Bitcoin price news LIVE – Cryptocurrency market surges back after Elon Musk drama plus Ethereum and Dogecoin latest news

THE cryptocurrency market is staging a comeback, with the price of Bitcoin up 5% to $40,331.64 after it suffered its worst week of the year.

The latest plunge was came after China announced another crackdown on coin mining, though more positive news in the space has helped boost the crypto market.

Elon Musk says he met with North American Bitcoin miners who have committed to publishing renewable energy usage in order to address concerns around the crypto-coin's environmental impact.

The Tesla founder tweeted: "Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising."

Meanwhile overnight, cryptocurrencies including Ethereum and dogecoin rose by between 10 and 25 per cent on Tuesday.

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

  • [email protected]

    HOW THE VALUE OF BITCOIN HAS CHANGED OVER THE YEARS

    The value of Bitcoin has fluctuated since it was launched in 2009.

    2009-2011: One Bitcoin was equal to about one US dollar
    2013: Bitcoin rises upward to $1,242
    2014: Bitcoin falls to $530
    2017: Bitcoin rose to $13,800 by the end of the year
    2018: Price dropped to around $6,000 before halving again to around $3,000
    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

  • [email protected]

    ADS FOR CRYPTOCURRENCY PLATFORM LUNO BANNED

    The posters, seen across the London Underground and on London buses in February, featured a cartoon image of a Bitcoin with text stating: "If you're seeing Bitcoin on the Underground, it's time to buy."

    Three people complained that the ad failed to illustrate the risk of the investment and one complained that it took advantage of consumers' inexperience or credulity.

    Luno Money told the Advertising Standards Authority (ASA) that the ads would not appear again and that future ads would feature an appropriate risk warning.

    Advertising rules stipulate that ads for investments must be clear that the value of investments, unless guaranteed, could go down as well as up.

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    CRYPTOCURRENCY NOVICE GOT £185,000 BITCOIN IN HIS ACCOUNT BY MISTAKE

    A novice crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.

    Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.

    Read more here.

  • [email protected]

    ‘THROW MY LIFE AWAY’

    The programmer even created his own code to trawl through the physical hard drive to look for his Bitcoin keys – but the process left him as a “wits’ end”. However, there is a sliver of hope – but the process is uncertain and very expensive.

    “You would have to take the USB stick apart and then remove the chip itself layer by layer using a scanning electron microscope. This would allow you to read out the individual flash memory cells,” he said.

    “But that’s incredibly time-consuming: you need a laboratory and experts, and everything costs a lot of money. And the result is very uncertain.”

    Thomas is managing to come to terms with his loss – saying after a few weeks he realised he didn’t have to “throw his life away”.

    “It must go on. So I went back to doing what I really wanted. And what had always motivated me was to write software that helps people,” he said.

    “I threw myself back into programming. When I had a permanent job again, I bought new Bitcoins. I still have them today.”

  • [email protected]

    HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?

    Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.

    In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.

    Developed market shares are up 14.3% over five years.

    On paper that makes Bitcoin a higher performing asset than other investments.

  • Joseph Gamp

    CHINA'S INNER MONGOLIA ESCALATES CRACKDOWN ON CRYPTOMINING

    China's northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business, days after Beijing vowed to crack down on bitcoin mining and trading.

    The Inner Mongolia Development and Reform Commission said in the proposed rules that telecommunications companies and internet firms which are engaged in cryptomining will see their business licenses revoked by regulators.

    It also said that authorities would introduce tougher energy-saving requirements for industrial parks, data centers and power plants that provide sites or electricity for miners.

    Inner Mongolia had already announced in March that it would end all cryptocurrency mining projects as part of efforts to meet energy efficiency targets. The measures come amid China's renewed efforts to curb speculative cryptocurrency trading.

    On Saturday, a State Council committee led by Chinese Vice Premier Liu He vowed to crack down on bitcoin mining and trading. Last week, three industry bodies banned financial and payment services to virtual currency trading, triggering a market sell-off.

  • 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

    HOW THE VALUE OF BITCOIN HAS CHANGED OVER THE YEARS

    The value of Bitcoin has fluctuated since it was launched in 2009.

    2009-2011: One Bitcoin was equal to about one US dollar
    2013: Bitcoin rises upward to $1,242
    2014: Bitcoin falls to $530
    2017: Bitcoin rose to $13,800 by the end of the year
    2018: Price dropped to around $6,000 before halving again to around $3,000
    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

  • Joseph Gamp

    IS SAFEMOON LEGITIMATE?

