Bitcoin regained some lost ground to trade near $40,000 on Thursday, a day after a brutal selloff on concerns over tighter regulation in China and unease over the extent of leveraged positions in the cryptocurrency world.

The biggest and most popular cryptocurrency rose 9% to a touch below $40,000, after plunging 14% on Wednesday to its lowest since late January. Smaller rival ether was up 11% at $2,700 at 0829 GMT, after its 28% tumble.

Its bounce came after prominent crypto backers such Ark Invest's Cathie Wood and carmaker Tesla's Elon Musk indicated their support on Wednesday. Wood said in an interview with Bloomberg that she was still sticking to her $500,000 forecast.

Musk reiterated that Tesla was holding on to its bitcoin investments.

"People consider this as a 'buy the dip' moment, and many consider this as 'the last chance to buy bitcoin cheap'," said Ruud Feltkamp, chief executive at crypto trading bot Cryptohopper. "The next few months will show if the bull market will continue or if it's the start of the end of its run."

Wednesday's declines in both digital assets were one of their biggest daily percentage moves in more than a year as investors rushed to exit trades that until recently were outperforming traditional markets such as stocks and bonds.

The latest catalyst was a statement by Chinese financial industry bodies banning the use of cryptocurrencies in payment and settlement, and prohibiting institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or foreign currencies.

But bitcoin had already been under pressure for almost a week after a series of tweets from Musk, a major cryptocurrency backer, chiefly his reversal on Tesla accepting bitcoin as payment.

Analysts said the upheaval was far from over.

"It's too early to say if the rebound we’ve seen off the lows in crypto has legs," said Chris Weston, head of research at brokerage Pepperstone in Melbourne.

"I question if we will get a chance to catch our breath or is there more volatility in store?" he said.

Weston pointed to how $9.13 billion of cryptocurrency positions had been liquidated across exchanges over 24 hours, and $532 billion in total volume transacted.

The slide forced some investors to close out leveraged positions in cryptocurrency derivatives, which caused prices to fall further and knocked digital assets down into a lower trading range, traders said.

Coming off a six-fold jump on the back of rising usage in non-fungible tokens on digital art platforms, ether's selloff was far more damaging with the digital currency trading 39% below record highs.

James Quinn, managing director at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said the selling reflected huge crowded positions in ether.

"Sometimes a market event is looking for a cause. I think this is about positioning. Over the long term, maybe it’s positive because a very crowded trade from a lot of new entrants means there are a lot of new entrants," Quinn added.

Still, ether is up more than 270% so far this year and bitcoin's year-to-date gains stand at 37%.

While some retail traders saw missed opportunities in the slide, others saw the rout as a chance to pick up digital assets on the cheap.

Milko Markov, an independent London-based trader, said he had been buying ether.

"Those with a bit more experience in the crypto market know two cardinal rules: don't leverage and dollar cost average," he said. (Graphic: Bitcoin slumped 14% on May 19 - worst selloff since March 2020.

Bitcoin regained some lost ground to trade near $40,000 on Thursday, a day after a brutal selloff on concerns over tighter regulation in China and unease over the extent of leveraged positions in the cryptocurrency world.

Bitcoin regained some lost ground to trade near $40,000 on Thursday, a day after a brutal selloff on concerns over tighter regulation in China and unease over the extent of leveraged positions in the cryptocurrency world. The biggest and most popular cryptocurrency rose 9% to a touch below $40,000, after plunging 14% on Wednesday to its lowest since late January. Smaller rival ether was up 11% at $2,700 at 0829 GMT, after its 28% tumble. Its bounce came after prominent crypto backers such Ark Invest's Cathie Wood and carmaker Tesla's Elon Musk indicated their support on Wednesday. Wood said in an interview with Bloomberg that she was still sticking to her $500,000 forecast. Musk reiterated that Tesla was holding on to its bitcoin investments. "People consider this as a 'buy the dip' moment, and many consider this as 'the last chance to buy bitcoin cheap'," said Ruud Feltkamp, chief executive at crypto trading bot Cryptohopper. "The next few months will show if the bull market will continue or if it's the start of the end of its run." Wednesday's declines in both digital assets were one of their biggest daily percentage moves in more than a year as investors rushed to exit trades that until recently were outperforming traditional markets such as stocks and bonds. The latest catalyst was a statement by Chinese financial industry bodies banning the use of cryptocurrencies in payment and settlement, and prohibiting institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or foreign currencies. But bitcoin had already been under pressure for almost a week after a series of tweets from Musk, a major cryptocurrency backer, chiefly his reversal on Tesla accepting bitcoin as payment. Analysts said the upheaval was far from over. "It's too early to say if the rebound we’ve seen off the lows in crypto has legs," said Chris Weston, head of research at brokerage Pepperstone in Melbourne. "I question if we will get a chance to catch our breath or is there more volatility in store?" he said. Weston pointed to how $9.13 billion of cryptocurrency positions had been liquidated across exchanges over 24 hours, and $532 billion in total volume transacted. The slide forced some investors to close out leveraged positions in cryptocurrency derivatives, which caused prices to fall further and knocked digital assets down into a lower trading range, traders said. Coming off a six-fold jump on the back of rising usage in non-fungible tokens on digital art platforms, ether's selloff was far more damaging with the digital currency trading 39% below record highs. James Quinn, managing director at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said the selling reflected huge crowded positions in ether. "Sometimes a market event is looking for a cause. I think this is about positioning. Over the long term, maybe it’s positive because a very crowded trade from a lot of new entrants means there are a lot of new entrants," Quinn added. Still, ether is up more than 270% so far this year and bitcoin's year-to-date gains stand at 37%. While some retail traders saw missed opportunities in the slide, others saw the rout as a chance to pick up digital assets on the cheap. Milko Markov, an independent London-based trader, said he had been buying ether. "Those with a bit more experience in the crypto market know two cardinal rules: don't leverage and dollar cost average," he said. (Graphic: Bitcoin slumped 14% on May 19 - worst selloff since March 2020.

Bitcoin's star backers, dip buyers help cryptos recover

Bitcoin tumbled below the $40,000 mark on Wednesday for the first time in more than three months after China banned financial and payment institutions from providing cryptocurrency services.

Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/china-extends-its-cryptocurrency-ban-to-banks-385962/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

And in a statement, three state-backed industry associations said "cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded".

The price fluctuations "seriously violate people's asset safety and disrupt normal economic and financial order", said the statement, which was posted to social media by the People's Bank of China.

The notice warned consumers against wild speculation, adding that the "losses caused by investment transactions are borne by the consumers themselves" since Chinese law offers no protection to them.&nbsp;

It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers.

China is in the midst of a wide-ranging regulatory crackdown on its fintech sector, whose biggest players, including Alibaba and Tencent,&nbsp;have been hit with big fines after being found guilty of monopolistic practices.

The central bank has also sought to promote its own heavily regulated digital yuan, which it is testing across the country in pilot schemes.

Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from China sent it as low as $36,250, a 15 per cent&nbsp;drop in the trading session.

Bitcoin's decline whacked other crypto assets, with Ether, the coin linked to the ethereum blockchain network, shedding as much as 28% on Wednesday to $2,426. It brings losses in the week since it hit a record high on May 12 to 40 per cent.

Meme-based dogecoin also tumbled,&nbsp;losing nearly 30&nbsp;per cent&nbsp;at one point, according to market tracker Coingecko.

Shares in the crypto exchange Coinbase dropped 5&nbsp;per cent&nbsp;in pre-market trading. Coinbase's share price has nearly halved from the peak hit on the day of its direct listing in April.

