Cryptocurrency price news – Shiba Inu soaring on Coinbase as Bitcoin up after Jack Dorsey reveals plans for mining

SHIBA Inu coin is up on Coinbase on Tuesday, as is Bitcoin after Square CEO Jack Dorsey revealed the company is looking to get into crypto mining with that currency.

“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” CEO Dorsey said in a tweet on Friday.

“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

Bitcoin’s price hit a six-month-high of $62,000 after the tweet, Business Insider reported.

Both Bitcoin and Shiba Inu remain up on Tuesday, according to Coinbase.

Plus, crypto prices saw some changes after President Biden’s statement drawing attention to potential pitfalls of the currency, such as ransomware and other cyber threats.

The statement from Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community. That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”

Read our cryptocurrency live blog for the latest news and updates…

  • ONE OF THE CO-FOUNDERS OF ETHEREUM NAMED A TIME 100 MOST INFLUENTIAL PERSON

    One of the co-founders of Ethereum, Vitalik Buterin, was named one of Time magazine’s 100 Most Influential People of 2021.

    Former executive chair of Reddit Alexis Ohanian praised him in a write-up for the piece.

  • NFT’S CONTINUED

    Crypto commentator Jonathan Marriott said NFTs provide a legitimate way of verifying ownership and tracking the origins of an item.

    He said: “An NFT lets you record where and when something is made and track the whole process to verify that it is legitimate.

    “The public blockchain element makes it irrefutable. No-one can fake it.”

  • WHAT IS AN NFT?

    An NFT is an asset purchased with online cryptocurrency.

    Owning an NFT means possessing an original work posted to the internet, which can include memes, art, or photos.

    NFTs digitize a piece of work and get stored on the blockchain.

    That means it cannot be replicated and is unique to whoever owns it.

  • GOXX: ‘DECISION TUNNELS’

    The amount to be traded is determined when Goxx runs through one of two “decision tunnels”.

    Depending on which tunnel he runs through, the amount he will buy or sell the cryptocurrency changes in 20 euro increments.

    All of the data is rigged to a computer that makes the transactions in real-time on Goxx’s behalf.

  • GOXX’S CREATORS

    Speaking to the BBC, the two 30-something German men behind the channel explained that the idea started as a joke.

    “We felt that everything keeps getting more expensive these days and building savings is super-hard to achieve with high rents to pay,” they said.

    “It seems like most people from our generation see no other chance than throwing a lot of their savings on the crypto market, without having a clue what’s going on there.

    “We were joking about whether my hamster would be able to make smarter investment decisions than we humans do.”

  • JAILED BITCOIN MINER WAS ‘ACTING OUT OF GREED’

    Singh was sentenced to 13 months and two weeks in prison in a UK first.

    Andrew Baxter of the CPS said: “This is a highly unusual case.”

    “The overwhelming majority of times we see offences of abstracting electricity, they are to support other criminal activities such as growing cannabis.”

    Bitcoin mining is a legitimate legal enterprise. Sanjay Singh was simply acting out of greed.”

  • BITCOIN MINER JAILED, CONTINUED

    The Crown Prosecution Service explained Singh’s activities were first detected when a power provider investigated a fault at a substation caused by the cryptocurrency mining overloading the system.

    The CPS released details of the case and said an inspection of Singh’s premises showed he had tampered with the wiring to run over 200 devices.

    Investigations suggested he had cheated the power provider out of tens out thousands of pounds of electricity.

    Singh went on to commit the same offence at the nightclub in Loughborough while the first offense was still under investigation.

    Singh was charged with two counts of abstracting electricity and pleaded guilty to both offences.

  • BITCOIN MINER JAILED

    bitcoin miner has been jailed after he was caught stealing electricity in a sketchy cryptocurrency scam in the United Kingdom.

    Sanjay Singh, 40, admitted “abstracting” electricity worth up to £32,000 at two locations where he operated bitcoin mining machines, Leicester Crown Court heard.

    The first loaction was in an industrial unit in Coalville and the other was in Firefly nightclub in Loughborough.

    The second had been closed for the summer holidays.

  • LITECOIN VS. BITCOIN, CONTINUED

    Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.

    While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.

  • LITECOIN VS. BITCOIN

    Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.

    Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”

    The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.

  • WILL LITECOIN HIT $500? CONTINUED

    Odds are this helped give Litecoin a boost as well.

    In 12 months’ time, the price of Litecoin could exceed $255, according to Wallet Investor.

    But near the end of 2026, Wallet Investor sees Litecoin exceeding $557.

  • WILL LITECOIN HIT $500? 

