Bitcoin news LIVE – DubaiCoin value shoots up despite cryptocurrency price fall as illegal ‘mine’ found by cops

DUBAICOIN saw its value shoot up 1,000 per cent in just 24 hours despite the price of other cryptocurrencies continuing to fall.

The city’s government has denied any official link, with the authority even claiming it is part of an “elaborate scam”.

A statement tweeted by the media office of Dubai’s government said: “Dubai Coin cryptocurrency was never approved by any official authority.

“The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”

The dramatic price rise came as the value of Bitcoin and other cryptocurrencies such as Ethereum continue to struggle.

It comes as a cryptocurrency mine that was stealing thousands of pounds worth of electricity has been uncovered by police.

Officers raided the building on an industrial estate in Sandwell, in the West Midlands, on May 18 after being told it was being used as a cannabis farm.

About 100 computers were found in what is understood to be a bitcoin mining operation. The computers were seized from the building on the Great Bridge industrial estate. No arrests were made.

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

  • CONTINUED

    Meanwhile, Myron Jobson, a personal finance campaigner at investment site Interactive Investor, said this type of software should be avoided “like the plague”.

    He added: “Bitcoin, like other cryptocurrencies, is a relatively new entrant to the investment universe and therefore has not built up enough of a track record for any meaningful conclusions on trends and behaviour to be drawn – let alone credible software/AI to help people make money from cryptocurrencies.”

  • ARE REJOIN AND SUPERSPLIT A SCAM?

    It is not clear whether these platforms are a scam, but experts have issued a strong warning to anyone considering investing their money through them.

    The services are not regulated by the UK’s Financial Conduct Authority, meaning you may not be able to claim back any money you lose.

    Regulated financial services firms are currently banned from selling these CFD crypto products to clients due to the high level of risk involved.

    Susannah Streeter, senior investment and markets analyst at financial services firm Hargreaves Lansdown, said: “They can still be bought and sold in the unregulated crypto space and [Bitcoin Supersplit] site claims to have ‘insane results’ boasting that it ‘makes people rich’. 

    “Such claims are preposterous, highly misleading and financially dangerous and so should sound loud warning bells to anyone in the vicinity.”

  • WOMAN BLEW £300K OF BITCOIN ON SUSHI

    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.

    Read more HERE

  • HOW VALUE OF BITCOIN HAS 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
  • WHAT ARE BITCOIN REJOIN AND SUPERSPLIT?

    Bitcoin Rejoin and Bitcoin SuperSplit are the latest platforms to pop up in the “wild west” of cryptocurrency trading.

    But experts are warning they should be “avoided like the plague” due to their extremely high risks – even bigger than cryptocurrencies.

    Despite the names, neither platforms actually trade in Bitcoin – instead they trade in Bitcoin contracts for differences. We explain more about this below.

    Both sites also make wild and “financially dangerous” claims about returns, according to experts, and should be avoided.

    Anyone looking to invest in cryptocurrencies and decentralised finance tokens should know it is very risky, and you should only invest what you can afford to lose.

  • 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 inews.

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

  • 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.

  • 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.
  • 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.

    He recently became the world’s youngest crypto billionaire as Ethereum soared in value.

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

  • BITCOIN ‘SLUMBER MODE’

    Bitcoin slumped on Friday to its lowest this week, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40 percent so far this month.

    “Bitcoin is currently in a bit of ‘slumber mode’ trading in the range of $34,000 and $40,000,” Ulrik Lykke, executive director at crypto hedge fund ARK36, said.

    “Many traders are acknowledging that price seems to be range-bound for the moment, why they may be hesitant to take a position with high conviction.”

    The cryptocurrency has lost 37 percent in May, which if sustained would be its worst monthly performance since September 2011.

    Its drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and Tesla’s move to halt payments over worries about energy use.

  • BITCOIN DOWN 37% IN MAY

    The cryptocurrency Bitcoin has lost 37 per cent in May, which if sustained would be its worst monthly performance since September 2011.

    Its drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and Tesla’s move to halt payments over worries about energy use.

    Energy regulators in China’s Sichuan will soon meet local power companies to gather information on cryptocurrency mining, an official said on Thursday, potentially leading to a clampdown in the country’s second-biggest bitcoin production hub.

  • BITCOIN DOWN 37% IN MAY

    The cryptocurrency Bitcoin has lost 37 per cent in May, which if sustained would be its worst monthly performance since September 2011.

    Its drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and Tesla’s move to halt payments over worries about energy use.

    Energy regulators in China’s Sichuan will soon meet local power companies to gather information on cryptocurrency mining, an official said on Thursday, potentially leading to a clampdown in the country’s second-biggest bitcoin production hub.