Cryptocurrency price declines last week were sparked by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.

The crypto asset selloff at a time when inflation fears are rising hurts the idea of the asset class as an inflation hedge.

Instead, more traditional hedges have been gaining ground, with gold up almost 6&nbsp;per cent&nbsp;this month.

The recent selloff in bitcoin and other digital currencies has sent market capitalisation of all cryptocurrencies to $1.7 trillion, down from the $2.5 trillion record hit earlier this month.

Bitcoin tumbled below the $40,000 mark on Wednesday for the first time in more than three months after China banned financial and payment institutions from providing cryptocurrency services.

Bitcoin tumbled below the $40,000 mark on Wednesday for the first time in more than three months after China banned financial and payment institutions from providing cryptocurrency services. Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector. And in a statement, three state-backed industry associations said "cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded". The price fluctuations "seriously violate people's asset safety and disrupt normal economic and financial order", said the statement, which was posted to social media by the People's Bank of China. The notice warned consumers against wild speculation, adding that the "losses caused by investment transactions are borne by the consumers themselves" since Chinese law offers no protection to them. It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers. China is in the midst of a wide-ranging regulatory crackdown on its fintech sector, whose biggest players, including Alibaba and Tencent, have been hit with big fines after being found guilty of monopolistic practices. The central bank has also sought to promote its own heavily regulated digital yuan, which it is testing across the country in pilot schemes. Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from China sent it as low as $36,250, a 15 per cent drop in the trading session. Bitcoin's decline whacked other crypto assets, with Ether, the coin linked to the ethereum blockchain network, shedding as much as 28% on Wednesday to $2,426. It brings losses in the week since it hit a record high on May 12 to 40 per cent. Meme-based dogecoin also tumbled, losing nearly 30 per cent at one point, according to market tracker Coingecko. Shares in the crypto exchange Coinbase dropped 5 per cent in pre-market trading. Coinbase's share price has nearly halved from the peak hit on the day of its direct listing in April. Cryptocurrency price declines last week were sparked by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin. The crypto asset selloff at a time when inflation fears are rising hurts the idea of the asset class as an inflation hedge. Instead, more traditional hedges have been gaining ground, with gold up almost 6 per cent this month. The recent selloff in bitcoin and other digital currencies has sent market capitalisation of all cryptocurrencies to $1.7 trillion, down from the $2.5 trillion record hit earlier this month.

Bitcoin tumbles below $40,000 after China's new crypto ban

Bitcoin dropped to a three-month low on Monday as investors sold cryptocurrencies in the wake of Tesla boss Elon Musk's hinting over the weekend that the carmaker is considering to shed or may have already sold some of its bitcoin holdings.&nbsp;

Musk has boosted crypto markets with his enthusiasm for the asset class, but has lately roiled trade by appearing to cool on bitcoin in favour of its one-time parody, dogecoin. The gyrations are beginning to spook even steeled traders.&nbsp;

"This has gone from clear FOMO (fear of missing out) to fear of not getting out, and you’re seeing a lot of people dumping," said Chris Weston of brokerage Pepperstone in Melbourne, adding that he was looking at the 200-day moving average just below $40,000 as the next key test for bitcoin.&nbsp;

"Why would I want to buy bitcoin right now, even if I’m bullish, until the liquidation is over and you see some consolidation in price?"&nbsp;

Bitcoin fell more than 9% on Monday to as low as $42,185, its lowest since February 8, while ether, linked to the ethereum blockhain, fell even more to as low as $3,123.94. Dogecoin fell nearly 7% to $0.48, and all three are well under recent records.&nbsp;

On Wednesday, Musk said Tesla would stop taking bitcoin as payment, owing to environmental concerns about energy use to process transactions. Defending that decision on Sunday, he suggested Tesla may have sold its own holdings.&nbsp;

In response to an unverified Twitter account called @CryptoWhale, which said, "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn't blame him...," Musk wrote: "Indeed". &nbsp;

It is not clear whether he was confirming sales or whether he referred only to the fact that he had faced criticism.&nbsp;

Musk said Tesla would not sell its bitcoin, but the cryptocurrency has dropped by almost a quarter since Musk's reversal on Tesla taking it as payment.&nbsp;

On Tuesday, it was reported that Tesla is seeking to enter the multi-billion dollar US renewable credit market, hoping to profit from the Biden administration's march towards new zero-emission goals.&nbsp;

Dogecoin is also yet to fully recover from Musk describing it as a 'hustle’, although he did boost the price last week by saying he was working to improve its efficiency.&nbsp;

For an asset class that has surged this year, with dogecoin up about a hundredfold, ether up more than fourfold and bitcoin gaining 45%, some are beginning to call time on the wild ride.&nbsp;

"Our weekend trading has kicked up, and we`re looking at some serious liquidations through the exchanges," said Pepperstone's Weston.&nbsp;

"I am closing the short-bitcoin/long-ethereum trade and moving to the sidelines," he added. "I feel the dust really needs to settle here." &nbsp;

(With inputs from agencies)&nbsp;

Bitcoin dropped to a three-month low on Monday as investors sold cryptocurrencies in the wake of Tesla boss Elon Musk's hinting over the weekend that the carmaker is considering to shed or may have already sold some of its bitcoin holdings.

Bitcoin dropped to a three-month low on Monday as investors sold cryptocurrencies in the wake of Tesla boss Elon Musk's hinting over the weekend that the carmaker is considering to shed or may have already sold some of its bitcoin holdings. Musk has boosted crypto markets with his enthusiasm for the asset class, but has lately roiled trade by appearing to cool on bitcoin in favour of its one-time parody, dogecoin. The gyrations are beginning to spook even steeled traders. "This has gone from clear FOMO (fear of missing out) to fear of not getting out, and you’re seeing a lot of people dumping," said Chris Weston of brokerage Pepperstone in Melbourne, adding that he was looking at the 200-day moving average just below $40,000 as the next key test for bitcoin. "Why would I want to buy bitcoin right now, even if I’m bullish, until the liquidation is over and you see some consolidation in price?" Bitcoin fell more than 9% on Monday to as low as $42,185, its lowest since February 8, while ether, linked to the ethereum blockhain, fell even more to as low as $3,123.94. Dogecoin fell nearly 7% to $0.48, and all three are well under recent records. On Wednesday, Musk said Tesla would stop taking bitcoin as payment, owing to environmental concerns about energy use to process transactions. Defending that decision on Sunday, he suggested Tesla may have sold its own holdings. In response to an unverified Twitter account called @CryptoWhale, which said, "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn't blame him...," Musk wrote: "Indeed". It is not clear whether he was confirming sales or whether he referred only to the fact that he had faced criticism. Musk said Tesla would not sell its bitcoin, but the cryptocurrency has dropped by almost a quarter since Musk's reversal on Tesla taking it as payment. On Tuesday, it was reported that Tesla is seeking to enter the multi-billion dollar US renewable credit market, hoping to profit from the Biden administration's march towards new zero-emission goals. Dogecoin is also yet to fully recover from Musk describing it as a 'hustle’, although he did boost the price last week by saying he was working to improve its efficiency. For an asset class that has surged this year, with dogecoin up about a hundredfold, ether up more than fourfold and bitcoin gaining 45%, some are beginning to call time on the wild ride. "Our weekend trading has kicked up, and we`re looking at some serious liquidations through the exchanges," said Pepperstone's Weston. "I am closing the short-bitcoin/long-ethereum trade and moving to the sidelines," he added. "I feel the dust really needs to settle here." (With inputs from agencies)

Bitcoin hits three-month low as Musk drives investors to exit 

Tesla Inc boss&nbsp;Elon&nbsp;Musk has&nbsp;denounced the "insane" amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.

