experienced wild price swings since its creation in 2009.

      It soared to a record-breaking high of $64,536 (£45,538) in April, but nearly halved in value within the space of six weeks to $36,664 (£25,871).

      Experts have warned that the future of Bitcoin remains “highly unpredictable”, with more rollercoaster highs and lows to be expected.

      But if you’re thinking about investing in Bitcoin or any other cryptocurrency, be warned: buying cryptocurrencies is a very risky business.

      Investing is not a guaranteed way to make money – so make sure you know the risks and can afford to lose money.

    • Joseph Gamp

      GRAPHIC: HOW HAS THE PRICE OF BITCOIN CHANGED OVER TIME?

       

    • Debbie White

      U.S. WRITER HORRIFIED AS SHE DISCOVERS SHE’S SPENT A BITCOIN FORTUNE ON DRUGS

      An author was horrified to find out she spent nearly £500,000 worth of Bitcoin buying drugs on dark web.

      Bitcoin continues to fluctuate in price as the volatile cryptocurrency last week plunged to just 50% of its record high – hitting lows of just £21,000.

      Ms Tolentino, 32, a staff writer for New Yorker and a published author, revealed her own Bitcoin horror story when appearing on the Reply All tech podcast in 2018.

      She contacted the show as she remembered buying around £50 ($80) worth of Bitcoin in 2012 while exploring the Dark Web – but wasn’t sure what had happened to her stash after changing laptops.

    • Joseph Gamp

      CRYPTO KILLER

      A jealous bondage-obsessed Bitcoin trader “went crazy” and strangled his air stewardess girlfriend to death in a bathtub, a court was told.

      But, the Russian court accepted that Nikita Enin, 27, was sane and sentenced him to just nine years in a strict regime penal colony.

      Stewardess Albina Mukhametzyanova, 23, was found brutally strangled in the bath of their suite in Moscow in 2019.

      His defence argued that Enin was mentally ill and needed treatment.

      But Russia’s Serbsky Centre for Social and Forensic Psychiatry found him to be “explosive” and a “hot-tempered egoist” yet aware of the consequences of his actions when he killed the stewardess. The court accepted he was sane and convicted Enin.

    • Debbie White

      WHAT ARE THE RISKS OF INVESTING IN BITCOIN?

      Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .

      Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

      Investing in cryptocurrencies is not a guaranteed way to make money.You should also think carefully about making purchases with a cryptocurrency.

      For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.The price of a Bitcoin was at $64,536 in April, according to Coindesk, but has since dropped to $38,713.

      These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.

    • Debbie White

      WHY IS THE CRYPTOCURRENCY MARKET GOING DOWN?

      The cryptocurrency market has slumped further today after crashing last week following months of major gains.

      The price of big-hitter coins like Bitcoin, Dogecoin and Shiba Inu have plummeted by up to 12% at the time of writing.

      It marks a disastrous week overall for the cryptocurrency market, after news broke that Bitcoin’s value nearly halved in value within the space of six weeks after reaching a record high of $64,000 in April.

      The digital currency fell to its lowest level since January after Beijing said it will block crypto exchanges and initial coin offerings.

      Bitcoin is currently trading at $38,101 at the time of writing, down 5.6% in 24 hours.

    • Debbie White

      HOW MUCH IS SAFEMOON WORTH AND WILL THE PRICE GO UP?

      The value of SafeMoon is currently sitting at $0.000004939 – and it’s up by 23% over 24 hours, according to CoinMarketCap.

      In comparison, it hit its peak on April 20 when it reached $0.000014.

      SafeMoon recorded a 99% rise in one day last month after Bitcoin had its biggest single drop for months.

      The latter has since dived further after Tesla boss Elon Musk withdrew his support for the currency and China announced a further crackdown.

      Mr Musk had previously said his car firm had bought $1.5billion of Bitcoin and said his business would accept them as payment for its cars.

    • Debbie White

      CRYPTO PLATFORM ADS BANNED

      Posters advertising Luno, a crypto currency platform, have been banned for failing to mention the risk of investing in Bitcoin.

      It's also been slammed for taking advantage of people's inexperience in the market, writes i news.

      The posters – put up on the Tube in London – claimed: "If you're seeing Bitcoin on the Underground, it's time to buy."

