Everyone should be aware of the latest news and updates as it is necessary to stay with the changing world. But if you are trading bitcoins or want to invest in them, it becomes more important. You can visit Cryptolina to trade bitcoins and make money. Bitcoin’s price keeps on changing, and the rumors and news play an important role in it. Some of the top news and updated related to the bitcoin market are listed below.
The Crypto market is falling rapidly.
Recently, the Internal Revenue Service of the US gave strict instructions to the concerned departments to provide the government with all the reports related to crypto transfers. After the orders were passed, the bitcoin market was affected negatively, and its price fell down to $32000. Along with the decline in the price of bitcoin, other major cryptocurrencies in the market, such as dogecoin and Ethereum, also witnessed a plunge in their prices. One of the biggest shocks for bitcoin came in the month of April when it plunged by 50% after touching the high of $65000 in mid-April. Other cryptocurrencies such as Ethereum also dipped by over 8% and stood at $2500. Dogecoin, which was the most popular meme crypto, traded at the price of $0.31. Other minor cryptos in the market, such as Litecoin, also faced a minor downfall in their prices.
IRS chief getting strict on crypto transactions
The chief of IRS stated that the government needs to give strict instructions to the tax agencies about gathering all the crucial information related to the crypto transactions, which value more than $10000 as most of them go unreported, which leads to several issues later on. The authorities said that the total market cap of the cryptocurrency is over $2 trillion. There are more than 8600 exchanges all over the world. But bitcoin is designed in such a way that it cannot be spotted or identified, which makes sit difficult for the authorities to keep track of the transactions.
Donald Trump claimed bitcoin to be a scam.
Donald Trump is one of the most influential persons in the world, and recently he took the world with a shock after making a statement that bitcoin is a scam. He said that he doesn’t like bitcoin as it is one of the top competitors for the dollar. He also stated that he wants the dollar to stay the currency of the world, and bitcoin is a threat to it which is the primary reason that he dislikes it. The comments were made by the ex-US president after El Salvador decided to accept bitcoin as a legal tender and use it as a common medium of exchange in the country. Most experts believe that bitcoin is not a currency as it doesn’t have a good store of value which is the primary feature needed to become a means of payment. With all the chaos going on in the crypto world, bitcoin plunged by 10% and reached $32000 in 24 hours. If we talk about the highest point of bitcoin price within the 24 hours, it was $35899.
Bitcoin and gold? Are they the same?
With the massive increase in the popularity and value of bitcoins, people have started comparing it to gold, and some of them have even termed it as ‘digital gold. Gold has faced several challenges to become what it is today. So, it is not an easy task to replace gold with bitcoin, which makes it clear that bitcoin and gold are not the same. There are some changes the bitcoin may take the place of gold, but it will still take a lot of time.
Bitcoin or Ethereum – Choose the better currency for investment
To understand the difference between bitcoin and Ethereum and decide which one is a better investment, you need to understand both of them. Bitcoin is a decentralized cryptocurrency that was made to provides users with a payment method through which they can make easily anonymous transactions. On the other side, Ethereum is a complete network that facilitates different types of transactions, services and allows users to purchase products. Ethereum network is also a platform that developers can use to build applications and enable smart contracts. There are several uses of Ethereum, which makes it different from bitcoin.