Musk, one of bitcoin's most ardent backers, tweeted a graph of bitcoin's power consumption and said: "Energy usage trend over past few months is insane."&nbsp;

Obtaining&nbsp;bitcoin&nbsp;is an energy-intensive endeavour, and the chart showed the evolution of its power usage, rising constantly from 2016 and accelerating sharply in 2020 on an annualized basis to hit its current level of 149 terawatt-hours (TWh), an all-time high.

That's compared to Google's entire energy usage of 12.2 TWh, and the approximately 200 TWh used by all data centers in the world except those that mine&nbsp;bitcoin, according to George Kamiya, an analyst at the International Energy Agency (IEA).

"If&nbsp;Bitcoin&nbsp;was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note.

Indeed, the IEA predicts the situation could worsen: if miners used the most energy intensive equipment, their consumption could rise to 500 TWh.

Citing its energy consumption particularly by miners who use coal, Musk on Wednesday said Tesla would no longer accept&nbsp;bitcoin&nbsp;as a means of payment for its electric cars.

The announcement sent the cyrptocurrency's value down 15 percent to a two-and-a-half month low, a reversal from late March, when Tesla announced it would accept the digital currency as payment after announcing a $1.5 billion investment in&nbsp;bitcoin.

The promise of a juicy reward has fueled the rise in giant data centers dedicated to&nbsp;bitcoin, which reached a $1 trillion market capitalization earlier this year, before falling back.

The cryptocurrency is earned by participants in the network called "miners," who solve deliberately complicated equations using brute force processing power under the so-called "proof of work" protocol.

"Proof of work" was one of the founding principles of the best-known cryptocurrency, created in 2008 by an anonymous person or group that wanted a decentralized digital currency.

The system is designed so that around every 10 minutes, the network awards some&nbsp;bitcoin&nbsp;to those who have successfully cracked the puzzle.&nbsp;

But as the price of&nbsp;bitcoin&nbsp;has risen, interest in obtaining it has followed, along with electricity consumption.

Last month, scientific journal Nature published a study saying that emissions from mining in China, which powers nearly 80 percent of the global cryptocurrency trade, could compromise the country's climate goals.

That country relies on a particularly polluting type of coal, lignite, to power some of its mining.

Bloomberg predicts that it will take until 2060 before China can meet its cryptocurrency industry's needs through renewable energy.

One way to reduce energy consumption would be to move away from the processor-intensive "proof of work" model, similar to changes being considered for the Ethereum cryptocurrency.

But it's hard to imagine&nbsp;bitcoin&nbsp;making such a change, which could make its network less secure and decentralized.

"Tesla's move might serve as a wake-up call to businesses and consumers using&nbsp;Bitcoin, who hadn't hitherto considered its carbon footprint," said Laith Khalaf, a financial analyst at AJ Bell.

"This highlights that the long-term adoption of cryptocurrencies by businesses, consumers and investors is still highly uncertain."

(With inputs from agencies)

Tesla Inc boss Elon Musk has denounced the "insane" amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.

Tesla Inc boss Elon Musk has denounced the "insane" amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns. Musk, one of bitcoin's most ardent backers, tweeted a graph of bitcoin's power consumption and said: "Energy usage trend over past few months is insane." Obtaining bitcoin is an energy-intensive endeavour, and the chart showed the evolution of its power usage, rising constantly from 2016 and accelerating sharply in 2020 on an annualized basis to hit its current level of 149 terawatt-hours (TWh), an all-time high. That's compared to Google's entire energy usage of 12.2 TWh, and the approximately 200 TWh used by all data centers in the world except those that mine bitcoin, according to George Kamiya, an analyst at the International Energy Agency (IEA). "If Bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note. Indeed, the IEA predicts the situation could worsen: if miners used the most energy intensive equipment, their consumption could rise to 500 TWh. Citing its energy consumption particularly by miners who use coal, Musk on Wednesday said Tesla would no longer accept bitcoin as a means of payment for its electric cars. The announcement sent the cyrptocurrency's value down 15 percent to a two-and-a-half month low, a reversal from late March, when Tesla announced it would accept the digital currency as payment after announcing a $1.5 billion investment in bitcoin. The promise of a juicy reward has fueled the rise in giant data centers dedicated to bitcoin, which reached a $1 trillion market capitalization earlier this year, before falling back. The cryptocurrency is earned by participants in the network called "miners," who solve deliberately complicated equations using brute force processing power under the so-called "proof of work" protocol. "Proof of work" was one of the founding principles of the best-known cryptocurrency, created in 2008 by an anonymous person or group that wanted a decentralized digital currency. The system is designed so that around every 10 minutes, the network awards some bitcoin to those who have successfully cracked the puzzle. But as the price of bitcoin has risen, interest in obtaining it has followed, along with electricity consumption. Last month, scientific journal Nature published a study saying that emissions from mining in China, which powers nearly 80 percent of the global cryptocurrency trade, could compromise the country's climate goals. That country relies on a particularly polluting type of coal, lignite, to power some of its mining. Bloomberg predicts that it will take until 2060 before China can meet its cryptocurrency industry's needs through renewable energy. One way to reduce energy consumption would be to move away from the processor-intensive "proof of work" model, similar to changes being considered for the Ethereum cryptocurrency. But it's hard to imagine bitcoin making such a change, which could make its network less secure and decentralized. "Tesla's move might serve as a wake-up call to businesses and consumers using Bitcoin, who hadn't hitherto considered its carbon footprint," said Laith Khalaf, a financial analyst at AJ Bell. "This highlights that the long-term adoption of cryptocurrencies by businesses, consumers and investors is still highly uncertain." (With inputs from agencies)

Here is why Elon Musk decried bitcoin's 'insane' energy use after Tesla payment U-turn

The price of bitcoin fell about 5 percent to $51,847 after Musk’s comments on Twitter. Tesla’s stock finished Wednesday down 4.4 percent.

Tesla suspends vehicle purchases using Bitcoin

Observing an increase in climate-harming emissions, <a href="https://www.wionews.com/topics/elon-musk?page=1">Elon Musk’s</a> electric car company, <a href="https://www.wionews.com/topics/tesla">Tesla</a>, has decided to temporary suspend payment for cars with bitcoin.

"Tesla has suspended vehicle purchase using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk&nbsp;said in a statement.

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Tesla &amp; Bitcoin <a href="https://t.co/YSswJmVZhP">pic.twitter.com/YSswJmVZhP</a>
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Also read |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-elon-musk-reveals-he-has-asperger%E2%80%99s-syndrome-on-%E2%80%98saturday-night-live%E2%80%99-383885" hreflang="en">Elon Musk reveals he has Asperger’s syndrome on ‘Saturday Night Live’</a>

Recently, Tesla shifted towards fulfilling its owner’s dream of making electric cars mainstream and tried to drive people away from combustion engines pumping out emissions contributing to climate change.

In a bid to give a boost to digital currency, in March, the electric car company started accepting bitcoin in exchange for electric cars from Tesla.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-says-it-appears-driver-was-at-the-wheel-in-crash-380728" hreflang="en">Elon Musk's Tesla says it appears driver was at the wheel in crash</a>

"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this can not come at great cost to the environment," the statement read.

Musk also said that Tesla will not be selling any of its bitcoin and will wait to resume bitcoin purchases and sales only after "mining transitions to more sustainable energy".

Meanwhile, the company is also looking at other options in digital currency that do not harm the environment like bitcoin.

