Bitcoin price news LIVE – Ethereum & BTC rise as Twitter boss Jack Dorsey gets behind crypto plus Dogecoin & Cardano

HOW TO SPOT CRYPTO SCAMS

CRYPTO scams are popping up all over the internet. We explain how to spot them.

• Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
• Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
• Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
• Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
• Do your research – Check reviews online and Reddit threads to see what other people think. 

EXPLAINED: WILL CHAINLINK GO UP IN VALUE?

Chainlink is currently trading at $31.77 at the time of writing on Thursday afternoon, according to Coindesk.

That’s up 2% in the last 24 hours and around 32% since Sunday, when it was trading at $23.71.

But while Chainlink has been surging, like other cryptocurrencies it can easily tumble again and it’s difficult to predict when.

Chainlink hit an all time high of $51.24 on May 10, but the cryptocurrency crashed later in the month.

It’s still trading at around 40% less than that record high

EXPLAINED: WHAT IS CHAINLINK?

Chainlink is a cryptocurrency that was created in 2014 but launched on the market in 2017.

It was founded by Sergey Nazarov, a 32-year-old entrepreneur, who had previously set up tech platform Smartcontract.com. Chainlink is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit. This ledger is the foundation of any cryptocurrency transaction.

The cryptocurrency allows people to trade currency or assets digitally outside of any government or bank.

But Chainlink also aims create a “link” between blockchain and real world applications to open up possibilities for the technology to be used more widely.

EXPLAINED: THE 5 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.

ELON MUSK SENDS BITCOIN, DOGECOIN AND ETHERIUM VALUES PLUNGING WITH LINKIN PARK MEME TWEET ABOUT ‘THE END’

EXPERTS DISCUSS CHAINLINK

Susannah Streeter, a senior analyst at Hargreaves Lansdown said: “Chainlink’s price has been fuelled by speculation by many traders trying to sniff out short term gains rather than belief in its fundamental long term use case.

She added: “With such volatility, competition in the market and uncertainty surrounding nascent technology, traders should take an extremely cautious approach and only dip their toe into the market with money they can afford to gamble.’’

Matt McKenna, spokesman at Finder also said: “Chainlink’s price has been following the wider crypto market, which saw a huge sell off during May.

“Over the past month it is down roughly 20%, but has been showing signs of recovery in the last few days.

“As with all cryptocurrencies, people should be prepared for extreme volatility, and the very real risk of losing money.”

EXPLAINED: WILL THE CRYPTOCURRENCY MARKET RECOVER?

Cryptocurrencies like Bitcoin and Ethereum have dropped in value after making steady made gains over the last week.

The market has seen a slow recovery from plummeting last month after hitting record highs.

Thursday saw all the major currencies on CoinMarketCap up for the first time in a while. But this growth appeared to stall on Friday morning with currencies like Bitcoin and Ether returning to the red and the market dropping by around 6%.

The price of Bitcoin – the largest cryptocurrency – is currently around $36,700 – down around 6%, loosing gains it had recently made.

More on the story here.

CRYPTOCURRENCY DEALERS IN HOT WATER

IN an investigation set up by the Financial Conduct Authority, the City regulator, it has emerged that up to 50 companies dealing in cryptocurrencies such as bitcoin may be forced to close after failing to meet the UK’s anti-money laundering rules.

It was announced yesterday that an “unprecedented number” of companies had withdrawn applications from a temporary permit scheme that allowed firms to continue trading until the regulator could approve or reject their operations. 

A large number of firms have fallen short of anti-money laundering standards put in place to halt criminal organisations from disguising the source of their money.

Fines or legal action will be issued by the FCA to companies that refuse to shut their businesses down.

ELON MUSK SUGGESTS HE ‘MISSES’ BITCOIN IN FOLLOW UP MEME ON TWITTER

EXPLAINED: WHAT HAPPENS AT BITCOIN 2021?

The two-day cryptocurrency event at Wynwood’s Mana Convention Center is expected to feature special guests, BTC activations and «the chance to celebrate the world’s best technology with all of your internet friends IRL.»

General tickets cost $1,500 and are already sold out.

Visitors who splashed $20,000 for a «whale pass» will get an extra day and various other perks such as Celebrity Suite tickets to Mayweather vs. Logan Paul fight and a Tony Hawk Meet-and-Greet Pass.

HOW TO SPOT CRYPTO SCAMS

CRYPTO scams are popping up all over the internet. We explain how to spot them.

• Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
• Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
• Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
• Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
• Do your research – Check reviews online and Reddit threads to see what other people think. 

EXPLAINED: WILL CHAINLINK GO UP IN VALUE?

Chainlink is currently trading at $31.77 at the time of writing on Thursday afternoon, according to Coindesk.

That’s up 2% in the last 24 hours and around 32% since Sunday, when it was trading at $23.71.

But while Chainlink has been surging, like other cryptocurrencies it can easily tumble again and it’s difficult to predict when.

Chainlink hit an all time high of $51.24 on May 10, but the cryptocurrency crashed later in the month.

It’s still trading at around 40% less than that record high

EXPLAINED: THE 5 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.

