Bitcoin price LIVE: $8k BTC sinking as PayPal CEO calls it a 'pump-and-dump scheme

BITCOIN continued to fall overnight and lost a massive $880 from its highest point this week. Hope of a speedy recovery to $10,000 now seems unlikely, and one of PayPal's founders has described the technology as, "a colossal pump
and dump scheme, the likes of which the world has never seen.




Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $8,851 with Ethereum down at $629, and XRP at $0.81.

Bill Harris, the founding CEO of PayPal has grabbed the headlines this morning after describing all cryptocurrencies as a "scam".

Writing for Recode, he said: In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

"In a pump-and-dump game, promoters 'pump' up the price of a security creating a speculative frenzy, then 'dump' some of their holdings at artificially high prices.

"And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The highlights package continues.

Mr Harris claims, "It helps to understand that a bitcoin has no value at all."

Adding that "losers are ill-informed buyers caught up in the spiral of greed.

"The result is a massive transfer of wealth from ordinary families to internet promoters




Follow me on

Twitter: https://twitter.com/cryptoexpert20

Facebook: https://www.facebook.com/crypto.michael.18


Linkedin: https://www.linkedin.com/in/crypto-expert20

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more