Observing an increase in climate-harming emissions, Elon Musk’s electric car company, Tesla, has decided to temporary suspend payment for cars with bitcoin. "Tesla has suspended vehicle purchase using Bitcoin.

Observing an increase in climate-harming emissions, Elon Musk’s electric car company, Tesla, has decided to temporary suspend payment for cars with bitcoin. "Tesla has suspended vehicle purchase using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk said in a statement. Tesla & Bitcoin pic.twitter.com/YSswJmVZhP — Elon Musk (@elonmusk) May 12, 2021 × Also read | Elon Musk reveals he has Asperger’s syndrome on ‘Saturday Night Live’ Recently, Tesla shifted towards fulfilling its owner’s dream of making electric cars mainstream and tried to drive people away from combustion engines pumping out emissions contributing to climate change. In a bid to give a boost to digital currency, in March, the electric car company started accepting bitcoin in exchange for electric cars from Tesla. Also read | Elon Musk's Tesla says it appears driver was at the wheel in crash "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this can not come at great cost to the environment," the statement read. Musk also said that Tesla will not be selling any of its bitcoin and will wait to resume bitcoin purchases and sales only after "mining transitions to more sustainable energy". Meanwhile, the company is also looking at other options in digital currency that do not harm the environment like bitcoin.

Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions

Why is #DogeCoinToTheMoon trending? What is #BitcoinCrash? What's driving the whole crypto craze? Is it worth investing your real money? Or is it a risky gamble? On Gravitas Plus, Palki Sharma has a checklist you must not miss.

Gravitas Plus: Bitcoin, Cryptocurrency & Blockchain- What's driving the craze?

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets. Bitcoin, the most popular currency fell below USD 50,000 mark for the first time since March and slumped to USD 47,555.

News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

Other cryptocurrencies felt the heat of the negative sentiment too. Ether and XRP fell 3.5 per cent and 6.7 per cent respectively. while dogecoin, created as a joke for early crypto adopters and which had surged about 8,000% this year prior to this latest setback, was down 20% at $0.21, according to price and data tracker CoinGecko.&nbsp;

"With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment," said Nick Spanos, founder at Bitcoin Center NYC. He sees bitcoin dropping further in the coming days.

Bitcoin is on track for an 11.3% loss on the week, its worst weekly showing since late February. On the year, however, it was still up 72%.

But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary.

"I don't think Biden's taxes plans will have a big impact on bitcoin," said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper. "Bitcoin has only gone up for a long time, it is only natural to see a consolidation. Traders are simply cashing in on winnings."

Others also remained bullish on bitcoin's long term prospects, but noted it might take time before prices start increasing again.

"Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins," said Don Guo, chief executive officer at Broctagon Fintech Group. He added that for bitcoin, investors will see it as an opportunity to buy bitcoin at a lower price.

(With inputs from agencies)

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets.

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets. Bitcoin, the most popular currency fell below USD 50,000 mark for the first time since March and slumped to USD 47,555. News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. Other cryptocurrencies felt the heat of the negative sentiment too. Ether and XRP fell 3.5 per cent and 6.7 per cent respectively. while dogecoin, created as a joke for early crypto adopters and which had surged about 8,000% this year prior to this latest setback, was down 20% at $0.21, according to price and data tracker CoinGecko. "With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment," said Nick Spanos, founder at Bitcoin Center NYC. He sees bitcoin dropping further in the coming days. Bitcoin is on track for an 11.3% loss on the week, its worst weekly showing since late February. On the year, however, it was still up 72%. But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary. "I don't think Biden's taxes plans will have a big impact on bitcoin," said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper. "Bitcoin has only gone up for a long time, it is only natural to see a consolidation. Traders are simply cashing in on winnings." Others also remained bullish on bitcoin's long term prospects, but noted it might take time before prices start increasing again. "Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins," said Don Guo, chief executive officer at Broctagon Fintech Group. He added that for bitcoin, investors will see it as an opportunity to buy bitcoin at a lower price. (With inputs from agencies)

Bitcoin, other cryptocurrencies tumble over Biden tax plan fears

Bitcoin hit a record high above $62,000 on Tuesday as the cryptocurrency exchange Coinbase prepares to launch shares on Wall Street.&nbsp;

Bitcoin reached $62,377, a huge gain of 114 per cent since the start of the year.&nbsp;

After crashing in 2018, the value of bitcoin rebounded and it has set records since late last year -- rocketing from around $12,000 in October to more than $60,000 a month ago.&nbsp;

The arrival on Wednesday of cryptocurrency exchange Coinbase on the Nasdaq is one of Wall Street's most anticipated events of the year even though some question whether the cryptocurrency market is sustainable.&nbsp;

Estimates of Coinbase's value vary depending on how it is calculated, but its capitalisation is expected to range from $70 to $100 billion.&nbsp;

That would make it the largest initial public offer (IPO) for a US company since Facebook in 2012.&nbsp;

Founded in 2012, the platform allows users to buy and sell about 50 cryptocurrencies.&nbsp;

The cryptocurrency market has grown exponentially in 2021 and is now worth a staggering $2.0 trillion as it increasingly attracts interest from big names on Wall Street.&nbsp;

While anybody can 'mine' for new bitcoins, to do so requires giant data centres, which has led to platforms, such as Coinbase providing a way of trading in cryptocurrencies.&nbsp;

Banks and payment services, such as Paypal, allow transactions in certain digital currencies.&nbsp;

Despite 12-year-old bitcoin's volatility and limitations as a means of payment, it is seen as a store of value to rival and perhaps one day surpass gold as a haven investment in the face of high inflation for example.&nbsp;

Electric car giant Tesla has invested $1.5 billion in bitcoin and in March began accepting the currency as payment.&nbsp;

Tesla's multi-billionaire chief executive Elon Musk has also used social media to espouse the merits of cryptocurrencies, helping to lift interest and prices.&nbsp;

(With inputs from agencies)&nbsp;

Bitcoin hit a record high above $62,000 on Tuesday as the cryptocurrency exchange Coinbase prepares to launch shares on Wall Street. Bitcoin reached $62,377, a huge gain of 114 per cent since the start of the year.

Bitcoin hit a record high above $62,000 on Tuesday as the cryptocurrency exchange Coinbase prepares to launch shares on Wall Street. Bitcoin reached $62,377, a huge gain of 114 per cent since the start of the year. After crashing in 2018, the value of bitcoin rebounded and it has set records since late last year -- rocketing from around $12,000 in October to more than $60,000 a month ago. The arrival on Wednesday of cryptocurrency exchange Coinbase on the Nasdaq is one of Wall Street's most anticipated events of the year even though some question whether the cryptocurrency market is sustainable. Estimates of Coinbase's value vary depending on how it is calculated, but its capitalisation is expected to range from $70 to $100 billion. That would make it the largest initial public offer (IPO) for a US company since Facebook in 2012. Founded in 2012, the platform allows users to buy and sell about 50 cryptocurrencies. The cryptocurrency market has grown exponentially in 2021 and is now worth a staggering $2.0 trillion as it increasingly attracts interest from big names on Wall Street. While anybody can 'mine' for new bitcoins, to do so requires giant data centres, which has led to platforms, such as Coinbase providing a way of trading in cryptocurrencies. Banks and payment services, such as Paypal, allow transactions in certain digital currencies. Despite 12-year-old bitcoin's volatility and limitations as a means of payment, it is seen as a store of value to rival and perhaps one day surpass gold as a haven investment in the face of high inflation for example. Electric car giant Tesla has invested $1.5 billion in bitcoin and in March began accepting the currency as payment. Tesla's multi-billionaire chief executive Elon Musk has also used social media to espouse the merits of cryptocurrencies, helping to lift interest and prices. (With inputs from agencies)

Bitcoin hits record high above $62,000 

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency.

MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars.

While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29.

"HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement.

HSBC InvestDirect is available to customers in countries including Canada and Britain.

The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to.

The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates.

Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class.

MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury.

MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product". The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency. MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars. While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29. "HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement. HSBC InvestDirect is available to customers in countries including Canada and Britain. The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to. The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates. Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class. MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury. MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC bans customers from buying bitcoin-backer MicroStrategy shares

Peter Thiel, a Conservative political donor and a venture capitalist, has urged the Joe Biden government to tighten regulations on crypto currencies, warning them against a possible attack from China.

A pro-Bitcoin maximalist himself, Thiel believes the cryptocurrency has the potential to undermine the US.

The warning from Thiel came at a virtual event held for members of the Richard Nixon Foundation.

“I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US," Thiel said.

“It threatens fiat money, but it especially threatens the U.S. dollar,” he added. “[If] China’s long Bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works.”

Interestingly, former US secretary Mike Pompeo and former National Security Advisor Robert O’Brien were also present at the event. The conversation was largely focused on the sour relationships between the US and China.

The conversation was moderated by Hugh Hewitt, a talk show radio host and chief executive of Nixon Foundation.

Thiel also accused the tech giant Google of working against the American spirit and asked employees in the company’s artificial intelligence (AI) department whether or not their technologies were being used by China to suppress minority communities in Xinjiang region’s Uighur camps.

“Well, we don’t really know—and don’t ask any questions,” Thiel said. “You have this almost magical thinking that by pretending that everything is fine, that’s how you engage and have a conversation.”

It is not simply Google, Thiel also attacked Apple Inc, describing it as a problem for the US interests. “Apple is probably the one [tech company] that’s structurally a real problem,” he said. “Apple is the one that has real synergies with China.”

Peter Thiel, a Conservative political donor and a venture capitalist, has urged the Joe Biden government to tighten regulations on crypto currencies, warning them against a possible attack from China.

Peter Thiel, a Conservative political donor and a venture capitalist, has urged the Joe Biden government to tighten regulations on crypto currencies, warning them against a possible attack from China. A pro-Bitcoin maximalist himself, Thiel believes the cryptocurrency has the potential to undermine the US. The warning from Thiel came at a virtual event held for members of the Richard Nixon Foundation. “I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US," Thiel said. “It threatens fiat money, but it especially threatens the U.S. dollar,” he added. “[If] China’s long Bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works.” Interestingly, former US secretary Mike Pompeo and former National Security Advisor Robert O’Brien were also present at the event. The conversation was largely focused on the sour relationships between the US and China. The conversation was moderated by Hugh Hewitt, a talk show radio host and chief executive of Nixon Foundation. Thiel also accused the tech giant Google of working against the American spirit and asked employees in the company’s artificial intelligence (AI) department whether or not their technologies were being used by China to suppress minority communities in Xinjiang region’s Uighur camps. “Well, we don’t really know—and don’t ask any questions,” Thiel said. “You have this almost magical thinking that by pretending that everything is fine, that’s how you engage and have a conversation.” It is not simply Google, Thiel also attacked Apple Inc, describing it as a problem for the US interests. “Apple is probably the one [tech company] that’s structurally a real problem,” he said. “Apple is the one that has real synergies with China.”

Bitcoin can be 'Chinese financial weapon' against US, warns cryptocurrency investor Peter Thiel

China's electricity-hungry bitcoin mines that power nearly 80 per cent of the global trade in cryptocurrencies risk undercutting the country's climate goals, a study in the journal Nature said on Tuesday.

Bitcoin and other cryptocurrencies are minted by solving puzzles using powerful computers that consume enormous amounts of electricity -- much of it produced by coal plants.

The Nature study found that unchecked, China's bitcoin mines will generate 130.50 million metric tons of carbon emissions by 2024 -- close to the annual greenhouse gas emissions from Italy or oil-rich Saudi Arabia.

Chinese companies with access to cheap electricity and hardware handled 78.89 per cent of global bitcoin blockchain operations as of April 2020, the study said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/cryptocurrency-market-value-crosses-2-trillion-mark-for-first-time-375846" hreflang="en">Cryptocurrency market value crosses $2 trillion mark for first time</a>

This involves minting new coins and keeping track of cryptocurrency transactions.

About 40 per cent of China's bitcoin mines are powered with coal, while the rest use renewables, the study said.

But the coal-guzzling rigs are so large they could end up undermining Beijing's pledge to peak carbon emissions before 2030 and become carbon neutral by 2060, it warned.

"The intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort," co-author Wang Shouyang from the Chinese Academy of Sciences told AFP.

The government should focus on upgrading the power grid to ensure a stable supply from renewable sources, Wang said.

"Since energy prices in clean-energy regions of China are lower than that in coal-powered regions... miners would then have more incentives to move to regions with clean energy."

This year the crypto-mining industry is expected to use 0.6 percent of the world's total electricity production, or more than the annual use of Norway, according to Cambridge University's Bitcoin Electricity Consumption Index.

The price of a bitcoin has surged fivefold in the past year, reaching a record high of over $61,000 in March, and is now hovering just below the $60,000 mark.

Given the profits available, Wang said imposing carbon taxes was not enough to deter miners.

China banned trading in cryptocurrencies in 2019 to prevent money laundering, but mining is permitted.

Coal-rich regions are now pushing out bitcoin miners as they struggle to curb emissions.

Last month, Inner Mongolia announced plans to end the power-hungry practice of cryptocurrency mining by the end of April after the region failed to meet annual energy consumption targets.

The region accounted for eight per cent of the computing power needed to run the global blockchain -- a set of online ledgers to record bitcoin transactions.

That is higher than the amount of computing power dedicated to blockchain in the United States.

Nasdaq-listed Bitmain, which operates one of the biggest cryptocurrency mining pools in the world, said they were shifting operations in Inner Mongolia to areas with more hydropower like Yunnan.

China's electricity-hungry bitcoin mines that power nearly 80 per cent of the global trade in cryptocurrencies risk undercutting the country's climate goals, a study in the journal Nature said on Tuesday.

China's electricity-hungry bitcoin mines that power nearly 80 per cent of the global trade in cryptocurrencies risk undercutting the country's climate goals, a study in the journal Nature said on Tuesday. Bitcoin and other cryptocurrencies are minted by solving puzzles using powerful computers that consume enormous amounts of electricity -- much of it produced by coal plants. The Nature study found that unchecked, China's bitcoin mines will generate 130.50 million metric tons of carbon emissions by 2024 -- close to the annual greenhouse gas emissions from Italy or oil-rich Saudi Arabia. Chinese companies with access to cheap electricity and hardware handled 78.89 per cent of global bitcoin blockchain operations as of April 2020, the study said. Also read | Cryptocurrency market value crosses $2 trillion mark for first time This involves minting new coins and keeping track of cryptocurrency transactions. About 40 per cent of China's bitcoin mines are powered with coal, while the rest use renewables, the study said. But the coal-guzzling rigs are so large they could end up undermining Beijing's pledge to peak carbon emissions before 2030 and become carbon neutral by 2060, it warned. "The intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort," co-author Wang Shouyang from the Chinese Academy of Sciences told AFP. The government should focus on upgrading the power grid to ensure a stable supply from renewable sources, Wang said. "Since energy prices in clean-energy regions of China are lower than that in coal-powered regions... miners would then have more incentives to move to regions with clean energy." This year the crypto-mining industry is expected to use 0.6 percent of the world's total electricity production, or more than the annual use of Norway, according to Cambridge University's Bitcoin Electricity Consumption Index. The price of a bitcoin has surged fivefold in the past year, reaching a record high of over $61,000 in March, and is now hovering just below the $60,000 mark. Given the profits available, Wang said imposing carbon taxes was not enough to deter miners. China banned trading in cryptocurrencies in 2019 to prevent money laundering, but mining is permitted. Coal-rich regions are now pushing out bitcoin miners as they struggle to curb emissions. Last month, Inner Mongolia announced plans to end the power-hungry practice of cryptocurrency mining by the end of April after the region failed to meet annual energy consumption targets. The region accounted for eight per cent of the computing power needed to run the global blockchain -- a set of online ledgers to record bitcoin transactions. That is higher than the amount of computing power dedicated to blockchain in the United States. Nasdaq-listed Bitmain, which operates one of the biggest cryptocurrency mining pools in the world, said they were shifting operations in Inner Mongolia to areas with more hydropower like Yunnan.

