Bitcoin latest – Ethereum cryptocurrency price rockets to record high outperforming Bitcoin as Elon Musk backs Dogecoin

ETHEREUM’s price has hit another all-time high as it continues to rise towards $2,800.

This means its value has risen by more than 1,300 per cent in less than a year and is currently outperforming Bitcoin in terms of percentage growth.

Meanwhile the price of Dogecoin is expected to soar over the weekend ahead of Elon Musk's appearance on Saturday Night Live in the US.

Musk named himself the ‘Dogefather’ ahead of his appearance on SNL, in a tweet which has already sent the cryptocurrency soaring.

The price of dogecoin shot up from $0.25 to $0.30 in less than 15 minutes after Musk posted a cryptic tweet reading: "The Dogefather" – "SNL May 8”.

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

  • Niamh Cavanagh

    WHAT IS LITECOIN?

    Litecoin entered the cryptocurrency market as a competitor to Bitcoin in 2011.

    Like the other cryptocurrencies – it is run on Blockchain. Each individual Litecoin is known as a token – which is the digital asset that you own when you invest.

    According to GoBankingRates, in 2017 Litecoin was the first cryptocurrency to complete a Lightning Network transaction.

  • Niamh Cavanagh

    WHAT IS XRP?

    XRP is form of digital currency that can be used on the Ripple network. It can either be transferred between individuals or banks.

    For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP.

    The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.

    The founders of Ripple created XPR before the company Ripple existed. 

    XRP has been used as a method of currency transfer through the network since 2012.

  • Niamh Cavanagh

    RISKS OF CRYPTO INVESTMENTS

    THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

    • Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
    • Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
    • Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. 
    • Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
    • Marketing materials: Firms may overstate the returns of products or understate the risks involved
    • Niamh Cavanagh

      CHINA TOUGHENS WAR ON FINANCIAL SCAMS AHEAD OF NEW FRAUD RULES

       China has ramped up a crackdown on financial scams, from cryptocurrency swindles to bogus patriotic fundraising that capitalizes on the coming 100th birthday of the ruling Communist Party, as new anti-fraud rules take effect on Saturday.

      In recent years, China has shut roughly 6,000 peer-to-peer (P2P) platforms in a purge of an industry that still owed victimized investors over $100 billion as of last August.

      But financial frauds are mutating in their complexity and widening, according to China's banking regulator, which last week called for a tougher crackdowns Last year, China busted over 7,500 financial scams, according to the regulator, up 27% from the previous year.

    • Niamh Cavanagh

      COINING IT IN

      A Caribbean island could become the first place in the world to use Bitcoin instead of money.

      Luxury homeowners on Bequia will be able to use the digital cryptocurrency to do their grocery shopping or buy a coffee, developers say.

      A small number of shops around the world already accept Bitcoin as payment and a few houses have been sold using it in the UK.

      But planners say their new development on paradise isle Bequia will be "the world's first fully Bitcoin-enabled community".

    • Niamh Cavanagh

      LACK OF REGULATION IN US FOR CRYPTOCURRENCIES IS 'FRUSTRATING' SAYS CEO

      Ripple CEO Brad Garlinghouse has said the lack of clarity in U.S regulation of cryptocurrencies is "frustrating".

      The fintech company, known for the cryptocurrency XRP, has been caught in a legal battle with the U.S Securities and Exchange Commission (SEC) since 2020.

      In December, the SEC filed charges against Ripple alleging they made more than $1.3billion through unregistered securities offering.

      However, Garlinghouse said the United States has not provided clear regulatory guidelines for those currencies.

    • Niamh Cavanagh

      DOGECOIN ‘SYMBOLISES FROTHY MARKET’

      Federal Reserve Chairman Jerome Powell has said Dogecoin symbolises the “frothy” stock market.

      In a press conference, Powell was quizzed over whether he thought there was a risk to financial stability in trends such as the meme-inspired cryptocurrency, reports CoinDesk.

      He replied: “You are seeing things in the capital markets that are a bit frothy, that’s a fact.

      “I won’t say it has nothing to do with monetary policy but also it has a tremendous amount to do with vaccination and reopening of the economy.”

    • Niamh Cavanagh

      WHAT IS ETHEREUM?

      Ethereum is a cryptocurrency that was released in 2015. It's the second largest after Bitcoin.

      In fact, some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

      It was founded by eight people, one of which is 27-year-old cryptocurrency "celebrity" Vitalik Buterin.

      Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

    • Niamh Cavanagh

      8AM UPDATE

      1 Bitcoin equals £39,138.42.

    • Ben Hill

      INVENTION CLAIM

      An Australian man's claim that he invented Bitcoin is to be investigated by top UK judges.