    • Debbie White

      CRYPTO 'GAMBLE'

      Investing in cryptocurrencies is essentially gambling and there are no guarantees that you will see what you pay in go up in value.

      Cryptocurrencies are VERY high risk and a speculative investment, with limited track records and no underlying value.

      There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market.

      Cryptocurrency firms aren't regulated in the way that other financial firms are. This means that you won't have any protection if things go wrong.

      As always, make sure you never invest in something you don't understand.

    • Debbie White

      CRYPTO TOKEN – MORE ON HUMMINGBIRD

      Hummingbird Finance is a new cryptocurrency token, which launched in April 2021. It's a smart contract, or program, built on the Binance Smart Chain blockchain network.

      Blockchain technology is at the heart of most cryptocurrencies, including Bitcoin. It can seem complicated, but it's a kind of database used to record transactions.

      Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: "Hummingbird's founders promise to use proceeds from the token to help finance charities to protect the species in the wild and spread awareness.

      "But this promise can’t easily be verified, and the way the token works rewards holders for not selling their tokens, and taxing those who do.

      "That raises suspicions of an aim to simply drive up the price on a wave of speculation and so traders would be wise to treat the token with extreme caution."

    • Debbie White

      HOW DOES CRYPTO-MINING WORK?

      Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.

      Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins, including Dogecoin.

      Mining Bitcoin requires 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.

      To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

    • Debbie White

      I LOST BITCOIN WORTH £300MILLION WHEN MY MUM THREW OUT BROKEN LAPTOP, CLAIMS ‘TRADER’

      A Bitcoin trader claims he lost crypto now worth £300million when his mum threw out his broken laptop.

      The anonymous poster on the /r/bitcoin subreddit declared the Bitcoin “ruined his life” as the revelation of his lost fortune hit home.

      The Sun Online has been looking at some cautionary tales from the world of crypto – and one such story was told by this Redditor.

      He claimed he purchased 10,000 Bitcoin in early 2010 as a punt, spending around £50 ($80) after being convinced by his college roommates, storing the keys on his laptop after transferring them from a USB.

      As he graduated and started to get on with his life – he eventually forgot about the coins.

      Read more here.

    • Debbie White

      HOW HAS THE VALUE OF BITCOIN CHANGED?

      • 2020: Started at $5,000 before ending the year around $28,000
      • 2021 January: Bitcoin around $36,000
      • February: Bitcoin around $50,000
      • March: Bitcoin around $60,000
      • April: Bitcoin soaring above $62,000
      • May: Bitcoin tumbles to $39,790

      CRYPTO KILLER

      A jealous bondage-obsessed Bitcoin trader “went crazy” and strangled his air stewardess girlfriend to death in a bathtub, a court was told.

      But, the Russian court accepted that Nikita Enin, 27, was sane and sentenced him to just nine years in a strict regime penal colony.

      Stewardess Albina Mukhametzyanova, 23, was found brutally strangled in the bath of their suite in Moscow in 2019.

      His defence argued that Enin was mentally ill and needed treatment.

      But Russia’s Serbsky Centre for Social and Forensic Psychiatry found him to be “explosive” and a “hot-tempered egoist” yet aware of the consequences of his actions when he killed the stewardess. The court accepted he was sane and convicted Enin.

      HOW DOES BITCOIN WORK?

      To process Bitcoin transactions, a procedure called “mining” must take place, which 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.

      To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

      There are currently about 21million Bitcoin tokens in existence.

      To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.

      BITCOIN NO SUBSTITUTE FOR MONEY

      Bitcoin's drop was triggered by China's efforts to crack down on mining and trading of cryptocurrencies and weighed by Tesla suspending its willingness to accept it as payment due to environmental concerns about energy use..

      The U.S. Treasury Department has also called for requiring large cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.

      "It is not a substitute for money," Vishnu Varathan, head of economics and strategy at Mizuho Bank, told the Global Markets Forum chatroom on Refinitiv Eikon.

      "At best (it) is an alternative asset, albeit one without intrinsic value," he said, adding that blockchain technology and its potential "must not be conflated with crypto-currencies".

      Such nagging doubts have kept bitcoin from closing above its 200-day moving average since it collapsed to hit last week's four-month low around $30,000. This week it has been supported around $37,000 but forged no higher than $40,904, while ether, which hit $1,730 last weekend, has attracted buyers above $2,500.

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