China's bitcoin mining rush risks derailing climate goals

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions. According to cryptocurrency data tracker CoinGecko(dot)com, cryptocurrency’s market value crossed the $2 trillion mark on Monday evening and then dropped to $1.99 trillion on Tuesday.

Now, cryptocurrencies are&nbsp;valued on par with big conglomerates like Apple and Saudi AramCo who’ve also hit the $2 trillion milestone in the last few years. Over the last two months, the cryptocurrency market has doubled as companies embrace the currencies.

The surge in valuation was caused by Ether, the second-largest digital coin based on market value. This year, its price has increased by 181 per cent, climbing as high $2,151.25 on Monday. Ether is powered by the Ethereum blockchain network, which also hosts the ever-growing market for non-fungible tokens.

Also read:&nbsp;<a href="http://13.235.153.162/technology/nfts-are-neither-miracles-nor-scams-374760" hreflang="en">NFTs are neither miracles nor scams</a>

The market has doubled in value in less than two months. Last month, NFT was accepted as a mode of payment by Christie’s auction to sell a Beeple artwork which was sold $69 million.

Twitter CEO Jack Dorsey also endorsed NFTs by selling the first ever tweet through Ether.&nbsp;Tesla mogul Elon Musk isn’t far behind. The SpaceX visionary also said that people may now buy electric vehicles with bitcoin.

Also read:&nbsp;<a href="http://13.235.153.162/world/elon-musk-says-tesla-customers-can-buy-its-electric-vehicles-with-bitcoin-372845" hreflang="en">Elon Musk says Tesla customers can buy its electric vehicles with bitcoin</a>

Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and&nbsp;open source software", he said.

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions.

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions. According to cryptocurrency data tracker CoinGecko(dot)com, cryptocurrency’s market value crossed the $2 trillion mark on Monday evening and then dropped to $1.99 trillion on Tuesday. Now, cryptocurrencies are valued on par with big conglomerates like Apple and Saudi AramCo who’ve also hit the $2 trillion milestone in the last few years. Over the last two months, the cryptocurrency market has doubled as companies embrace the currencies. The surge in valuation was caused by Ether, the second-largest digital coin based on market value. This year, its price has increased by 181 per cent, climbing as high $2,151.25 on Monday. Ether is powered by the Ethereum blockchain network, which also hosts the ever-growing market for non-fungible tokens. Also read: NFTs are neither miracles nor scams The market has doubled in value in less than two months. Last month, NFT was accepted as a mode of payment by Christie’s auction to sell a Beeple artwork which was sold $69 million. Twitter CEO Jack Dorsey also endorsed NFTs by selling the first ever tweet through Ether. Tesla mogul Elon Musk isn’t far behind. The SpaceX visionary also said that people may now buy electric vehicles with bitcoin. Also read: Elon Musk says Tesla customers can buy its electric vehicles with bitcoin Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and open source software", he said.

Cryptocurrency market value crosses $2 trillion mark for first time

Major payments platform Visa announced that it will allow the use of cryptocurrency USD Coin to settle transactions on its network in a move to promote digital currencies and bitcoin.

World Business Watch: Visa to open payment option on Crypto platforms

Elon Musk said on Wednesday that&nbsp;Tesla Inc customers can now buy its electric vehicles with bitcoin,&nbsp;marking a significant step forward for the cryptocurrency's use in commerce.

"You can now buy a Tesla with bitcoin," Musk said on Twitter, adding that the option would be available outside the United States later this year.

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You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1374617643446063105?ref_src=twsrc%5Etfw">March 24, 2021</a></blockquote>
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The electric-car maker said last month it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for cars, in a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.

Bitcoin, the world's biggest digital currency, rose more than 4 per cent&nbsp;after Musk's tweet and was last trading at $56,429.

Also read|&nbsp;<a href="https://www.wionews.com/world/tesla-ceo-elon-musk-calls-himself-bitcoin-supporter-prices-soar-360630">Tesla CEO Elon Musk calls himself Bitcoin 'supporter'; prices soar</a>

Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and&nbsp;open source software", he said.

Most mainstream companies such as AT&amp;T Inc and Microsoft Corp that allow customers to pay with bitcoin typically use specialist payment processors that convert the cryptocurrency into, say, dollars and send the sum to the company.

Like other cryptocurrencies, bitcoin is still little used for commerce in major economies, hampered by its volatility and relatively costly and slow processing times.

Musk, who regularly posts comments on Twitter about cryptocurrencies, last month criticised conventional cash, saying when it "has negative real interest, only a fool wouldn't look elsewhere".

He had said that the difference with cash made it "adventurous enough" for the S&amp;P 500 company to hold the cryptocurrency.

Following Tesla's investment in bitcoin, companies including Mastercard Inc and Bank of New York Mellon Corp have embraced the emerging asset, sparking predictions that bitcoin and other cryptocurrencies will become a regular part of investment portfolios.

Uber Chief Executive Dara Khosrowshahi said the ride-hailing company discussed and "quickly dismissed" the idea of investing in bitcoin. However, he said Uber could potentially accept the cryptocurrency as payment.

General Motors Co said it would evaluate whether bitcoin could be accepted as payment for its vehicles.

Tesla recently added "Technoking of Tesla" to Musk's list of official titles.

Elon Musk said on Wednesday that Tesla Inc customers can now buy its electric vehicles with bitcoin, marking a significant step forward for the cryptocurrency's use in commerce.

Elon Musk said on Wednesday that Tesla Inc customers can now buy its electric vehicles with bitcoin, marking a significant step forward for the cryptocurrency's use in commerce. "You can now buy a Tesla with bitcoin," Musk said on Twitter, adding that the option would be available outside the United States later this year. You can now buy a Tesla with Bitcoin — Elon Musk (@elonmusk) March 24, 2021 × The electric-car maker said last month it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for cars, in a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000. Bitcoin, the world's biggest digital currency, rose more than 4 per cent after Musk's tweet and was last trading at $56,429. Also read| Tesla CEO Elon Musk calls himself Bitcoin 'supporter'; prices soar Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and open source software", he said. Most mainstream companies such as AT&T Inc and Microsoft Corp that allow customers to pay with bitcoin typically use specialist payment processors that convert the cryptocurrency into, say, dollars and send the sum to the company. Like other cryptocurrencies, bitcoin is still little used for commerce in major economies, hampered by its volatility and relatively costly and slow processing times. Musk, who regularly posts comments on Twitter about cryptocurrencies, last month criticised conventional cash, saying when it "has negative real interest, only a fool wouldn't look elsewhere". He had said that the difference with cash made it "adventurous enough" for the S&P 500 company to hold the cryptocurrency. Following Tesla's investment in bitcoin, companies including Mastercard Inc and Bank of New York Mellon Corp have embraced the emerging asset, sparking predictions that bitcoin and other cryptocurrencies will become a regular part of investment portfolios. Uber Chief Executive Dara Khosrowshahi said the ride-hailing company discussed and "quickly dismissed" the idea of investing in bitcoin. However, he said Uber could potentially accept the cryptocurrency as payment. General Motors Co said it would evaluate whether bitcoin could be accepted as payment for its vehicles. Tesla recently added "Technoking of Tesla" to Musk's list of official titles.