      London's High Court has allowed computer scientist and businessman Craig Wright to serve a copyright infringement lawsuit against the operator and publisher of bitcoin.org.

      The anonymous entity behind the informational website calls itself Cobra over Twitter or a generic email address.

      Wright can now try and pursue his case — titled Wright v Person(s) unknown, "Cobra".

    • Ben Hill

      'DOGEFATHER'

      Elon Musk has named himself the ‘Dogefather’ ahead of his appearance on SNL, in a tweet which appears to have sent the cryptocurrency soaring.

      The price of dogecoin shot up from $0.25 to $0.30 in less than 15 minutes after Musk posted a cryptic tweet reading: ‘The Dogefather".

      The spike came after a price slump last week, when the meme-inspired cryptocurrency fell after hitting an all-time high, Reuters reported.

      Supporters of the cryptocurrency used hashtags to fuel a rally, bumping up the price of dogecoin, until it eventually lost steam.

    • Ben Hill

      COINING IT IN

      A Caribbean island could become the first place in the world to use Bitcoin instead of money.

      Luxury home owners on Bequia will be able to use the digital cryptocurrency to do their grocery shopping or buy a coffee, developers say.

      A small number of shops around the world already accept Bitcoin as payment and a few houses have been sold using it in the UK.

      But planners say their new development on paradise isle Bequia will be "the world's first fully Bitcoin-enabled community".

    • Alice Fuller

      ONLY 21 MILLION BITCOINS THAT CAN BE MINED

      There are only about 21 million Bitcoins that can be mined, and roughly 18.5 million have been found so far.

      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.

      These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.

      The bulk of Bitcoin "mining" is done in China, where energy costs are cheaper than in places like the UK or US.

    • Alice Fuller

      WHAT IS CRYPTOCURRENCY MINING?

      You won't find cryptocurrencies like Bitcoin or Dogecoin hanging around in your loose change.

      Most cryptocurrencies have to be "mined" in order to be created, which is a complex and painstaking process done through computers.

      Miners will create new cryptocurrencies using a complex computer code.

      These new coins are then stored virtually through an online network called the blockchain.

      Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution.

    • Alice Fuller

      DRUG DEALERS PAID £3.5M IN BITCOIN AND CRYPTOCURRENCY

      Two drug dealers who sold to cocaine over the dark web were paid more than £3.5million in Bitcoin and cryptocurrency in two years.

      Jehanzeb Amar and Salahydin Warsame were sentenced to 13 years and six months, and ten years and six months respectively for running the commercial-scale operation, BirminghamLive reports.

      The pair were caught after using websites LetsWork and TheOnlyLw.

      Prosecutor Michael Harrison said: "The main drug on offer was cocaine although other Class A drugs were available, such as heroin and LSD. Payments were to be made by cryptocurrency."

    • Alice Fuller

      WATCH: WHAT IS THE NEW CRYPTOCURRENCY SAFEMOON?

      What is the new cryptocurrency SafeMoon?

    • Alice Fuller

      DOGECOIN 'SYMBOLISES FROTHY MARKET'

      Federal Reserve Chairman Jerome Powell has said Dogecoin symbolises the "frothy" stock market.

      In a press conference, Powell was quizzed over whether he thought there was a risk to financial stability in trends such as the meme-inspired cryptocurrency, reports CoinDesk.

      He replied: "You are seeing things in the capital markets that are a bit frothy, that’s a fact.

      "I won’t say it has nothing to do with monetary policy but also it has a tremendous amount to do with vaccination and reopening of the economy."

    • Alice Peacock

      ‘PERFECT STORM’

      Ben Weiss, CEO of the bitcoin ATM operator CoinFlip, told Business Insider: “Many people view Doge as the ‘people’s cryptocurrency’ because it was created as a joke.

      “Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency.

      “Elon has echoed this sentiment. These factors have created a perfect storm for Doge, pumping the price to where it is today.”

    • Alice Fuller

      CONTINUED

      It was unclear if prospectuses were available for the other traded tokens.

      "Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate. We will work with regulators to address any questions they may have," a Binance spokesperson said.

      Binance operates in a number of markets, including Britain.

      A spokesperson for the UK's financial watchdog said: "The firm offers a number of regulated and unregulated products and services across multiple jurisdictions.

      "We are working with the firm to understand the product, the regulations that may apply to it and how it is marketed."

