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Cryptocurrency price live – Pi Network allows users to mine crypto on phone as Bitcoin tumbles following China news

PI Network claims to be the first and only digital currency that you can mine on your phone as Bitcoin tumbles following China's new regulations.

Through a complex computer programme, Pi Network instead uses a series of votes and exchanges of data to verify transactions, allowing users to mine the currency through the mobile app "without draining their phone battery".

This makes the process available to anybody, in theory, Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun.

Bitcoin and other cryptocurrencies continue to dip after China's central bank announced that all cryptocurrency trading is illegal in the country and mining the tokens is banned.

Bitcoin feel by as much as 5.5% and Ethereum plunged by around 6% on Friday, according to Coinmarketcap.

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

  • Jon Rogers

    WILL CHAINLINK RISE TO $35?

    Crypto investor Justin Bennett sees Chainlink rising to $35.

    He told The Daily Hodl: "The $27.50 area could attract a few sellers as it’s the 50% retracement of the correction.

    "That said, a daily close above $25 should flip the area to support.

    "If Chainlink can get above the $27.50 area, there isn’t much stopping a run at $35."

  • Jon Rogers

    BABY DOGE PREDICTIONS

    Plenty of experts and crypto fans have made price predictions for Baby Doge, although they're nowhere near guaranteed.

    Given it only launched at the beginning of the summer, it's especially important to take the forecasts with a pinch of salt.

    And fans hoping for a $1 value will likely be waiting a long time given its current price of $0.000000000469.

    For example, Wallet Investor has set a one-year forecast of Baby Doge at $0.000001.

    While DigitalCoinPrice expects the crypto to hit $0.0000000007 this year and $0.0000000021 in 2028.

  • Jon Rogers

    TETHER LAUNCH

    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.

  • Jon Rogers

    BITCOIN DROPS AFTER EL SALVADOR ADOPTION

    The price of Bitcoin dramatically dropped more than 10 percent earlier this month as El Salvador suffered problems in the rollout of the cryptocurrency as its legal tender.

    Bitcoin's value crashed suddenly from $52,500 to below $44,000 on Tuesday, according to CoinMarketCap.

  • Jon Rogers

    WHAT IS HASHGRAPH?

    Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.

    The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.

    HBAR is the cryptocurrency of the Hedera Hashgraph.

  • Jon Rogers

    AVOID CRYPTO SCAMS

    As noted by Inverse, many phishing scams will attempt to impersonate a government agency or business to get your attention.

    Some reports to the FTC said victims were contacted by scammers pretending to be the Social Security Administration and asked to deposit money into Bitcoin ATMs.

    Other victims lost money to scammers posing as the cryptocurrency company Coinbase.

  • Jon Rogers

    TEZOS' DIFFERENCES

    Tezos makes itself distinct from other major cryptocurrencies including Bitcoin and Ethereum, which uses proof-of-work blockchain in a few key ways

    According to Tezos, its proof-of-stake algorithm not only costs less but is also more eco-friendly.

    “The apparent growth of non-fungible tokens (NFTs) has helped to propel cryptos like Tezos from the niches of the cryptocurrency space," Myron Jobson, a personal finance campaigner, and interactive investor told The Sun.

    He adds that "more some investors have turned to other less established players like Tezos to experiment at lower costs."

  • Jon Rogers

    'UNLIKELY GROWTH'

    Charlie Barton, investment specialist at comparison site Finder, told The Sun the wider crypto market view is also important right now.

    He added: "Many coins are unlikely to see much growth until it’s clear that sentiment is moving in a positive direction."

  • Jon Rogers

    PRICE OF SHIBA INU

    The value of Shiba Inu is currently sitting at $0.000008384 and it's up by more than 25% over the past 24 hours, according to CoinMarketCap.

    In comparison, the tokens hit their highest ever level at $0.00003641 on May 11 – but they have since dropped in value.

    It's difficult to predict how Shiba Inu's price will change in future due to a wide number of factors affecting it.

    This includes regulatory crackdowns around the world, comments by high profile individuals such as Elon Musk, and other developments.

  • Jon Rogers

    PYTH CAUSES HUGE BITCOIN DROP

    According to Bloomberg, an error on Monday caused the platform Pyth to incorrectly show that the price for Bitcoin was down to about $5,400.

    That would have represented a catastrophic drop from around $50,000 earlier this month.

    A number of Bitcoin fanatics sounded the alarm online, but it turned out they had nothing to worry about.

    Pyth, which provides financial data to a number of major investment firms, confirmed in a tweet on Monday that a glitch was behind the issue.

  • Jon Rogers

    ALGORAND CONTINUED

    The price of Algorand is currently trading at $2.06 at the time of writing.

    It's up more than 4% over the past 24 hours and down from a seven day high of $2.54.

    Algorand hit an all time high of $3.28 in June 2019.

    Susannah Streeter, senior investment an market analyst at Hargreaves Lansdown said: "There is speculation that Algorand could be the next fast growing tree in the crypto forest, with new applications and smart contracts being built on its blockchain branches.

    "It’s still dwarfed in comparison with Ethereum and upcoming rival Solana but it’s gained the spotlight with a deal with Drone Racing Land, to provide blockchain enabled tickets, collectables and other NFT-related products to promote the organisation’s events around the world.

    "However, this is a highly competitive space and there is no guarantee who the eventual winners will be in the smart contract space."