Elon Musk says Tesla customers can buy its electric vehicles with bitcoin

A Florida teenager has been sentenced to three years in prison for hacking the Twitter accounts of prominent politicians and celebrities last year, and scamming people around the globe out of more than $100,000 in Bitcoin.

Graham Ivan Clark pleaded guilty to multiple fraud charges as part of a deal with Hillsborough County prosecutors. He was then tried in state court instead of federal court because he was 17 at the time of the crimes.

According to the Tampa Bay Times, the 18-year-old was the mastermind behind the scheme to take over prominent Twitter accounts and send tweets seeking Bitcoin payments.&nbsp;

During the high-profile security breach on July 15 last year, tweets were sent from the accounts of Barack Obama, Joe Biden, Mike Bloomberg and a number of tech billionaires including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk.&nbsp;

Celebrities Kanye West and his wife, Kim Kardashian West, were also targeted.

A Florida teenager has been sentenced to three years in prison for hacking the Twitter accounts of prominent politicians and celebrities last year, and scamming people around the globe out of more than $100,000 in Bitcoin.

A Florida teenager has been sentenced to three years in prison for hacking the Twitter accounts of prominent politicians and celebrities last year, and scamming people around the globe out of more than $100,000 in Bitcoin. Graham Ivan Clark pleaded guilty to multiple fraud charges as part of a deal with Hillsborough County prosecutors. He was then tried in state court instead of federal court because he was 17 at the time of the crimes. According to the Tampa Bay Times, the 18-year-old was the mastermind behind the scheme to take over prominent Twitter accounts and send tweets seeking Bitcoin payments. During the high-profile security breach on July 15 last year, tweets were sent from the accounts of Barack Obama, Joe Biden, Mike Bloomberg and a number of tech billionaires including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk. Celebrities Kanye West and his wife, Kim Kardashian West, were also targeted.

Florida teen sent to three years in jail for hacking Twitter accounts of Biden, Gates, Kim Karashian

Bitcoin continued its record-breaking run on Saturday as it briefly rose above USD 60,000 for the first time on Saturday. The most popular virtual currency hit the new high with increasing backing from corporate heavyweights. The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap.

Since March last year, Bitcoin has seen a meteoric rise. At that time, it stood at USD 5000. It's rise has been spurred, in part, by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

Last month Elon Musk's electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin "the internet's currency".

Others jumping on the bandwagon include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard.

Bitcoin hit headlines in 2017 after it rose from less than USD 1000 in January to almost USD 20,000 in December that year.

However the last year's rise has been more steady, with investors and Wall Street finance giants wooed by dizzying growth, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation.

Bitcoins are traded via a decentralised registry system known as a blockchain.

The system requires massive computer processing power in order to manage and implement transactions.

That power is provided by "miners", who do so in the hope they will receive new bitcoins for validating transaction data.

(With AFP inputs)

Bitcoin continued its record-breaking run on Saturday as it briefly rose above USD 60,000 for the first time on Saturday. The most popular virtual currency hit the new high with increasing backing from corporate heavyweights.

Bitcoin continued its record-breaking run on Saturday as it briefly rose above USD 60,000 for the first time on Saturday. The most popular virtual currency hit the new high with increasing backing from corporate heavyweights. The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap. Since March last year, Bitcoin has seen a meteoric rise. At that time, it stood at USD 5000. It's rise has been spurred, in part, by online payments giant PayPal saying it would allow account holders to use cryptocurrency. Last month Elon Musk's electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin "the internet's currency". Others jumping on the bandwagon include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard. Bitcoin hit headlines in 2017 after it rose from less than USD 1000 in January to almost USD 20,000 in December that year. However the last year's rise has been more steady, with investors and Wall Street finance giants wooed by dizzying growth, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation. Bitcoins are traded via a decentralised registry system known as a blockchain. The system requires massive computer processing power in order to manage and implement transactions. That power is provided by "miners", who do so in the hope they will receive new bitcoins for validating transaction data. (With AFP inputs)

Bitcoin goes past USD 60,000 for first time

Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity.

"just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs).

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NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media. Dorsey, a known bitcoin enthusiast, said the auction will end on March 21.

Payments company Square Inc, also led by Dorsey, invested $170 million more in bitcoin last month, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors.

Dorsey's 15-year old tweet could attract bidders to pay a high price for the digital memorabilia. The highest bid for the tweet stood at $2.5 million as of 17:05 GMT on Tuesday.

The proceeds are being donated to GiveDirectly, a fundraising project to give cash directly to families experiencing extreme poverty in Africa.

Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity. "just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs).

Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity. "just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs). View this post on Instagram A post shared by WION (@wionews) NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media. Dorsey, a known bitcoin enthusiast, said the auction will end on March 21. Payments company Square Inc, also led by Dorsey, invested $170 million more in bitcoin last month, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors. Dorsey's 15-year old tweet could attract bidders to pay a high price for the digital memorabilia. The highest bid for the tweet stood at $2.5 million as of 17:05 GMT on Tuesday. The proceeds are being donated to GiveDirectly, a fundraising project to give cash directly to families experiencing extreme poverty in Africa.

Jack Dorsey to convert proceeds from auction of first tweet to bitcoin

Tesla Inc shares slid 8.6 per cent on Monday wiping out over $15 billion of Elon <a href="https://www.wionews.com/world/moo-away-french-villagers-deny-permission-to-elon-musk-for-installing-starlinks-antennas-364966">Musk's</a> net worth after the billionaire commented over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.”

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-tesla-hits-regulatory-roadblocks-362749/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Last week, <a href="https://www.wionews.com/business-economy/bitcoin-rises-above-50000-for-the-first-time-ever-364063">Bitcoin </a>prices had reached an all-time high at $55.155 after several corporate giants had embraced the digital unit with the entire market worth at $1.015 trillion.

<a href="https://www.wionews.com/business-economy/bitcoin-approaches-50000-wider-adoption-fuels-record-rally-363623">Bitcoin</a> had blasted past $50,000 last Tuesday, a week after Tesla revealed it had invested $1.5 billion in the unit. At the time, Musk had said &nbsp;"fiat currency has negative real interest, only a fool wouldn't look elsewhere."

Musk's sought after car company Tesla had earlier unveiled plans to accept cryptocurrency from customers buying its vehicles. Just 12 years old, bitcoin has rocketed since last March when it stood at $5,000.

"In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash," Tesla said, adding," "we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future, &nbsp;also begin accepting bitcoin as a form of payment for our products in the near future," Tesla had said.

However, Tesla had acknowledged to the SEC&nbsp;that digital assets "may continue to be highly volatile" and vulnerable to "malicious" technology-based attacks.

Musk had earlier briefly changed his Twitter bio to read #bitcoin and had taken to social media to promote dogecoin.

Tesla Inc shares slid 8.6 per cent on Monday wiping out over $15 billion of Elon Musk's net worth after the billionaire commented over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.