    Litecoin exploded to $412.96 in early – the closest it has ever gotten to the $500 mark.

    Now, however, Litecoin trades at $174.90. In the past 24 hours, Litcoin has risen 3%.

    While China has banned all cryptocurrency transactions, big brother Bitcoin has gained on recent favorable news coming from the U.S.

  • WHAT IS LITECOIN?

    As the name indicates, the cryptocurrency is small.

    But Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.

    Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”

    The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.

  • CRYPTO CASTLE? (PART TWO)

    The therapist says Bitcoin addicts are often addicted to drugs and booze.

    He said: “Commonly, people start because they want to buy stuff off the dark web. And the only way to do that is with cryptocurrency.

    “The biggest problem is this cross addiction [with crypto] starting—through drugs and alcohol.”

    Since 2017, Tony has treated 15 people who have been addicted to crypto.

    Users travel from the likes of the United States, Dubai, Malta and the Netherlands to get treatment at the clinic.

    Tony says that too many stories about Bitcoin are about people who have made fortunes – and not the traders who have gambled their lives away.

  • CRYPTO CASTLE?

    A rehab clinic in Scotland claims to be the first in the world to treat cryptocurrency addiction.

    Castle Craig, a private hospital in Peeblesshire near Edinburgh, has seen admissions for Bitcoin addicts increase by a factor of 10 in the past year.

    The clinic is overseen by therapist Tony Marini who claims to be the first physician to recognise that crypto trading is very similar to gambling.

    He says most addicts start by occasionally trading before frequent wins feed dopamine cravings and dreams of earning millions.

    Tony told Decrypt: “If you say to somebody doing crypto, ‘so you’re occasionally gambling,’ they’re gonna go ‘no, I’m not.’

    “So take out the word gambling and say ‘occasionally trading.'”

  • WHAT WILL MEASURE THE PERFORMANCE OF BITCOIN ON WALL STREET?

    S&P Bitcoin Index, S&P Ethereum Index, and S&P Crypto Mega Cap Index will measure the performance of digital assets linked to them now that digital currencies including Bitcoin and Ethereum will be traded on Wall Street, according to Money Control.

  • DOW JONES EXPERT ON TRADING CRYPTO ON WALL STREET

    Some cryptocurrencies will be brought to the trading floors of Wall Street, Money Control reported.

    “Traditional financial markets and digital assets are no longer mutually exclusive markets,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.

  • CAN BITCOIN HIT $70,000, CONTINUED

    A year from now, Wallet Investor sees the price of Bitcoin surpassing $86,000.

    In five years, the price is expected to skyrocket to $209,033.

    Meanwhile, Economy Watch predicts the price of Bitcoin will return to its heights in April of $64,000 at the end of the year.

    Then, at the beginning of 2022, Economy Watch notes Bitcoin will “be heading towards the $70,000 mark.”

  • CAN BITCOIN HIT $70,000?

    To reach $70,000, Bitcoin would have to climb by 23 percent in the remaining days of the year.

    And the way things are trending, Bitcoin might break $70,000 at the end of the year.

    At the end of 2021, Coin Price Forecast sees the price surging to $79,576. By mid-2023, it is expected to hit $71,386.

  • DIGITAL WALLET, CONTINUED

    As with other cryptocurrencies, people will be able to buy and sell libras on exchanges for traditional currencies.

    Facebook said that its alternative currency paves the way for smoother transactions and payments online.

    The project however faced regulatory resistance over concerns about security and reliability.

    In December 2020, Libra changed its name to Diem and moved its operations from Switzerland to the US as part of a “strategic shift.”

  • WHAT IS A DIGITAL WALLET?

    A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.

    They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.

    In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.

    The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.

  • CRYPTO AUDIO STREAMING, CONTINUED

    According to Audius, over 5.3million people have used the platform this month.

    Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.

  • CRYPTO AUDIO STREAMING

    Audius is a crypto-powered music streaming platform.

    It’s owned and controlled by token holders – and tokens are called Audio.

  • SWISS REGULATOR APPROVES FIRST CRYPTO FUND

    Switzerland’s Financial Market Supervisory Authority has approved the first Swiss crypto fund, Bitcoin.com reported.

    FINMA revealed the fund is called “Crypto Market Index Fund.”

    It noted that it is “an investment fund according to Swiss law belonging to the category ‘other funds for alternative investments’ with particular risks.”

  • ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, CONCLUSION

    “I’ve never been more excited about the potential of the Internet,” Ohanian added.

    “And that’s largely thanks to Vitalik Buterin.”

    Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.