The bull case for bitcoin is pretty simple. It’s a form of payment that can be used anywhere in the world; its supply is limited, so it should preserve its value when inflation picks up; and it can’t be manipulated, especially by central bankers or governments. After a recent plunge, the crypto-asset is currently scoring zero out of three.
TechnologyNFT enthusiasts hold firm despite crypto price plunge
Elizabeth Howcroft
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Humanoid robot Sophia, developed by Hanson Robotics, is seen through a plastic plate with paint on it during a demonstration before auctioning her own non-fungible token (NFT) artwork, in Hong Kong, China March 16, 2021. REUTERS/Tyrone Siu/File Photo
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This week s cryptocurrency price plunge eroded the dollar-based value of NFTs and raised the cost of buying and selling them, in what could be a setback for the burgeoning digital asset market. But NFT collectors are not bailing out.
Non-fungible tokens - a way of trading digital assets by recording their ownership status on blockchain - exploded in popularity in February and March this year, notching up hundreds of millions of dollars in sales. read more
The price of Bitcoin traded below $45,000 on Sunday after a tweet by Tesla CEO Elon Musk, an outspoken supporter of cryptocurrency, suggested Tesla may be considering or may have sold off its bitcoin holdings.
TechnologyBitcoin slumps 14% as pullback from record gathers pace
Reuters
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A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/File Photo
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Bitcoin, the worldâs biggest cryptocurrency, fell as much as 14% to $51,541 on Sunday, reversing most of the big gains it made over the past week.
Bitcoin was last trading down 10% at $53,991 as of 1320 GMT, a whopping $12,000 below record highs set on Wednesday. Smaller rival Ether , the coin linked to the ethereum blockchain network, dropped 10% to $2,101.
Data website CoinMarketCap cited a blackout in Chinaâs Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.
World stock markets extended a five-day run of fresh highs on Thursday, fueled by upbeat earnings and strong U.S. economic data that herald a solid recovery ahead, while Russian markets tumbled at the prospect of the harshest U.S. sanctions in years.