  • Jon Rogers

    ETHEREUM BACK UP TO $3,000

    Ethereum’s token Ether staged a recovery Sunday after a dramatic decline earlier in the week.

    The ETH/USD exchange rate rose 3.63 per cent to hit an intraday high of $3,030, Coin Telegraph reports.

    Ether had a bumpy ride during the week, mainly due to issues in China.

    The People's Bank of China reiterated that crypto transactions are illegal Friday, causing jitters in the cryptocurrency markets.

  • Jon Rogers

    WHAT IS ALGORAND?

    Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.

    It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).

    The computer scientist has also won the Turing Award for his work in the area of cryptography.

    The Algorand Foundation based in Singapore is behind the project.

    Algorand claims that it speeds up transactions and improves efficiency compared to bitcoin and other blockchains.

  • Jon Rogers

    WHERE DOES COINBASE REVENUE COME FROM?

    The majority of Coinbase’s revenues come from Bitcoin and Ether on the Ethereum blockchain.

    They are currently the number one and number two cryptocurrencies on the market, according to MarketWatch.

  • Jon Rogers

    CRYPTO SCAMS

    While the growth of Bitcoin has skyrocketed in some bank accounts, it's also fueled the growth of crypto-related fraud operations.

    The FTC reported that since October of 2020, nearly 7,000 people have reported losses of more than $80million in the US due to cryptocurrency scams.

    That number is around 12 times, or 1,000 per cent more than reported losses from the period a year earlier.

  • Jon Rogers

    CRYPTOCURRENCY EXCHANGE HUOBI STOPS TAKING NEW MAINLAND CUSTOMERS

    Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations.

    China's regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet.

    Huobi Global said in a statement it will conduct an orderly exit of its existing mainland clients on the premise that safety of their assets is guaranteed.

     

  • Jon Rogers

    ETHEREUM'S PRICE

    The price of Ethereum (ETH) is currently sitting at $3,084 – up by more than 5% over the past 24 hours, according to CoinMarketCap.

    It's down 26% since its all-time high of $4,168.70 on May 10, 2021.

    However, it's up by from $775 on January 1, meaning it has rocketed by around 300% since the beginning of the year.

    But there's no guarantee the price of Ethereum will rise this much again – or even that it will rise at all as cryptocurrencies are extremely volatile.

    Before Ethereum started rising this year, its previous all-time high was on January 14 in 2018, when it hit $1,291.92.

  • Jon Rogers

    CHINA'S STATEMENT

    The PBOC said it will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people's properties and maintain economic, financial and social order".

    It said that trading of virtual currencies had become "widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities."

    Bitcoin, the world's largest digital currency, and other cryptos cannot be traced by a country's central bank, making them difficult to regulate.

    The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.

  • Jon Rogers

    AVOID CRYPTO SCAMS

    As noted by Inverse, many phishing scams will attempt to impersonate a government agency or business to get your attention.

    Some reports to the FTC said victims were contacted by scammers pretending to be the Social Security Administration and asked to deposit money into Bitcoin ATMs.

    Other victims lost money to scammers posing as the cryptocurrency company Coinbase.

  • Jon Rogers

    A CRYPTO-TRADING HAMSTER OUTPERFORMS MARKET

    A hamster in Germany is trading in cryptocurrencies and currently outperforming the S&P 500.

    The furry animal, called Mr Goxx, has been busy working since June, thanks to a specially adapted cage.

    He determines which currencies to buy or sell by running on his wheel or walking through one of two tunnels.

    Mr Goxx, started trading on June 12 this year and on Friday he was 24 per cent up on the S&P 500, according to his Twitter page @mrgoxx.

    The site states that the page is just for fun and does not offer financial advice.

    Mr Goxx's specially adapted hamster cage
  • Jon Rogers

    WHAT IS HASHGRAPH?

    Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.

    The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.

    HBAR is the cryptocurrency of the Hedera Hashgraph.

  • Jon Rogers

    WILL CHAINLINK RISE TO $35?

    Crypto investor Justin Bennett sees Chainlink rising to $35.

    He told The Daily Hodl: "The $27.50 area could attract a few sellers as it’s the 50% retracement of the correction.

    "That said, a daily close above $25 should flip the area to support.

    "If Chainlink can get above the $27.50 area, there isn’t much stopping a run at $35."

  • Debbie White

    FAKE WEBSITES

    Another widespread scamming technique is websites that appear to be a new cryptocurrency mining operation or investment opportunity.

    These sites encourage investors to wire in money, sometimes offering investment "tiers" and promising greater returns.

    But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.

  • Debbie White

    STEVEN SEAGAL’S BITCOIN SCANDAL

    Under Siege and Half Past Dead hardman Seagal was paid to promote “Bitcoiin2Gen” (B2G) which saw 500 investors left out of pocket in cash and other cryptocurrencies as he unwittingly ended up backing the scam.

    Seagal reportedly had been offered $250,000 along with £750,000 worth of B2G for appearing in promotional materials for the con artists.

    He appeared in a press release for them and “wholeheartedly” endorsed the scheme in a post to his 7million followers on Facebook.

  • Debbie White

    DATING APP SCAMS

    Some scam operations have started using dating apps to reel in potential targets.

    In some reports, scammers would pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.

    About 20 percent of the money reportedly lost through dating scams in around the last year involved cryptocurrency.

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