BITCOIN dropped again Thursday morning in early trading, as internet searches for crypto ATMs and wallets ramp up.
Amid fears of falling into the death cross indicator following a dip of 37.28 percent, Bitcoin was able to rebound to $42,000, before reaching slightly higher levels.
Currently sitting at $42,739.40 per (BTC / USD), Bitcoin saw a sharp decrease in value within 24 hours as it had dipped below $40,000 per (BTC / USD).
This, as Forbes’s contributor Philipp Sandner predicts Bitcoin could reach $100,000 in 2022, and the crypto asset market will be expanding.
However, experts have weighed in with warnings about the volatility of Bitcoin.
Commenting on this, Shivan Thanral, CEO of BuyUCoin stated: “Bitcoin needs a bit more recovery as RSI is still below 50, indicating that it is in the oversold zone. If bulls try to make an upside move, then the price may soar to around $45,000 level although, in case of any misstep, prices can fall to $38,000-$36,000 zone.”
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Crypto investments top $30billion
Investors contributed a record $30billion to the cryptocurrency industry in 2021, according to Fortune.
The news outlet cited data from Bloomberg News that reportedly showed $7.2billion came from investors based in the United States.
The $30billion is almost four times the $8billion that investors spent with companies in the crypto industry in 2018, Fortune reported.
Fake websites and crypto
One fairly widespread scamming technique involves websites that appear to be a new cryptocurrency mining operation or investment opportunity.
The sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.
But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.
Crypto scams and dating apps
Some cryptocurrency scam operations have started using dating apps to reel in potential targets.
In some reports, scammers pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.
About 20 percent of the money lost through dating scams in the last year reportedly involved cryptocurrency.
How to check for blockchain scams
Cryptocurrencies operate on blockchain networks.
Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.
Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it even exists.
Donating with cryptocurrency
Churches are starting to see more donations made using cryptocurrency, according to Christianity Today.
James Lawrence told the news organization that donations made on his platform Engiven using the virtual currency were slow in 2019 and 2020.
By fall of 2021, the platform had processed cryptocurrency donations for more than 700 nonprofits.
The list of recipients includes well-known organizations like The Salvation Army and Ronald McDonald House Charities.
Up to 400 recipients were churches, Lawrence said, as more congregations move to accept the digital currency.
The most valuable cryptocurrencies
Cryptocurrency prices hit record highs earlier this year amid interest from high profile individuals such as Elon Musk and more institutional investment in the sector.
The most valuable coins are Bitcoin and Ethereum but there are lots of alternatives or altcoins aiming to benefit from crypto interest.
Values can be volatile though and regulators have warned that investors could lose all their money.
Crypto wealth and luxury goods
Cryptocurrency wealth is leading to a new generation of luxury consumers in the United States, according to Markets Insider.
The news organization pointed to a report from investment bank Jeffries, which found young buyers are spending crypto winnings on expensive jewelry, apparel, and accessories.
The group, comprised of people under 35, is increasingly buying artwork such as non-fungible tokens (NFTs), in addition to luxury brands.
While Chinese consumers are still the major force in luxury spending worldwide, the report said American buyers are set to propel luxury sales beyond pre-pandemic levels.
Microstrategy spends $414 million on Bitcoin
The business intelligence company led by Michael Saylor revealed in a November 29 Securities and Exchange Commission filing that it bought 7,002 bitcoins between October 1 and November 29.
MicroStrategy reportedly spent $414million on the coins.
The company now has a reported stockpile of 121,044 bitcoin tokens.
Crypto.com coin price, continued
For example, it has secured several high-profile sponsorship deals in 2021 including the UFC, Formula One Racing, and Matt Damon’s Water.org.
From December, the Staples Center – home to the Lakers and Clippers – will also be called Crypto.com Arena.
Whether the Crypto.Com Coin continues to soar in value remains to be seen, but plenty of crypto fans have still made predictions.
For example, Wallet Investor expects the token to hit a value of $0.538 in one year and $0.8023 in five years.
Meanwhile, Digital Coin Price has set a 2021 forecast of $0.7036, a 2023 value of $0.9636 and it expects a 2028 price of $2.09.
Crypto.com coin price prediction
The Crypto.com Coin cryptocurrency hit a record high on November 15, reaching $0.52 at its peak, according to CoinMarketCap.
In comparison, it was sitting at just $0.05966 on January 1 last year.
The Crypto.com token has increased in value thanks to a number of factors.
Who founded crypto.com?
Kris Marszlek has been the Chief Executive of Crypto.com since June 2016 and is based in Hong Kong.
Bobby Bao is a co-founder and managing director of Crypto.com, which was formerly known as Monaco.
Gary Or is another co-founder and is the head of technology at Foris – a universal money app, according to topionetwork.com.
The other co-founder is Rafael Melo, who, according to Topio Network, has 15 years’ experience in finance.