Tesla Inc shares slid 8.6 per cent on Monday wiping out over $15 billion of Elon Musk's net worth after the billionaire commented over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” Watch: Last week, Bitcoin prices had reached an all-time high at $55.155 after several corporate giants had embraced the digital unit with the entire market worth at $1.015 trillion. Bitcoin had blasted past $50,000 last Tuesday, a week after Tesla revealed it had invested $1.5 billion in the unit. At the time, Musk had said "fiat currency has negative real interest, only a fool wouldn't look elsewhere." Musk's sought after car company Tesla had earlier unveiled plans to accept cryptocurrency from customers buying its vehicles. Just 12 years old, bitcoin has rocketed since last March when it stood at $5,000. "In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash," Tesla said, adding," "we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future, also begin accepting bitcoin as a form of payment for our products in the near future," Tesla had said. However, Tesla had acknowledged to the SEC that digital assets "may continue to be highly volatile" and vulnerable to "malicious" technology-based attacks. Musk had earlier briefly changed his Twitter bio to read #bitcoin and had taken to social media to promote dogecoin.

Tesla chief Elon Musk loses $15 billion in a day after Bitcoin warning

Cryptocurrency Bitcoin on Tuesday rose above $50,000 for the first time ever.&nbsp;

The record high stood at $50,602, and has risen by 72 per cent this year. Most of the gains were recorded after Tesla, the carmaking giant said that it had bought $1.5 billion in the cryptocurrency.

The currency is quickly gaining acceptance by investors across the board. In addition, Tesla said that it would now accept the currency as payment.

On February 8, Bitcoin hit its previous record-high above $43,000 &nbsp;after electric carmaker Tesla invested $1.5 billion in the digital currency. The cryptocurrency has been up by around 50 per cent since the start of the year.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/india-mulls-bitcoin-ban-existing-investors-to-get-transition-period-363262" hreflang="en">India mulls Bitcoin ban, existing investors to get transition period</a>

Bitcoin hit $43,725.51 around 1300 GMT on February 8, before cooling slightly to $42,352.&nbsp;

Tesla's decision came just days after CEO Elon Musk changed his Twitter bio to simply read "#bitcoin." The announcement came in a US Securities and Exchange Commission document.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximising its returns on cash. It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term".

It is now expected that Tesla would soon begin accepting payment for its cars and other products with bitcoin in the near future.

Cryptocurrency Bitcoin on Tuesday rose above $50,000 for the first time ever. The record high stood at $50,602, and has risen by 72 per cent this year. Most of the gains were recorded after Tesla, the carmaking giant said that it had bought $1.

Cryptocurrency Bitcoin on Tuesday rose above $50,000 for the first time ever. The record high stood at $50,602, and has risen by 72 per cent this year. Most of the gains were recorded after Tesla, the carmaking giant said that it had bought $1.5 billion in the cryptocurrency. The currency is quickly gaining acceptance by investors across the board. In addition, Tesla said that it would now accept the currency as payment. On February 8, Bitcoin hit its previous record-high above $43,000 after electric carmaker Tesla invested $1.5 billion in the digital currency. The cryptocurrency has been up by around 50 per cent since the start of the year. Also read: India mulls Bitcoin ban, existing investors to get transition period Bitcoin hit $43,725.51 around 1300 GMT on February 8, before cooling slightly to $42,352. Tesla's decision came just days after CEO Elon Musk changed his Twitter bio to simply read "#bitcoin." The announcement came in a US Securities and Exchange Commission document. Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximising its returns on cash. It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term". It is now expected that Tesla would soon begin accepting payment for its cars and other products with bitcoin in the near future.

Bitcoin rises above $50,000 for the first time ever

It is up more than 60% for the year to date and has gained more than 1,100% since hitting a one-year low last March

Another record high for Bitcoin, approaches $50,000

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency.

Bitcoin recently stood at $48,700 on Sunday morning, up more than 3%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70% year to date.

After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle.

BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk`s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars.

On Friday, Canada`s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world`s first bitcoin exchange-traded fund, in a separate statement to Reuters.

“The institutional side and corporate America is showing that this movement is not going away anytime soon,” said Edward Moya, senior market strategist at OANDA. “There’s still a raft of big money that’s going to jump onto this bandwagon.”

Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies.

In January, BlackRock Inc, the world`s largest asset manager, added bitcoin as an eligible investment to two funds. Credit card giant Mastercard`s plans to offer support for some cryptocurrencies also boosted bitcoin`s ambitions towards mainstream finance, though many banks remain reluctant to engage with it.

Cryptocurrency miner Riot Blockchain rose 14% on Friday and hit its highest in over 10 years with a weekly gain of 110%, its biggest weekly gain since 2017. Digital asset tech company Marathon Patent Group showed a weekly gain of over 70%.

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency.

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency. Bitcoin recently stood at $48,700 on Sunday morning, up more than 3%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70% year to date. After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle. BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk`s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars. On Friday, Canada`s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world`s first bitcoin exchange-traded fund, in a separate statement to Reuters. “The institutional side and corporate America is showing that this movement is not going away anytime soon,” said Edward Moya, senior market strategist at OANDA. “There’s still a raft of big money that’s going to jump onto this bandwagon.” Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies. In January, BlackRock Inc, the world`s largest asset manager, added bitcoin as an eligible investment to two funds. Credit card giant Mastercard`s plans to offer support for some cryptocurrencies also boosted bitcoin`s ambitions towards mainstream finance, though many banks remain reluctant to engage with it. Cryptocurrency miner Riot Blockchain rose 14% on Friday and hit its highest in over 10 years with a weekly gain of 110%, its biggest weekly gain since 2017. Digital asset tech company Marathon Patent Group showed a weekly gain of over 70%.

Bitcoin approaches $50,000, wider adoption fuels record rally

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings.&nbsp;

Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

This would include a ban on transacting directly via foreign exchanges.

Seven million investors hold cryptocurrencies in India worth more than one billion dollars.&nbsp;The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament.

Does this mean the end of the road for cryptocurrencies in India?&nbsp;

Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger.

Also Read | <a href="https://www.wionews.com/world/archaeologists-unearth-worlds-oldest-beer-brewery-in-egypt-363522">Archaeologists unearth 'world's oldest' beer brewery in Egypt</a>

That drives — all types of cryptocurrencies.

An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017.

Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it.&nbsp;

MasterCard and Visa have opened their payments network for some cryptocurrencies.&nbsp;

Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin.

The company bought more 1.5 billion dollars worth of bitcoin.

It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system.

India cannot afford to ignore this shift but it needs a legal framework first.

(With inputs from agencies)

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament. This would include a ban on transacting directly via foreign exchanges. Seven million investors hold cryptocurrencies in India worth more than one billion dollars. The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament. Does this mean the end of the road for cryptocurrencies in India? Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger. Also Read | Archaeologists unearth 'world's oldest' beer brewery in Egypt That drives — all types of cryptocurrencies. An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017. Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it. MasterCard and Visa have opened their payments network for some cryptocurrencies. Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin. The company bought more 1.5 billion dollars worth of bitcoin. It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system. India cannot afford to ignore this shift but it needs a legal framework first. (With inputs from agencies)

India mulls Bitcoin ban, existing investors to get transition period

According to reports, India will impose a complete ban on cryptocurrencies, according to one estimate 7 million investors hold cryptocurrencies in India worth more than 1 billion dollars. Does this mean the end of the road for cryptocurrencies in India? Not really, the bill may include certain exceptions. Wion brings more details.

Will India launch its own Cryptocurrency? | India Mulls Bitcoin Ban

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