Economists see the closely watched inflation gauge soaring to a gain of 5.3% year-on-year. Read More
Tag: cryptocurrency
The crypto rally rages on as bulls push Bitcoin above $46,000
U.S. futures are trading sideways—all the action is in crypto. Read More
Bitcoin surges as Amazon job posting suggests retailer may accept cryptocurrencies
Enlarge (credit: Jaap Arriens/NurPhoto ) Amazon posted a job opening late last week that suggested the e-commerce giant may be considering accepting cryptocurrencies as a form of payment. The posting sent bitcoin and other cryptocurrencies surging, with bitcoin and ethereum up 12 percent and 9 percent, respectively, over the past 24 hours. The development also […]
Bitcoin power plant is turning a 12, 000-year-old glacial lake into a hot tub
Enlarge / In this aerial photo of Greenidge Generation’s power plant outside Dresden, NY, Seneca Lake is visible in the background. The lake receives warm water from Greenidge’s operations. (credit: Greenidge Generation LLC ) The fossil fuel power plant that a private equity firm revived to mine bitcoin is at it again. Not content to […]
Monero emerges as crypto of choice for cybercriminals
Enlarge (credit: 53 Studios | Getty Images) For cybercriminals looking to launder illicit gains, bitcoin has long been the payment method of choice. But another cryptocurrency is coming to the fore, promising to help make dirty money disappear without a trace. While bitcoin leaves a visible trail of transactions on its underlying blockchain, the niche […]
World Bank slams bitcoin, declines to help El Salvador’s cryptocurrency plan
Enlarge (credit: Aurich Lawson | Getty Images) Last week, El Salvador’s government passed a law to accept bitcoin as legal tender alongside the US dollar. The country receives $6 billion in remittances per year—nearly a quarter of its gross domestic product—and the hope is that bitcoin’s lower transaction costs could boost that amount by a […]
Bitcoin now legal tender in El Salvador, first nation to adopt cryptocurrency
Enlarge / El Salvador now says both US dollars and bitcoin are legal tender. (credit: Thomas Trutschel / Getty Images News) On Wednesday, El Salvador’s president signed into law a proposal to adopt bitcoin as legal tender, making the Central American nation the first in the world to officially use the cryptocurrency. The new law […]
China advances its war on bitcoin, cracks down on mining
Enlarge / Technicians inspect bitcoin mining machines at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China, on Friday, Aug. 11, 2017. (credit: Qilai Shen/Bloomberg via Getty Images) Bitcoin took investors on another rollercoaster ride over the weekend after a top regulator in China announced a crackdown on mining, a new […]
Crypto payments above $10,000 would be reported to IRS under Treasury plan
Enlarge (credit: Getty Images | R.Tsubin) The Biden administration wants businesses to report cryptocurrency transactions with values of at least $10,000 to the Internal Revenue Service. “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the US Treasury Department said in its proposal for implementing the tax compliance initiatives […]
GameStop FOMO inspires a new wave of crypto pump-and-dumps
Enlarge (credit: peng song / Getty) After the California Gold Rush, in 1870, two Kentucky swindlers whipped up a scheme to prey on thirsty financiers’ FOMO. They invented a diamond field out West. Investors sunk millions in today’s money into the scheme. All of it, of course, was for naught—a cautionary tale about believing anyone […]