Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says

The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc.’s global head of investment research. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a…

February 15, 2018

Bitcoin Whipsaws Investors as Bubble Shows Signs of Bursting

Bitcoin whipsawed investors, falling below $8,000 for the first time since November before recovering most of Friday’s losses, as a miserable 2018 continued for cryptocurrencies. Since reaching a record high of $19,511 on Dec. 18 shortly after the introduction of regulated futures contracts in the U.S., Bitcoin has wiped out more than half its value amid waves of negative news. Setbacks included escalating regulatory threats from authorities around the world…

February 5, 2018

Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil

A growing number of big U.S. credit-card issuers are deciding they don’t want to finance a falling knife. JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn’t want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said. Bank of America started declining credit card transactions…

February 4, 2018

U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether

U.S. regulators are scrutinizing one of the world’s largest cryptocurrency exchanges as questions mount over a digital token linked to its backers. The U.S. Commodity Futures Trading Commission sent subpoenas on Dec. 6 to virtual-currency venue Bitfinex and Tether, a company that issues a widely traded coin and claims it’s pegged to the dollar, according to a person familiar with the matter, who asked not to be identified discussing private information….

February 3, 2018

50 Cent realizes hes a Bitcoin millionaire thanks to sales of a 2014 album

Call him the ultimate hodler. After being one of the first musicians to accept Bitcoin all the way back in 2014, Rapper 50 Cent (a.k.a. Curtis Jackson) appears to have accumulated a small fortune in the volatile digital currency. As TMZ first reported, and the man himself seems to have confirmed, 50 Cent left his Bitcoin sales untouched until rediscovering them some time recently. At the time, he reportedly raked…

January 28, 2018

Bitcoin’s Plunge Turns the Winklevoss Twins Into Ex-Billionaires

What Bitcoin giveth, Bitcoin taketh away. Tyler Winklevoss, the twin brothers who became billionaires after the run-up in the price of Bitcoin and other digital assets toward the end of plunged. Bitcoin dipped below $10,000 Wednesday, extending a rout that has sliced $443 million from the net worth of each brother, leaving them with $739 million apiece, at least on paper, according to the interview with Bloomberg. More From this…

January 18, 2018

Bitcoin Dips Below $14,000 as South Korea Eyes Fresh Regulations

Bitcoin resumed its slide Thursday, dipping below $14,000 as the cryptocurrency’s dizzying drop from a record set 10 days ago intensified. The latest blow to the world’s biggest cryptocurrency came from South Korea, where the government said it was eyeing options for stamping out a What the World’s Central Banks Are Saying About CryptocurrenciesNovogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000 Bitcoin’s plunge comes after futures contracts started trading…

January 3, 2018

Ripple’s 53% Surge Makes It the Second-Biggest Cryptocurrency

A new contender just moved into second place in the race to catch bitcoin. Ripple, a cryptocurrency that first surfaced in 2013, has surged 53 percent in the past 24 hours to surpass ethereum and take the title of the world’s second-most valuable digital coin by market cap. Ripple’s market value rocketed to $86 billion, making ether No.3 at $73 billion. Bitcoin’s market cap is near $250 billion. It’s the…

January 2, 2018

This cryptocurrency is blowing up. But it’s not currency

Image: Getty Images Move over ethereum and litecoin — ripple is suddenly the hot new cryptocurrency.  But ripple is different. It can’t be mined. It can’t be used to go shopping. And it’s operated by a private company. Ripple is still far smaller than bitcoin, the reigning king of cryptocurrencies, but it’s had a remarkable 2017. Ripple has increased by 29,000 percentin the past 12 months, pushing its value to…

January 1, 2018

Why is bitcoins price so high?

Bitcoin’s price has risen stratospherically, a fact that leaves many minor players in the market with massive gains and many bigger players millionaires. But is this a bubble? Are the gains real? And are the bitcoin whales in for a sad Christmas? First we must understand what drives bitcoin price and, in particular, this boom. The common understanding for current growth leads us back to institutional investors preparing for the…

December 10, 2017

Hedge Funds Prepare to Trade Against Bitcoin

A bitcoin big short is building. The planned introduction of bitcoin futures contracts at CME Group Inc., Cboe Global Markets Inc. and Nasdaq Inc. will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the Chicago Mercantile Exchange’s futures market to open for a fresh opportunity to bet against the cryptocurrency, according to more than a half dozen people…

December 9, 2017

Bitcoin Heads to Wall Street Whether Regulators Are Ready or Not

Two U.S. exchanges, including the parent of the venerable Chicago Mercantile Exchange, are racing to embrace bitcoin, dragging federal regulators into a realm skeptics call a fad and fraud. The development shows how some big financial players are moving to co-opt the volatile cryptocurrency and lure more mainstream investors into the market, even before regulators have agreed on just what bitcoin is. CME Group Inc.’s contracts will debut Dec. 18….

December 9, 2017