Cryptocurrency price news – Bitcoin hits record high and Shiba Inu coin up today after Braintrust crypto exchange error

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 offenses 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

A 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.

EXPERT COMMENTS ON TETHER’S VALUE

Despite its claim to be a stablecoin, Tether has still witnessed spikes and sharp falls in price, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted in May.

She told The Sun: “It has also been criticised for a lack of transparency, has had to settle US lawsuits and trading in the currency is banned in the state of New York.”

WHAT IS TETHER?

The Tether cryptocurrency, which is also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.

It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.

Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.

Tether claims to keep values steady by holding reserves in that currency in a bank.

WHAT IS NUCYPHER? CONTINUED

This allows users to share private data with a number of others in a secure way.

Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.  

Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.

WHAT IS NUCYPHER?

NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network launched.

NuCypher specifically operates as a decentralized key management system that uses blockchain technology.

NUCYPHER

On Friday, NuCypher at one point exploded more than 1,100% to hit a new all-time high of $3.5819.

The gains cooled off a bit as of Friday morning, but the cryptocurrency was still up 400% at $1.52, according to CoinMarketCap.

HOW VALUABLE IS THE CRYPTO ECONOMY NOW?

The crypto economy is approaching $3trillion in value.

This week, the crypto economy became worth more than Apple, and bitcoin became the sixth most valuable asset in the world.

GRAYSCALE BITCOIN TRUST ETF

On October 19th, Grayscale and the New York Stock Exchange filed to convert the Grayscale Bitcoin Trust into an ETF.

Grayscale Bitcoin Trust is the largest bitcoin fund in the world, and the company also manages the Grayscale Ethereum Trust.

BITCOIN SURPASSES $64,000 WEDNESDAY

For the first time since April, bitcoin surpassed $64,000 on Wednesday, reaching almost $65,000.

The milestone came just a day after the launch of ProShares’ Bitcoin Strategy ETF on October 19th.

SOLANA SCALABILITY, CONTINUED

Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun: “The collection of 10,000 artworks reported sold out in under 10 minutes. Each piece was ‘minted’ using the SOL token.”

He added that “there’s a sentiment among crypto evangelist that Solana has strengthened its status as credible challenger to Ethereum as the blockchain of choice for building decentralized applications.”

‘MILESTONE SCABILITY TEST’

Solana is on the rise following a “milestone scalability test” last month.

It hosted the “Degenerate Ape Academy”, a collection of digital artworks (NFT) on Solanart, a marketplace on the Solana network.

AMC CEO TALKS ABOUT ACCEPTING CRYPTO

“AMC CEO Adam Aron says company will accept Bitcoin, Litecoin and Ethereum ‘before year end,’ with Dogecoin expected in Q1,” someone captioned this video on Twitter.

EXPERT COMMENTS ON ALCHEMY PAY AND BINANCE

Shaun Heng, vice president of growth and operations at CoinMarketCap told The Sun that it’s challenging to assess the risk of many crypto projects like Alchemy Pay.

And while he isn’t a fan of Alchemy Pay’s crypto-linked cards, he did tout one its partners Binance, which is the largest crypto exchange by trading volume globally.

Heng said: “The partnership with Binance is most definitely a good sign of validation for the project.”

BITCOIN SCORES NEW HIGH AFTER DORSEY TWEET

Bitcoin’s price hit a six-month-high of $62,000 after Dorsey tweeted about the possible Square development on Friday, according to CoinDesk and Business Insider.

That surge launched its year-to-date gains to 114 percent.

It was last trading around $64,200 on Tuesday afternoon.

SQUARE MAY BUILD BITCOIN MINING HARDWARE

Square CEO Jack Dorsey said the company may create a bitcoin mining rig in a tweet on Friday, according to Business Insider.

“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 late that day.

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

RISKS OF ROBINHOOD, PART THREE

In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.

If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.

RISKS OF ROBINHOOD, PART TWO

For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.

Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.

In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.

RISKS OF ROBINHOOD

When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.

If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.

Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.

For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.

Since then, the crypto spaced has endured volatility.

HOW MUCH HAS THE VALUE OF BITCOIN CHANGED, CONTINUED

“We believe the turnaround in sentiment towards bitcoin is due to constructive statements from SEC Chair Gary Gensler, potentially allowing a Bitcoin ETF in the US,” digital assets fund manager CoinShares wrote in a report on Monday.

“Our recent survey data also highlights greater institutional participation in the asset class.”

But keep in mind that September wasn’t the greatest month for Bitcoin.

HOW MUCH HAS THE VALUE OF BITCOIN CHANGED?

Bitcoin has jumped 26 percent in the past month.

Some of gains can be attributed to Gary Gensler, chair of the US Securities and Exchange Commission, repeating his support for Bitcoin exchange-traded funds (ETFs).

Instead of buying Bitcoin directly, the move means you invest in futures contracts.

WHAT ARE THE RISKS OF INVESTING IN BITCOIN?

Although the returns have been favorable in the past year – a potential investment can turn out poorly if bought too high.

For instance, Bitcoin was looking unstoppable when Elon Musk’s Tesla bought $1.5billion worth of the cryptocurrency earlier in the year.

But then the billionaire caused a big sell-off on Bitcoin when he said Tesla would stop accepting payments of the cryptocurrency.

Although Musk has said he thinks there’s a future with Bitcoin and Tesla, he has expressed environmental concerns over the cryptocurrency.

Since April 13, Bitcoin has dropped 10 percent to date.

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.