Economics of bitcoin

Image: Tom Stepanov (Shutterstock)Bitcoin reached a new all-time high Friday morning, just days after it broke a previous high. The cryptocurrency peaked at $70,136.33, according to CoinDesk. As soon as it established a new high, Bitcoin fell by thousands of dollars minutes later. Why Bitcoin won’t reach $1,000,000This up-and-down rollercoaster has been the norm for the past few weeks. Bitcoin traders will be active in the morning causing the price to go up and up, and then Bitcoin owners want to cash in their crypto…

The crypto community took a victory lap Tuesday with the news that the price of Bitcoin hit an all-time high of $69,210. Those celebrations cooled when the value dropped a full 8% just a few hours later, but it marked a stunning recovery from the crypto crash of 2022. For the fans, Bitcoin’s rally was evidence that cryptocurrency is a good investment after all. There’s just one problem: adjusted for inflation, Bitcoin is actually worth less than it was three years ago. He Tossed His Bitcoin, Now He Wants It BackLet’s do…

Bitcoin hit an all-time high of $69,170 Tuesday morning, according to CoinMarketCap, breaching the previous all-time high of $68,990 in November 2021. The price then slipped back under $68,000 soon after reaching its peak. The Biggest Crypto Heists of 2022…So FarEthereum, which currently sits at $3,815, has also been steadily climbing, though it still has a ways to go before reaching $4,721, the all-time high from November 2021.Bitcoin and every other cryptocurrency rather famously nosedived in 2022, a year that opened…

Bitcoin’s price surged past $63,000 and then receded just a bit under on Wednesday, reaching a level the crypto coin hasn’t seen since November 2021. While it still has a little way to climb to reach an all-time high of $68,000, that level feels comfortably within reach. And if you’re feeling uneasy about the rally, given what happened two years ago, you’re not alone.The Biggest Crypto Heists of 2022…So FarWhat’s causing Bitcoin’s dramatic climb? The consensus seems to be it’s all FOMO, or the fear of missing out.“We’ve…

The price of Bitcoin crashed nearly 10% on Wednesday, falling from $45,000 to below $41,000 in mere hours, hurting crypto’s best bull run in a year. But what, or who, could have been the culprit behind the crash? The day before, CNBC’s host of Mad Money, Jim Cramer, directed his powerful investing advice towards Bitcoin. He Tossed His Bitcoin, Now He Wants It Back“You can’t kill it,” said Cramer on CNBC Tuesday, referring to the remarkable rally Bitcoin had last year. “It’s here to stay,” he said, just a day before the…

The best advice you can get when buying bitcoin or investing in crypto (other than, you know, “don’t”) is the same advice you get when going to a casino: never bet more than you’re willing to lose. Balaji Srinivasan, the former chief technical officer of Coinbase, must have been more than willing to part ways with fat stacks after he gave up on hopes bitcoin would ever reach prices equal to $1 million.Crypto Exchanges Restrict Withdrawals“I’m not a trader, I’m not John McAfee, and I’m not in the bait of publicly burning a…

Photo: Michael Gonzalez (Getty Images)Tesla’s big, bold billion-and-a-half-dollar bet on bitcoin’s “long-term-potential” is starting to look more and more like a dud. The company, at the behest of CEO Elon Musk, purchased $1.5 billion worth of the cryptocurrency back in February. Now, according to new fillings with the SEC, the company says it walked away with $140 million in bitcoin losses in 2022, nearly 10% down. It seems not even the world’s most valuable car company can escape the effects of last year’s grueling…

Salvadoran President Nayib Bukele speaks in La Libertad, El Salvador, on August 26, 2022.Photo: Alex Pena/Anadolu Agency (Getty Images)Nayib Bukele, the president of El Salvador, announced late Wednesday that his government plans to buy one Bitcoin every day starting on Thursday. And while Bukele hasn’t said when the purchases will stop, it will likely prove a shockingly dumb decision, based on the massive loss he’s already taken by buying bitcoin at an all-time-high last year.“We are buying one #Bitcoin every day…

Bitcoin has been around for decades, though in that time researchers at the BIS noted that the cryptocurrency hasn’t been widely used for regular transactions or for any real-world financing. Photo: PETER PARKS/AFP (Getty Images)Around three quarters of newfound bitcoin investors have lost money when putting their funds into the great crypto game, according to new research from one of the world’s leading central bank institutions.A working paper from the Bank of International Settlements released Monday looked at the…

The left image shows the safe where Georgia man James Zhong allegedly hid his stolen crypto. on the right includes images of Casascius coins, a physical representation of bitcoin that represents a certain amount of real bitcoin. Prosecutors said 25 coins were seized from Zhong’s home, as well as cash and the drive containing the stolen bitcoin.Screenshot: U.S. Attorney’s OfficeThe largest amount of illicit funds ever recovered by federal law enforcement came in the form of bitcoin on a disconnected drive stuffed at the…