Bitcoin is making a comeback after a massive crash in recent days, with some experts particularly optimistic about its potential.
Some experts believe that the cryptocurrency could reach a target value of $100,000 despite Bitcoin’s recent weakness and the uncertainty surrounding it now.
Hong Fang, CEO of cryptocurrency exchange OKCoin, recently told CNBC: “I still think 100,000 points are reasonable.
“The timing may be a bit off, because we are at the mercy of market dynamics,” she added.
Fang did not give a specific date for when she thinks the price of bitcoin will rise to $100,000.
Goldman Sachs previously suggested that Bitcoin could reach an incredible value this year.
Bitcoin’s recovery has also seen it move away from the dreaded “death cross” – an indicator for an investor that could spell disaster.
Read our Bitcoin Live Blog for the latest news and updates…
The Risks of Robinhood, Part Two
For individual stock investing, be sure to review company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there is unusual activity.
In fact, Robinhood faced some anger earlier this year when it restricted trading on meme stocks including GameStop and AMC.
When it comes to risk, investing alone is one because you are not guaranteed to make a profit and your assets may go down in value.
If you choose Robinhood to be able to trade stocks and cryptocurrencies – the game becomes more and more risky.
Not only are cryptocurrencies difficult to understand, but it is also difficult to predict when downtrends will occur in the market.
For example, cryptocurrency was booming this year until Elon Musk said that Tesla was stopping accepting payments in Bitcoin.
What is Robinhood? continued
Unlike many discount brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
What is Robinhood?
Robinhood’s platform acts as a discount broker that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including US Depository Shares), and options.
You can also trade Robinhood shares thanks to the company’s recent IPO at a valuation of $1.2 billion.
What are Altcoins, continue
“They are building on Bitcoin’s success by slightly changing the rules, the economy, or the use cases to attract different users,” said Simon Peters, crypto-asset analyst at eToro.
Altcoins vary greatly in their use cases and practicality. They usually have some form of technology that they support or provide a liquidity solution for a product or service.”
What are alternative currencies?
Altcoin stands for Altcoin, a type of virtual currency that uses what is called a blockchain to allow secure transactions.
Altcoin is a class of cryptocurrency and not a currency in itself, and there are more than 900 different altcoins available.
China’s crackdown ‘big opportunity’ for the United States
China’s crackdown on cryptocurrency transactions presents a “big opportunity for the United States,” according to Pat Toomey, the top Republican member of the Senate Banking Committee.
It comes as the US Securities and Exchange Commission has pushed for more regulations when it comes to cryptocurrencies.
China crackdown on cryptocurrency
While the creation and trading of cryptocurrencies has been illegal in China since 2019, further crackdowns by Beijing this year have warned banks to halt related transactions and shut down much of the country’s vast network of bitcoin miners.
The previous central bank statement sent the strongest signal yet that China is closed to cryptocurrencies.
Follow China’s statement
Bitcoin, the world’s largest digital currency, and other cryptocurrencies cannot be tracked by the country’s central bank, making them difficult to regulate.
The cryptocurrency campaign opens the doors for China to offer its own digital currency, which it is already working on and will allow the central government to monitor transactions.
China Statement on Cryptocurrency
The People’s Bank of China (PBOC) said it would “resolutely crack down on virtual currency speculation, related financial activities and misconduct in order to protect people’s property and maintain economic, financial and social order.”
It said virtual currency trading has become “widespread, disrupting the economic and financial system, leading to money laundering, illegal fundraising, fraud, pyramid schemes and other illegal and criminal activities.”
China suspended cryptocurrency exchange
In 2017, China shut down its domestic cryptocurrency exchange.
Despite the war on cryptocurrencies, Chinese miners power nearly 80 percent of global cryptocurrency trade.
Crypto Investments History, Part Two
The cryptocurrency industry exploded in 2021 with cryptocurrency exchanges, startups dealing with NFTs, and gaming monetization highlighted by Fortune as factors.
The increased interest in the Metaverse has also led to multi-million dollar investments.
Cryptocurrency investments reach $30 billion
Investors contributed a record $30 billion to the cryptocurrency industry in 2021, according to Fortune.
The news outlet cited data from Bloomberg News that $7.2 billion came from US-based investors.
Fortune reported that the $30 billion is four times the $8 billion that investors spent with companies working in the crypto space in 2018.
Play to earn play, part two
The new gaming model in which players are rewarded with cryptocurrency for playing is not technically free.
Players may have to spend $1,000 or more to start earning in the world of Axie Infinity, according to Forbes.
The popular platform for games to be played for profit requires beginners to have three “hubs”, which are available for purchase on the game’s market dashboard.
Participants can then earn cryptocurrency for selling potions, breeding rare Axies, and playing different games.
What is play to earn play?
Forbes reports that a unique model called play to earn is driving the growth of the cryptocurrency’s non-fungible currency (NFT).
Axie Infinity is the most popular platform right now to play for profit.
It allows users to build a set of ‘hubs’ that players can use across their game world.
Next, the company uses Blockchain to reward players for games, according to Forbes.
Any digital assets acquired by participants on the platform can be sold or traded outside the realm of Axie Infinity.
Bitcoin Master, Part Two
Bitcoin was created in 2009 by an unknown computer using the alias Satoshi Nakamoto.
Data from Blockchain.com on Monday showed that 18.9 million of the potential 20,999,999,9769 Bitcoins have been mined.
It’s a milestone that took 12 years to reach.
Experts believe that the last bitcoin will be mined in February 2140.
One bitcoin is currently worth about $47,000.
Experts said the value could rise as coins become scarcer.
Less than 10 percent of Bitcoin is left to me
Less than 10 percent of bitcoins are left to mine as the cryptocurrency passed a major milestone in December.
Data from Blockchain.com shows that 18.9 million out of 21 million potential virtual currencies have been mined.
Bitcoin is the world’s first fully virtual currency and a new one is created by mining, a complex online process that uses computer code.
It involves using a computer to solve a math problem with a 64-digit solution to create new coins.
For each problem solved, one block of bitcoin is processed. The miner who solves the problem first is rewarded with a new bitcoin.
These new coins are then stored virtually through an online database called the blockchain.
More than 50 countries impose a ban
Fifty-one countries have imposed cryptocurrency bans, according to a report from the Directorate of Global Legal Research at the Law Library of Congress.
So far, nine countries have a full ban, and 42 have an implicit ban. An implicit ban prevents financial institutions from using cryptocurrencies.
The number of countries with bans on it has doubled since the research first came out in 2018, according to Markets Insider.