    It is unclear if Safemoon is legitimate. Very little is known about SafeMoon and this could mean that your money is at higher risk.

    This is because cryptocurrency firms are not regulated. This means that you won’t have any protection if things go wrong.

    Investing is always a risk but investing in cryptocurrency is an even higher risk as they are VERY volatile. SafeMoon’s US founders have been holding “Ask Me Anything” sessions to reassure investors.

    UK crypto asset businesses must register with the Financial Conduct Authority – and you can check to see if they are on the Financial Services Register or if they are on a list of firms with temporary registration.

    There is also a list of businesses not registered. If they are on this list then they may be operating illegally.

  • Joseph Gamp

    WHAT CRYPTOCURRENCIES DECREASED THE MOST IN VALUE YESTERDAY, MAY, 24?

    • Binance USD – $1.00 – down by -1.85% according to Goldprice.org
    • USDCoin – $0.99 – down by -1.51%
    • Dai – $1.00 – down by -1.02 %
    • Tether – $1.00 – down by -0.67%

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

    ‘COMPLETE IDIOT’ BITCOIN TRADER STEFAN THOMAS LOST £200MILLION BECAUSE HE FORGOT HIS CRYPTO PASSWORD

    BITCOIN trader Stefan Thomas lost almost £200million worth of the crypto because he forgot his password – saying the blunder left him feeling like a “complete idiot”.

    The devastated German felt the sting as a simple slip of the mind meant he lost access to the 7,002 coins – which are now worth £189,905,495.

    Thomas is just one of the many Bitcoin traders who have seen their fortunes go missing – with an estimated £100billion worth of the highly volatile cryptocurrency now left stranded and inaccessible in the ether online.

    He realised he lost the password around 10 years ago when the coins were worth around £100,000 – and he has been left helplessly watching from the sidelines as his missing fortune swelled by almost 19,900 per cent.

    The programmer, from San Francisco, forgot the password which would allow him to unlock a hard drive known as an IronKey.

    ‘COMPLETE IDIOT’ (CONTINUED…)

    It contained the private keys to his digital wallet which still contains the multimillion pound fortune.

    And the drive locks itself after ten failed attempts to remember the password, with Thomas already trying eight times – meaning he has just two left to try and unlock his riches.

    Thomas admitted his devastation at forgetting the password, saying it left him feeling like a “complete idiot”.

    And he admitted his forgetfulness would give him sleepless nights as he lay awake racking his brains, reported the New York Times in January.

    “I was absolutely desperate. I couldn’t sleep for nights. I even suffered from depression,” he told Berliner Zeitung.

    “But much worse than the loss of the money was my self-reproach: I simply couldn’t believe I had lost something so important.

    “I felt like a complete idiot, my self-esteem was in the basement.”

    ‘THROW MY LIFE AWAY’

    The programmer even created his own code to trawl through the physical hard drive to look for his Bitcoin keys – but the process left him as a “wits’ end”. However, there is a sliver of hope – but the process is uncertain and very expensive.

    “You would have to take the USB stick apart and then remove the chip itself layer by layer using a scanning electron microscope. This would allow you to read out the individual flash memory cells,” he said.

    “But that’s incredibly time-consuming: you need a laboratory and experts, and everything costs a lot of money. And the result is very uncertain.”

    Thomas is managing to come to terms with his loss – saying after a few weeks he realised he didn’t have to “throw his life away”.

    “It must go on. So I went back to doing what I really wanted. And what had always motivated me was to write software that helps people,” he said.

    “I threw myself back into programming. When I had a permanent job again, I bought new Bitcoins. I still have them today.”

    WHAT IS THE CURRENT PRICE OF CRYPTO?

    • Joseph Gamp

      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

      HOW DOES BITCOIN GROWTH COMPARE TO STOCKMARKET INVESTING?

      Bitcoin’s value has grown by 723% over the past year and 181.2% over five years, according to data from DIY investment platform Interactive Investor.

      In contrast, the next best performing asset over the past year is emerging market shares, which are up 42.3%.

      Developed market shares are up 14.3% over five years.

      On paper that makes Bitcoin a higher performing asset than other investments.

    • Joseph Gamp

      EXPLAINED: WHAT IS HUMMINGBIRD FINANCE?

      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.”

