All news related to finance.
Ethereum has reached an all-new high, topping $4,400 and showing impressive gains for 2021.
Bitcoin may be the biggest and most well-known cryptocurrency, but Ethereum is solidly in second place. The crypto began the year at roughly $383, but briefly topped $4,400 Thursday evening.
As CNET points out, Ethereum owes much of its success to the fact that developers use the Ethereum network for other altcoins and NFTs, making ether the default currency.
Tesla has officially said it may “restart the practice of transacting in cryptocurrencies,” although it has not provided a timeline.
Tesla became one of the first major companies to accept bitcoin as payment for its products. The company’s decision was hailed as a big win for crypto, but the victory was short-lived. Due to concerns over the environmental impact of bitcoin mining, the company suspended its crypto transactions after just a couple of months.
In a filing with the SEC, however, Tesla says it may once again accept crypto at some undisclosed point in the future.
“During the nine months ended September 30, 2021, we purchased an aggregate of $1.50 billion in bitcoin,” the company writes. “In addition, during the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021. We may in the future restart the practice of transacting in cryptocurrencies (‘digital assets’) for our products and services”
Cryptocurrency exchanges are scrambling to deal with the fallout of China’s recent ban on all crypto transactions and mining.
China stepped up its war against crypto, announcing a near total ban just days ago. With all transactions and mining banned, it creates real problems for the crypto industry since the vast majority of mining occurs within the country.
According to Reuters, crypto exchanges are trying to cut ties with Chinese users, lest they get caught up in China’s campaign.
“On the very day we saw the notice, we started to take corrective measures,” Du Jun, Huobi Group co-founder told Reuters.
It remains to be seen how widespread the fallout will be, but the action being taken by the exchanges would seem to indicate it could be significant.
AMC Theaters plans to accept multiple cryptocurrencies as payment, not just Bitcoin.
AMC Made news a month ago when the theater chain announced it would start accepting Bitcoin as payment for tickets and concessions. In a tweet Wednesday, AMC CEO Adam Aron said the company would accept several other cryptocurrencies, in addition to Bitcoin.
The news is sure to boost Ethereum, Litecoin and Bitcoin Cash, and is yet another indication of crypto’s widespread acceptance.
El Salvador has purchased 400 bitcoin — roughly $20.9 million — one day before the cryptocurrency is adopted as a legal currency.
El Salvador passed a law in June adopting bitcoin as legal tender, making it the first country to do so. One the eve of the law going into effect, the country has purchased 400 bitcoin.
Salvadoran President Nayib Bukele announced the purchase on Twitter.
The Dallas Mavericks are doubling down on their crypto support, giving $25 gift cards to anyone using crypto to buy $150 in merchandise.
The Dallas Mavericks were one of the first major organizations to embrace Dogecoin, with Mark Cuban announcing the organization would accept the crypto as payment.
The organization is now rewarding users who purchase at least $150 worth of gear using eligible cryptos.
Mavs Cryptomania: Free $25 e-gift card for purchases made with eligible cryptocurrency on DallasMavs.Shop! Must spend minimum of $150 (before tax and shipping.) Only one e-gift card per transaction. E-gift card will be emailed 5-7 business days after order is placed and expires 12/31/21.
Continuing its transformation into a serious cryptocurrency, Dogecoin now accounts for 62% of Robinhood’s crypto revenue.
Robinhood issued its first quarterly report since going public, and the report shows the increased importance of crypto trading to the firm. According to CNBC, 52% of Robinhood’s transaction-based revenue came from crypto, reaching some $233 million. In comparison, crypto only accounted for $5 million in the year-ago quarter.
The report also shows the increased importance of Dogecoin. Two months ago, Dogecoin made up 34% of the company’s crypto revenue. The company’s quarterly report, however, revealed that Dogecoin now makes up 62%.
Given that Dogecoin began as a meme and a joke, Robinhood’s report is another indication of just how important the crypto has become.
Dogecoin co-creator Jackson Palmer has slammed the cryptocurrency market, dashing hopes he might one day return to it.
Palmer co-created Dogecoin as a meme, although the currency has since gone on to become a major force in the crypto market. In fact, at one point Dogecoin was the fourth most valuable cryptocurrency.
Despite its success, and despite crypto’s reputation as a decentralized currency, Palmer has no intention of returning to the market and is now slamming it.
Palmer says the crypto market, rather than being decentralized, is actually controlled by a wealthy few.
Palmer’s commentary is likely to anger some and validate others, but is nonetheless a fascinating take on the crypto industry.
El Salvador has gone down in the history books, being the first country to adopt Bitcoin as legal tender.
Bitcoin is the most valuable, and most well-known, cryptocurrency, hitting a record price of $64,829.14 in April. As its value has soared, so has its mainstream acceptance, with financial companies and businesses alike moving to adopt it.
El Salvador, however, has become the first country to adopt it as legal tender, with the Bitcoin Law passing the Salvadoran Congress with supermajority support. Salvadoran President Nayib Bukele announced the law’s passage on Twitter.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
History! #Btc🇸🇻
— Nayib Bukele (@nayibbukele) June 9, 2021
There’s still many details to be worked out, especially given Bitcoin’s volatility. But the law promises to “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”
Square CEO Jack Dorsey has said his company may make a hardware wallet for Bitcoin.
Bitcoin, and cryptocurrency in general, is achieving widespread acceptance. Many companies are beginning to accept crypto, and financial institutions are looking for ways to support it. Square is already a well-known payments processing company, and has a number of hardware dongles to make it easy to accept payments via a phone or tablet.
The company may soon make a hardware wallet for Bitcoin, with the goal of bringing that same ease-of-use to managing Bitcoin holdings. According to Dorsey’s tweet, the company would focus on community engagement when designing both the software and hardware, and prioritize a good mobile experience.
An easy-to-use hardware wallet could be just want’s needed to help revolutionize Bitcoin management, much as Square helped revolutionize mobile payments.