WATCH: KENNY MAYNE SAYS ‘F**K YOU AARON RODGERS’ AFTER HE GAVE HIM BAD CRYPTO ADVICE

ELON MUSK SUGGESTS HE’S ‘BREAKING UP’ WITH BITCOIN

EXPERTS DISCUSS CHAINLINK

Susannah Streeter, a senior analyst at Hargreaves Lansdown said: «Chainlink’s price has been fuelled by speculation by many traders trying to sniff out short term gains rather than belief in its fundamental long term use case.

She added: «With such volatility, competition in the market and uncertainty surrounding nascent technology, traders should take an extremely cautious approach and only dip their toe into the market with money they can afford to gamble.’’

Matt McKenna, spokesman at Finder also said: «Chainlink’s price has been following the wider crypto market, which saw a huge sell off during May.

«Over the past month it is down roughly 20%, but has been showing signs of recovery in the last few days.

«As with all cryptocurrencies, people should be prepared for extreme volatility, and the very real risk of losing money.»

EXPLAINED: WILL THE CRYPTOCURRENCY MARKET RECOVER?

Cryptocurrencies like Bitcoin and Ethereum have dropped in value after making steady made gains over the last week.

The market has seen a slow recovery from plummeting last month after hitting record highs.

Thursday saw all the major currencies on CoinMarketCap up for the first time in a while. But this growth appeared to stall on Friday morning with currencies like Bitcoin and Ether returning to the red and the market dropping by around 6%.

The price of Bitcoin – the largest cryptocurrency – is currently around $36,700 – down around 6%, loosing gains it had recently made.

More on the story here.

CRYPTOCURRENCY DEALERS IN HOT WATER

IN an investigation set up by the Financial Conduct Authority, the City regulator, it has emerged that up to 50 companies dealing in cryptocurrencies such as bitcoin may be forced to close after failing to meet the UK’s anti-money laundering rules.

It was announced yesterday that an “unprecedented number” of companies had withdrawn applications from a temporary permit scheme that allowed firms to continue trading until the regulator could approve or reject their operations. 

A large number of firms have fallen short of anti-money laundering standards put in place to halt criminal organisations from disguising the source of their money.

Fines or legal action will be issued by the FCA to companies that refuse to shut their businesses down.

BITCOIN 2021 CONFERENCE: SPEAKER LINE-UP AND WHAT TO EXPECT

BITCOIN 2021, «the biggest Bitcoin event in history» is set to take place in Miami and more than 20,000 people are expected to attend.

It comes after the market’s slow recovery from plummeting in May 2021 after hitting record highs.

Read more here.

EXPLAINED: WILL CHAINLINK GO UP IN VALUE?

Chainlink is currently trading at $31.77 at the time of writing on Thursday afternoon, according to Coindesk.

That’s up 2% in the last 24 hours and around 32% since Sunday, when it was trading at $23.71.

But while Chainlink has been surging, like other cryptocurrencies it can easily tumble again and it’s difficult to predict when.

Chainlink hit an all time high of $51.24 on May 10, but the cryptocurrency crashed later in the month.

It’s still trading at around 40% less than that record high.

EXPLAINED: WHAT IS CHAINLINK?

Chainlink is a cryptocurrency that was created in 2014 but launched on the market in 2017.

It was founded by Sergey Nazarov, a 32-year-old entrepreneur, who had previously set up tech platform Smartcontract.com. Chainlink is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit. This ledger is the foundation of any cryptocurrency transaction.

The cryptocurrency allows people to trade currency or assets digitally outside of any government or bank.

But Chainlink also aims create a «link» between blockchain and real world applications to open up possibilities for the technology to be used more widely.

WHICH CRYPTOCURRENCIES ARE DOWN TODAY, JUNE 4, 2021?

Bitcoin, the most popular cryptocurrencies, is currently trading at $36,700 at the time of writing, down 6% in 24 hours.

Other cryptocurrencies, such as Ethereum and Dogecoin, have also crashed.

Ethereum, the second-largest cryptocurrency, is down 7% over the past 24 hours at $2,638, while Dogecoin is down 15% at $0.36.

Dogecoin’s rival, Shiba Inu, is down by 12% at $0.000008644.

WATCH: PAYPAL LAUNCHES ‘CHECKOUT WITH CRYPTO’ A NEW WAY TO PURCHASE WITH CRYPTOCURRENCY AT MILLIONS OF BUSINESSES

INDIA’S CRYPTO INDUSTRY CREATE RULE BOOK

India’s leading cryptocurrency players have joined forces to create a rule book and establish itself as a serious business in the finance world.

The likes of WazirX, CoinDCX, and CoinSwitch Kuber have teamed up with the Internet and Mobile Association of India to set up an advisory board, according to The Economic Times.

It will be set up under the Blockchain and Crypto Assets Council (BACC), part of IAMAI, and will act as a self-regulatory organisation for the sector.

WHY ARE THE CRYPTO MARKETS DOWN?

The first signs of trouble came last month when Elon Musk released a statement saying Tesla would no longer be accepting Bitcoin for purchasing vehicles.

The Tesla CEO has previously caused currencies to spike in value by mentioning them on Twitter or in press statements.

Coins took another big blow in April when Turkey’s central bank banned the use of cryptocurrencies for purchases. Investors have also been warned to avoid new cryptocurrencies PooCoin and SafeMoon or risk losing their money.

Warnings have been issued by experts who state new coins are barely regulated and their valuation has no “reliable basis”.