    • Joseph Gamp

      WILL THE CRYPTOMARKET RECOVER?

      Cryptocurrency markets went down dramatically wiping billions from their value.

      Bitcoin and Ethereum prices plummeted to their lowest since last year after months of record highs for the digital coins, highlighting just how unpredictable they are according to experts.

      Read more here.

    • Joseph Gamp

      CRYPTOCURRENCY NOVICE GOT £185,000 BITCOIN IN HIS ACCOUNT BY MISTAKE

      A NOVICE crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.

      Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.

      Read more here.

    • Joseph Gamp

      NORTH KOREAN HACKERS WHICH ‘RIVAL THE CIA’ STOLE $2 BILLION IN CYBERATTACKS, UN REPORT FINDS

      North Korean hackers which ‘rival the CIA’ stole $2 billion in cyberattacks, UN report finds

    • Joseph Gamp

      CHINA'S INNER MONGOLIA ESCALATES CRACKDOWN ON CRYPTOMINING

      China's northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business, days after Beijing vowed to crack down on bitcoin mining and trading.

      The Inner Mongolia Development and Reform Commission said in the proposed rules that telecommunications companies and internet firms which are engaged in cryptomining will see their business licenses revoked by regulators.

      It also said that authorities would introduce tougher energy-saving requirements for industrial parks, data centers and power plants that provide sites or electricity for miners.

      Inner Mongolia had already announced in March that it would end all cryptocurrency mining projects as part of efforts to meet energy efficiency targets. The measures come amid China's renewed efforts to curb speculative cryptocurrency trading.

      On Saturday, a State Council committee led by Chinese Vice Premier Liu He vowed to crack down on bitcoin mining and trading. Last week, three industry bodies banned financial and payment services to virtual currency trading, triggering a market sell-off.

    • Joseph Gamp

      'THROW MY LIFE AWAY'

      The programmer even created his own code to trawl through the physical hard drive to look for his Bitcoin keys – but the process left him as a "wits' end". However, there is a sliver of hope – but the process is uncertain and very expensive.

      "You would have to take the USB stick apart and then remove the chip itself layer by layer using a scanning electron microscope. This would allow you to read out the individual flash memory cells," he said.

      "But that's incredibly time-consuming: you need a laboratory and experts, and everything costs a lot of money. And the result is very uncertain."

      Thomas is managing to come to terms with his loss – saying after a few weeks he realised he didn't have to "throw his life away".

      "It must go on. So I went back to doing what I really wanted. And what had always motivated me was to write software that helps people," he said.

      "I threw myself back into programming. When I had a permanent job again, I bought new Bitcoins. I still have them today."

    • Joseph Gamp

      'COMPLETE IDIOT' (CONTINUED…)

      It contained the private keys to his digital wallet which still contains the multimillion pound fortune.

      And the drive locks itself after ten failed attempts to remember the password, with Thomas already trying eight times – meaning he has just two left to try and unlock his riches.

      Thomas admitted his devastation at forgetting the password, saying it left him feeling like a "complete idiot".

      And he admitted his forgetfulness would give him sleepless nights as he lay awake racking his brains, reported the New York Times in January.

      "I was absolutely desperate. I couldn't sleep for nights. I even suffered from depression," he told Berliner Zeitung.

      "But much worse than the loss of the money was my self-reproach: I simply couldn't believe I had lost something so important.

      "I felt like a complete idiot, my self-esteem was in the basement."

    • Joseph Gamp

      ‘COMPLETE IDIOT’ BITCOIN TRADER STEFAN THOMAS LOST £200MILLION BECAUSE HE FORGOT HIS CRYPTO PASSWORD

      BITCOIN trader Stefan Thomas lost almost £200million worth of the crypto because he forgot his password – saying the blunder left him feeling like a "complete idiot".

      The devastated German felt the sting as a simple slip of the mind meant he lost access to the 7,002 coins – which are now worth £189,905,495.

      Thomas is just one of the many Bitcoin traders who have seen their fortunes go missing – with an estimated £100billion worth of the highly volatile cryptocurrency now left stranded and inaccessible in the ether online.

      He realised he lost the password around 10 years ago when the coins were worth around £100,000 – and he has been left helplessly watching from the sidelines as his missing fortune swelled by almost 19,900 per cent.

      The programmer, from San Francisco, forgot the password which would allow him to unlock a hard drive known as an IronKey.

      Source: Read Full Article