Crypto.com coin, continued
Crypto.com itself is one of the fastest-growing cryptocurrency businesses in the world.
Keegan Francis, crypto editor and expert of Finder, told The Sun the coin has many uses, but most notably is that it can be used to stake crypto on the mobile app in order to get the Crypto.com Visa debit card.
He added: “Staking higher amounts of CRO across the platforms rewards users with more features and rewards.
“Investors need to keep in mind that the token itself is tied directly to the success of the Crypto.com ecosystem.
“That being said, Crypto.com has taken the initiative to decentralize CRO by building it into their own decentralized blockchain called Crypto.org.
“This is a good step for them to take in order to ensure the longevity of their token.
“It creates less dependence on the company itself, and begins to build out an independent community of developers, and market participants.”
What is crypto.com coin?
The Crypto.com Coin is the native token of the Crypto.com and Crypto.Org ecosystems.
Also known as CRO, it launched at the end of 2018.
The Crypto.com chain was created to build a network of crypto projects and to develop merchants’ ability to accept crypto as a form of payment, according to its website.
Businesses can use Crypto.com pay checkout and/or invoice to allow customers to pay for goods and services with crypto using the wallet app.
The firms then receive their payments in CRO, stable coins or in fiat currency, which is government-issued money like dollars or pounds.
Melania Trump launches NFT platform
Former First Lady Melania Trump got in on the NFT craze in December.
She launched a platform for fans to purchase NFTs, including a drawing of her eyes, with a portion of proceeds said to be going to children in foster care.
Mrs Trump plans on releasing NFTs in intervals on her website titled “Melania’s Vision” with the project backed by the free-speech social network Parler.
Crypto audio streaming
Audius is a crypto-powered music streaming platform.
It’s owned and controlled by token holders – and tokens are called Audio.
Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.
What is fantom?
Fantom is a blockchain platform that was founded by a South Korean computer scientist in 2018.
The platform has programs, called small contracts, which allow blockchains to run more advanced transactions than just sending cryptocurrency from one person to another.
Fantom is considered to be a competitor of Ethereum, which also offers small contracts.
Are NFTs regulated?
Currently, there are no official regulations about NFTs.
Thus, it is up to the buyer to ensure that the NFT they are purchasing is a unique piece of work and hasn’t been copied from elsewhere.
The current lack of NFT regulation means there may be no specific entity to investigate a complaint when a sale goes wrong.
What is Blockchain?
A Blockchain is a kind of computer code used to record transactions.
It is the technology at the heart of cryptocurrencies such as Bitcoin and Ethereum.
Blockchains continually grow with new transactions added to the end as extra “blocks” of data.
Can Bitcoin hit $70,000 by the end of 2022?
While Bitcoin came close to hitting $70,000 in November 2021, December that year saw a steady decline in value.
Nevertheless, Wallet Investor boldly predicts that Bitcoin surpass $78,000 by 2023.
And in five years, the price is expected to skyrocket to $203,020.
Valuable NFT art piece sells for wrong price
A highly coveted Bored Ape non-fungible token (NFT) has accidentally sold for one-hundredth of its asking market price.
The owner of Bored Ape #3,547 made a terrible typing error when he listed the NFT for $3,000 instead of $300,000.
Cryptocurrency crime reached $14billion in 2021
According to Chainanalysis, cryptocurrency crime in 2021 reached $14billion.
Despite this staggering amount in illicit transactions, only 0.15 percent of transactions in 2021 were affected because the total amount in transactions that year was $15.8trillion.
How to buy Bitcoin
There are digital currency exchanges such as FTX or Coinbase where Bitcoins can be bought and sold.
When setting up a Coinbase account fro example, it can be linked to your bank account or Paypal account to be able to make a deposit into a virtual wallet. After funding the virtual wallet, traditional currency can be exchanged for Bitcoin.
The IRS on cryptocurrency in 2021 taxes
For 2022, 1040 US Individual Income Tax Return form has a question about cryptocurrency which states: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
Additionally, the IRS addresses questions on its FAQ page on digital currencies stating: “If your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the Form 1040 question.”
What is the difference between a fungible and non-fungible token?
According to The VERGE, the main difference between a fungible and non-fungible token is that a fungible token can be traded, whereas, a non-fungible token cannot be traded.
Thus, a bitcoin, which is a fungible token, can be traded for another bitcoin. However, a unique trading card, which is a non-fungible token, cannot be traded because it is a unique, one-of-a-kind asset.
Bank of England cautions citizens about the risks of trading
The Bank of England warned cryptocurrency traders about the risks of trading.
According to the BBC, 0.1% of UK households had wealth stored in cryptocurrencies, with about two million people holding them.
As a result, Sir Jon Cunliffe, the deputy Bank governor, warned that: “Their price can vary quite considerably and they could theoretically or practically drop to zero.”