Bitcoin latest LIVE – Elon Musk's $1.5bn investment triggers record high as Dogecoin rockets after 'the future' tweet

Bitcoin latest LIVE – Elon Musk's $1.5bn investment triggers record high as Dogecoin rockets after 'the future' tweet

02/08/2021

THE price of Bitcoin has rocketed after Elon Musk revealed Tesla had invested $1.5 billion in the cryptocurrency.

In a statement revealing Tesla would soon begin accepting payments in Bitcoin, the world's richest man admitted the firm had made a massive investment of its own in the surging online currency.

The move sent the value of Bitcoin surging by 17% to a record high of $44,220 on the cyptocurrency markets as investors raced to take advantage of the inevitable surge.

Meanwhile another tweet from Musk sent another crytocurrency soaring after he described the once-mocked Dogecoin currency as "the future".

The coin, which began as a joke in 2013, has surged in value by 1,250% over the past year after a huge number of investors decided to simultaneously pump cash into the coin to make it a legit trading option.

Follow the latest Bitcoin and cyptocurrency news on our rolling live blog below..

  • Joseph Gamp

    BITCOIN MARKET VALUE WORTH AROUND $690BILLION

    Bitcoin is has a market value of around $690billion and the price of a single bitcoin hit record highs earlier this year of $40,000.

    Earlier in January, the highest price Bitcoin reached was $41,940, but that number dropped slightly below $30,000 last week, CNBC reported on January 29.

  • Joseph Gamp

    IS THE GAMESTOP PUMP BECOMING THE GAMESTOP DUMP?

    Shares in GameStop, the Texas-based video games retailer at the centre of an online trading phenomenon, collapsed 80 per cent last week.

    They went from $325 on Monday to $63.77 by Friday's close.

    At their peak on January 27, GameStop shares, which traded at less than $5 last year, hit $492, valuing it at more than $25 billion (£18 billion) despite its $296 million loss on $3 billion sales in the first nine months of its financial year.

    The WallStreetBets page on the Reddit website was stuffed with stories of overnight fortunes won by punters gambling their Covid stimulus cheques while hedge funds were pushed to the brink.

    There was the 10-year-old who turned $60 of GameStop shares into $3,000 — and Keith Gill, a basement trader known by his Reddit handle "DeepF***ingValue", who even after last week's falls was sitting on a $7.7 million gain. These were models many other hangers-on hoped to replicate. Few did.

     

  • Joseph Gamp

    CHINESE REGULATORS SUMMON TESLA OVER CAR SECURITY MALFUNCTION

    Chinese regulators have summoned representatives of US electric car giant Tesla after reported technical problems with their vehicles, notably concerning their safety, officials in Beijing said Monday.

    The news comes several months after two recalls of the company's vehicles in China, the world's largest car market.

    "Consumers have cited multiple problems, related to unusual accelerations, batteries catching fire, as well as with the remote update system," the State Administration for Market Regulation said in a statement.

    "They were asked to strictly conform to Chinese laws and regulations" in order to "guarantee public security" and the "rights and legitimate interests of consumers", the regulator said. No further details were given about the reported malfunctions.

    In a statement, Tesla said it accepted the authorities' "guidance", adding that it was "carrying out a deep introspection on the deficiencies in the company's business".

  • Joseph Gamp

    WATCH: HOW PRICE OF BITCOIN SKYROCKETED THANKS TO ELON MUSK

    Bitcoin cryptocurrency ‘skyrockets 20% after Elon Musk adds #bitcoin to Twitter bio’ as Dogecoin surges

  • Joseph Gamp

    WHAT IS LOKI CRYPTOCURRENCY?

    Loki cryptocurrency is another privacy coin that has been attracting interest as of late.

    Loki is another type of cryptocurrency such as Bitcoin, Litecoin, Ethereum, Zcash and Dogecoin.

    In order for Loki to differentiate itself from other cryptocurrencies, it has some of its own unique technology like, mixin distribution, service nodes, Loki messenger and Lokinet for anonymous browsing.

    The Loki price is currently $0.595707 for one Loki coin.

    Find out more here.

  • Joseph Gamp

    BARTENDER QUITS JOB AND MAKES $100,000 IN 45 DAYS USING CRYPTOCURRENCY

    Exclusive by Mollie Mansfield

    A BARTENDER quit her boring job and used social media to make over $100,000 in just 45 days with cryptocurrency.

    Sabrina Saggu, 29, admits that she always struggled to hold down conventional jobs and never lasted more than a year in any role.

    Read more on her story here.

  • Joseph Gamp

    GAMESTOP SHARES SLUMP AS REDDIT RALLY PETERS OUT

    Shares of videogame retailer GameStop Corp slumped on Monday, reversing premarket gains, as recent social media-hyped trading hysteria in other stocks appeared to be dissipating.

    GameStop and other companies including cinema operator AMC Entertainment Holdings Inc and headphone maker Koss have seen wild gyrations in their stocks over the past two weeks as amateur investors on forums such as Reddit's WallStreetBets acted in concert to bid up stocks that some U.S. funds had bet against.

    The rally catapulted GameStop shares to as high as $483 on Jan. 28 from around $20 a couple of weeks earlier. They fell back to as low as $51.09 on Friday but rallied during the session to finish 19% higher.

    On Monday, GameStop shares rose before the U.S. stock market opened, but were last down 7.02%. AMC shares dropped 10.54% at $6.11 after hitting a session low of $5.75, its lowest level since January 26. Koss shares lost 5.66% to trade at $18.85.