    • Alice Fuller

      FINANCIAL REGULATOR WARNS CRYPTOCURRENCY EXCHANGE COULD BE FINED

      Germany's financial regulator BaFin warned that Binance, one of the world's largest cryptocurrency exchanges, risked being fined for offering its securities-tracking digital tokens without publishing an investor prospectus.

      On Monday, Binance said it would offer "stock tokens" denominated in the exchange's own cryptocurrency giving investors exposure to MicroStrategy Inc, Microsoft Corp and Apple Inc.

      These joined tokens representing Tesla Inc and Coinbase Global Inc that are already trading.

      But the regulator said on Wednesday there seemed to be no prospectus on the exchange's website for the MicroStrategy, Tesla and Coinbase issues, a violation of European Union securities law that could result in Binance, as issuer, being fined 5 million euros ($6 million) or 3% of last year's turnover.

      "BaFin has grounds to suspect that Binance Germany is selling shares in Germany in the form of 'share tokens' without offering the necessary prospectuses," it said. "Please bear in mind that securities investments should only ever be carried out on the basis of the necessary information".

    • Alice Fuller

      CONTINUED

      Locals on Bequia – known as "the island in the clouds" – will continue to use the Eastern Caribbean Dollar, with Queen Elizabeth II on notes and coins.

      Developers say using Bitcoin is increasingly more of a necessity than a ploy to attract people's attention, reports Euro News.

      "The adoption of cryptocurrency is far from a gimmick," said Storm Gonsalves, the property mogul behind the One Bequia project. "It’s a response to the very real challenges faced by island communities increasingly cut off from mainstream banking facilities."

      He said many residents of small island nations have been blocked by international banks from sending or receiving money overseas.

      He added: "This has pushed many Caribbean island nations to adopt blockchain and other cryptocurrencies a lot faster than other more developed nations. Bermuda, the Bahamas, Barbados and now St Vincent are leading the way in this regard."

    • Alice Fuller

      CARIBBEAN ISLAND COULD BECOME WORLD'S FIRST BITCOIN COMMUNITY

      A Caribbean island could become the first place in the world to use Bitcoin instead of money.

      Luxury home owners on Bequia will be able to use the digital cryptocurrency to do their grocery shopping or buy a coffee, developers say.

      A small number of shops around the world already accept Bitcoin as payment and a few houses have been sold using it in the UK.

      But planners say their new development on paradise isle Bequia will be "the world's first fully Bitcoin-enabled community".

      The 39 luxury villas will be sold in the cryptocurrency. And Bitcoin will be taken as payment for everyday essentials at the development's shop, restaurant, café and cinema.

    • Alice Fuller

      CONTINUED

      At one point last week that stake was worth more than $14.6bn – in crypto talk the soaring stock is going 'to the moon'.

      Some have even speculated – without proof – that the mystery shareholder could be Musk himself.

      They point to one transaction for 20.06281971 DOGE – which some believe could refer to Musk’s birthday on 28th June 1971. 

      However, there is no actual evidence the Tesla boss – worth a reported £179bn – owns a significant amount of dogecoin.

      And in January, Musk, 49, noted that his posts about the cryptocurrency are "just meant to be jokes".

    • Alice Fuller

      WORLD'S FIRST DOGECOIN BILLIONAIRE WATCHED STOCK SOAR

      The world's first dogecoin billionaire watched their stock soar to $11BILLION as the "joke" cryptocurrency boomed after Elon Musk dubbed himself the "Dogefather".

      Its value rocketed after the Tesla tycoon spoke out ahead of a much-hyped appearance on SNL suggesting he might talk about it on the hit show watched by millions.

      He simply tweeted: "The Dogefather. SNL May 8" sending values soaring.

      Dogecoin's price shot up from $0.25 to $0.30 in less than 15 minutes after Musk posted a cryptic tweet about him starring on the hit show.

      And that is great news for one investor who is said to own up to 30 cent of all of dogecoin in circulation now worth around $11bn.

    • Alice Fuller

      HMRC TO TARGET CRYPTO TAX EVADERS

      Cryptocurrency tax evaders face tougher measures due to increased efforts from HMRC.

      Accountancy group UHY Hacker Young said the “statement of assets” form that is used in tax evasion investigations will now include a section focused specifically on cryptocurrencies, such as Bitcoin and Ethereum, Cointelegraph reports.

      Director David Jones said: "HMRC suspects that an increasing amount of hidden wealth is slipping through its fingers thanks to the rise of cryptocurrencies and other unsanctioned money transfer systems.

      "This demand for information is an important step in HMRC’s fightback against that.

      "A defence of ignorance of the law in this booming sector will no longer wash with the taxman."

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