Cryptocurrency - Business Metrics

Elon Musk crashes Bitcoin further after seeming threat to dump coin

May 16, 2021 David Alonge

Elon Musk crashes Bitcoin further after seeming threat to dump coin Bitcoin took a 6.99 per cent drop to near $45,100 as at 11:00 p.m. WAT on Sunday evening after Tesla CEO Elon Musk did not clearly deny that his electric-car company has sold or could soon sell all of its bitcoin (BTC) holdings because of the criticism Musk has received after suspending the world’s largest cryptocurrency as a form of payment. “Indeed,” Musk tweeted at 7:42 p.m. WAT in a response to a tweet by Twitter handle @CryptoWhale, which said that “Bitcoiners…

Why Tesla’s Reversal Is Good for Bitcoin

May 16, 2021 Business Metrics

Why Tesla’s Reversal Is Good for Bitcoin By Noelle Acheson, Director of Research for CoinDesk Earlier this week, Tesla exacerbated an already nervous market mood with the announcement that it was no longer accepting the cryptocurrency as payment for its products. As usual, the crypto market focused on the immediate narrative: If Elon Musk says that bitcoin (BTC, -8.34%) is bad for the environment, other large investors will probably worry about public scrutiny and decide to sell, right? The expectations game, which consists of guessing what others think you’re thinking, then makes reducing positions the…

Bitcoin, ethereum, others are waiving green flags again

May 12, 2021May 14, 2021 Banjo Olaniran

Bitcoin, ethereum reclaim Nigeria-like flag

Bitcoin, ethereum, others are waiving green flags again By the early trading hours of Wednesday, Cryptocurrencies were flying green flags as they broadly went higher, recovering some of the losses made on Tuesday. Ethereum (ETH-USD) was up 8.9%, trading at $4,309 (£3,049). It had crossed the $4,000 mark over the weekend but then slumped earlier this week, along with other cryptos, amid a sell-off. Bitcoin (BTC-USD) was up about 2.5%, trading at $57,173.86. “Ethereum’s minor retracement seems to be over again… and the price continues to move higher,”…

Elon Musk tickles Dogcoin appetite again

May 11, 2021May 12, 2021 Banjo Olaniran

Elon Musk tickles Dogcoin appetite again Elon Musk has hinted that Tesla might begin to accept Dogecoin for payment. The CEO of SpaceX and Tesla made this known through a tweet poll on Tuesday. This is not the first time a company associated with Musk will accept dogecoin as payment. Last week, SpaceX announced that it had approved the launch of a dogecoin-paid DOGE-1 mission to the moon. At the time of filing this report, over 75 per cent of the poll’s respondents had answered in the affirmative. Do…

Gold rallies as Bitcoin languishes around $56K

May 7, 2021 David Alonge

Gold rallies as Bitcoin languishes around $56K Bitcoin was trading sideways on Friday, even as gold rallied to three-month highs amid a renewed drop in U.S. real (inflation-adjusted) bond yields. The cryptocurrency was changing hands for $56,500 at 11:00 UTC, continuing a week-long consolidation in the range of $52,000 to $59,000, according to CoinDesk 20 data. Gold, a traditional store-of-value asset, rose to $1,820 per ounce, the highest level since Feb. 16. The move came a day after the U.S. 10-year real yield fell to a three-month low…

US multinational Sotheby accepts payment with crypto

May 5, 2021May 7, 2021 Banjo Olaniran

US multinational Sotheby accepts payment with crypto Sotheby, an American multinational corporation that auctions fine art, has said it will start accepting cryptocurrency for its auctions. The company, one of the world’s largest auction houses, made this known on Tuesday. It said it would begin accepting Bitcoin and Ethereum via Coinbase. The CEO of Sotheby, Charles Stewart, made this known on CNBC. “As you may recall, we did our first NFT sale a few weeks back. We had over 3,000 bidders participate in that sale series and so it…

As Ethereum gives Bitcoin CAP a hot chase

May 4, 2021May 4, 2021 Banjo Olaniran

… As Ethereum gives Bitcoin CAP a hot chase Ethereum is giving Bitcoin, the world’s most popular cryptocurrency, a hard chase in the crypto market. Ethereum is now valued at $3,000 and makes up 15 per cent of the crypto market, according to tracker CoinGecko. Bitcoin is valued above $58,000 and accounts for about 46 per cent of the crypto market. This is down from the 70 per cent share of the crypto market it held at the beginning of the year. According to data from CoinMarketCap on Monday,…

Gemini crypto exchange partners Mastercard to roll out crypto reward credit cards

Apr 28, 2021Apr 28, 2021 David Alonge

Gemini crypto exchange partners Mastercard to roll out crypto reward credit cards Gemini, a cryptocurrency exchange has announced a partnership with Mastercard, a global payment merchant to roll out crypto rewards credit cards which they disclosed will be offered this summer. Gemini made the announcement in a blog post where it revealed that the partnership with Mastercard network will allow the credit card users earn up to 3 per cent back in bitcoin or other cryptocurrencies on the dollars spent. Since it was first introduced in early 2021,…

Nigerians trade N1.5bn crypto volume on Paxful

Apr 28, 2021 David Alonge

Nigerians trade N1.5bn crypto volume on Paxful Paxful, a global peer-to-peer fintech, has said Nigeria is now its biggest market with a volume of $1.5 billion. It disclosed this on Tuesday in a statement, titled ‘Nigeria emerges as Paxful’s biggest market, hits $1.5 billion in volume with over 1.5 million users’. The Chief Executive Officer and Co-founder of Paxful, Ray Youssef, said, “Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are so they can control their…

UK considers new digital currency, Britcoin

Apr 20, 2021 Business Metrics

UK considers new digital currency, Britcoin Agency Report Britain is looking into the possibility of creating a digital currency that households and businesses could use instead of cash – an initiative the finance minister dubbed “Britcoin”. The use of cash has fallen during the coronavirus pandemic as people try to avoid contact, and several central banks across the world are considering whether to create digital money that would allow online payments without going through banks. The Bank of England and Treasury announced Monday the creation of a Central…