Radio hosts Chris Evans and Vassos Alexander talk about crypto currency
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Cryptocurrency has gained a lot of interest in recent months, in part fuelled by mentions from billionaires like Elon Musk. Bitcoin has long been considered the cryptocurrency market leader. But Ethereum, based on an open-source, decentralised blockchain technology, is also regarded as a big cryptocurrency too.
In recent months, Ethereum has gained further recognition after rival cryptocurrency Bitcoin suffered a number of setbacks.
Earlier this year, Tesla CEO Elon Musk announced the company will no longer accept Bitcoin as currency for purchasing its vehicles.
In a statement, Mr Musk said Tesla was “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”.
China also introduced stricter rules on the trading of cryptocurrency, causing prices to plummet across the board.
But El Salvador recently announced it would accept Bitcoin as legal tender, showing the significance cryptocurrency is having on a global scale.
Antony Portno, founder of Traders of Crypto, said El Salvador’s decision could start a “snowball” effect among other countries.
Mr Portno said: “This is potentially a significant development and it will be interesting to follow its impact over the coming months and years.
“Cryptocurrency is indeed popular in more volatile nations where their own currency is quite unstable, but El Salvador uses US Dollars, so this is a clear move to legitimise citizens holding and transacting in Bitcoin instead of USD.
“It’s quite possible this could start a snowball of South American and African countries doing similar with Bitcoin and other currencies like Cardano.
“Remember this moment. In ten years it will be a trivia question: “What was the first country to legalise a cryptocurrency?”.
According to Forbes, major cryptocurrencies like Bitcoin, Ethereum and Dogecoin have dropped in the last week from between five to 10 percent.
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Has the price of Ethereum gone down?
According to CoinDesk, the price of Ethereum has dropped over the last 24 hours.
As of Sunday afternoon, Ethereum had a 24-hour percentage change of -1.33 percent.
Ethereum was priced at $2,363.35 or £1,675.25.
Ethereum also had a market cap of $274.78 billion, or £194.78 billion.
This information does not equate financial advice. Anyone considering investing in Ethereum should understand the risks involved.
People considering investing in Ethereum or any other cryptocurrencies should be aware investments can go up and down.
Along with a volatile market, people should also be aware cryptocurrencies are largely unregulated.
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