  • BITCOIN DOWN 37% IN MAY

    The cryptocurrency Bitcoin has lost 37 per cent in May, which if sustained would be its worst monthly performance since September 2011.

    Its drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and Tesla’s move to halt payments over worries about energy use.

    Energy regulators in China’s Sichuan will soon meet local power companies to gather information on cryptocurrency mining, an official said on Thursday, potentially leading to a clampdown in the country’s second-biggest bitcoin production hub.

  • BANK AIMS TO BAR CRYPTOCURRENCY PURCHASES

    The Times reports one bank plans to use technology to ban its several million customers from buying any digital currencies.

    Cryptocurrency scams often advertised on social media sites have become so common that experts believe many genuine platforms have been infiltrated by scammers.

    Ashley Hart, head of fraud at TSB, said. “Platforms and exchanges are rife with fraudsters, and many do not have proper controls to prevent victims losing large sums of money.

     “Crypto is a hotbed for fraud, and urgently needs greater regulation and consumer protection. Anyone approached to invest in crypto should be extremely wary.”

  • BITCOIN BEST AS ‘DIGITAL GOLD’

    Cryptocurrency experts reckon that Bitcoin is best used as ‘digital gold’, according to The Times.

    In other words, a “store of wealth and a safe haven in times of turmoil, in the same way that physical gold has been used for centuries,” the paper adds.

    The Times reports, though, that “detractors say that Bitcoin cannot function as such because it is too volatile.

    “Before the recent crash, Bitcoin’s volatility had been in steady decline, leading to hopes that it was maturing as an asset and that its new mandate could soon be fulfilled.”

    However, for some, those hopes were recently ‘dashed’ as the price dramatically dipped.

  • WILL THE CRYPTOCURRENCY MARKET RECOVER?

    Cryptocurrencies like Bitcoin and Ethereum plummeted in value last week after months of record highs.

    Since they went down, billions have been wiped from their value, highlighting the volatile nature of investing in the market.

    The crash came after China announced a crackdown on cryptocurrencies and Bitcoin fan Elon Musk revealed that Tesla would no longer accept it as payment.

    The price of Bitcoin is currently around $36,800 but earlier in the week it had plunged by almost 40% to below $33,000.

    Bitcoin – the biggest cryptocurrency – hit an all-time high of $64,863 back in April.

    Read more here

  • HOW HAS BITCOIN PRICE CHANGED? – USD

    • 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
  • EXPLAINED: WHAT IS INTERNET COMPUTER?

    Internet Computer is a crypto token and blockchain innovation that launched on May 10.

    It uses smart contracts, similar to the Ethereum blockchain, to power applications and platforms.

    The aim is for developers to build websites and other internet services, like social media or messenger applications, using the technology.

    It means they won’t need to use big companies like Amazon, Google or Facebook. Blockchain technology, which can seem very complicated, is a kind of database used to record transactions.

    It’s the technology at the heart of cryptocurrencies such as Bitcoin.

  • IRAN TEMPORARILY BANS CRYPTOCURRENCY MINING AFTER BLACKOUTS

    Iran’s President Hassan Rouhani on Wednesday announced a four-month ban on all cryptocurrency mining, a day after his energy minister apologised for unplanned power cuts in major cities.

    Iranian officials have regularly blamed unlicensed cryptocurrency miners for using vast amounts of electricity.

    “Cryptocurrency activities and mining cryptocurrencies must be stopped” until September 22, Rouhani said in televised remarks.

  • 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.

  • BITCOIN PRICE CHECK – GBP

    Right now, one Bitcoin is worth £24,111.88.

    That’s 6.23 per cent down than 24 hours ago.

    The highest the value has been in the past day is £26,301.50, while the lowest was £23,897.48.

  • 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.

  • BITCOIN BEST AS ‘DIGITAL GOLD’

    Cryptocurrency experts reckon that Bitcoin is best used as ‘digital gold’, according to The Times.

    In other words, a “store of wealth and a safe haven in times of turmoil, in the same way that physical gold has been used for centuries,” the paper adds.

    The Times reports, though, that “detractors say that Bitcoin cannot function as such because it is too volatile.

    “Before the recent crash, Bitcoin’s volatility had been in steady decline, leading to hopes that it was maturing as an asset and that its new mandate could soon be fulfilled.”

    However, for some, those hopes were recently ‘dashed’ as the price dramatically dipped.

  • 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.
  • BITCOIN SLUMPS 8% TO ITS LOWEST LEVEL OF THE WEEK

    Bitcoin slumped on Friday to its lowest this week, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40% so far this month.

    The biggest cryptocurrency extended earlier losses, falling as much as 8.2% to $35,339 as it stayed pinned in this week’s relatively tight trading range. It was last down 6.2%.

Load more entries…

Comments are closed.