  • Joseph Gamp

    EXPLAINED: WHAT IS BITCOIN?

    Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.

    Individual Bitcoins are created by computer code.

    The total value of all Bitcoin in existence is now more than £112billion.

    Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.

    Find out more here.

  • Joseph Gamp

    GAMESTOP FRENZY BRINGS WARNING OVER 'RISKY' TIK TOK TRADING TIPS

    The financial watchdog has warned over "risky" trading tips being shared on TikTok.

    It follows a buying frenzy for Gamestop shares and cryptocurrencies among amateur traders.

    Read more here.

  • Joseph Gamp

    BITCOIN BRIEFLY HIT AN ALL TIME NEW HIGH

    Bitcoin rose to $43,863 and briefly hit a new all-time high, while shares of Tesla moved higher as well.

    In its fourth-quarter earnings report last month Tesla said it had cash and cash equivalents of $19.4 billion.

    Dan Ives of Wedbush Securities said the move gives Tesla more flexibility to further diversify and maximize returns on its cash.

    Similar to Tesla, Virginia-based MicroStrategy Inc. announced in August that it would use some of the excess cash on its balance sheet to invest in alternative assets such as bitcoin.

    As of February 2, the business analytics company said it held 71,079 bitcoins that it purchased for an aggregate price of $1.15 billion since last summer. Using the current value of $43,000, those bitcoins are worth $3.06 billion.

  • Joseph Gamp

    MUSK SPEAKS ON XPRIZE FOR CARBON REMOVAL

    "We want to make a truly meaningful impact. Carbon negativity, not neutrality.

    "The ultimate goal is scalable carbon extraction that is measured based on the 'fully considered cost per ton' which includes the environmental impact.

    "This is not a theoretical competition; we want teams that will build real systems that can make a measurable impact and scale to a gigaton level. Whatever it takes. Time is of the essence," said Elon Musk, founder and CEO of Tesla and SpaceX.

    "We are challenging engineers, scientists and entrepreneurs to build and demonstrate carbon removal systems that work," said Peter H. Diamandis, Founder and Executive Chairman of XPRIZE.

    "We hope this XPRIZE will activate the public and private sectors to get involved in the same way that the $10M Ansari XPRIZE brought about the commercial spaceflight industry."

  • John Hall

    MARKET RALLY

    Major futures exchanges rolled out bitcoin futures, pushing it to roughly $19,300, a then-unheard of price for the currency.

    It evaporated quickly in 2018, and by December of that year Bitcoin was worth less than $4,000 a coin.

    More recently bitcoin rallied from below $11,000 in October and crossed $40,000 for the first time in its history.

    Tesla also said in its public filing that it would soon begin accepting bitcoin as a form of payment for its products.

    The company warned investors that the value of its digital assets could fluctuate wildly.

  • Joseph Gamp

    $100M XPRIZE FOR CARBON REMOVAL FUNDED BY ELON MUSK TO FIGHT CLIMATE CHANGE

    The largest incentive prize in history to attract and inspire innovators to develop and scale carbon removal solutions to combat climate change.

    XPRIZE, the world's leader in designing and launching incentive competitions to solve humanity's grand challenges, today announced the $100M XPRIZE Carbon Removal sponsored by Elon Musk and the Musk Foundation.

    This four-year global competition invites innovators and teams from anywhere on the planet to create and demonstrate a solution that can pull carbon dioxide directly from the atmosphere or oceans and lock it away permanently in an environmentally benign way.

    To win the competition, teams must demonstrate a rigorous, validated scale model of their solution at a level of carbon removal of 1 ton of CO2 per day, and further must demonstrate to a team of judges the ability of their solution to economically scale to gigaton levels.

    The objective of this XPRIZE is to inspire and help scale efficient solutions to collectively achieve the 10 gigaton per year carbon removal target by 2050, to help fight climate change and restore the Earth's carbon balance.

  • John Hall

    BOOM TIME

    Bitcoin rose to $43,863 and briefly hit a new all-time high, according to AP.

    Shares of Tesla moved higher as well.

    In its fourth-quarter earnings report last month Tesla said it had cash and cash equivalents of $19.4 billion.

    It’s been a wild ride for Bitcoin since it made its Wall Street debut in December 2017.

  • John Hall

    BIT BY BIT

    It's unusual for major corporations to acquire digital currency due to questions about its dependability and concerns around its volatility.

    The new policy authorized by the Tesla board allows the company to invest in various forms of digital assets.

    The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments, CNBC reports.

  • John Hall

    MUSK WIN SITUATION

    The unconventional move comes just weeks after Musk tweeted about the risk of holding cryptocurrencies.

    "Bitcoin is almost as bs as fiat money," he tweeted on December 20.

    Lately, he has been promoting bitcoin alternative Dogecoin on Twitter.

    Bitcoin is a digital currency that is not guaranteed by a bank or government. Investors can "mine" them by devoting computing power to authenticating other bitcoin transactions, or they can be bought and sold on exchanges using real money.

  • John Hall

    REALLY MOTORING

    The company bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash" and plans are in place to begin accepting the currency as payment for its high-end car, the document revealed.

    Tesla said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis”.

    That would make Musk's company the first major automaker to do so.

  • John Hall

    BIT OF THAT

    TESLA has bought $1.5 billion worth of bitcoin despite CEO Elon Musk recently describing the digital currency as "BS."

    The California-based electric car maker headed by Musk revealed its investment in digital currency and other “alternative reserve assets” may grow, according to a US Securities and Exchange Commission filing.

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