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SHANGHAI (Reuters) - China's central bank vowed on Friday to crack down on illegal activities of cryptocurrency trading, banning overseas exchanges from providing services to mainland investors via Internet.
Cryptocurrencies were back up on Thursday, after being hammered in the past week, as acceptance by mainstream companies continues.
European stocks recovered some of yesterday's losses on Tuesday morning in London, as new data from the Office for National Statistics showed the UK's public sector borrowing had seen its second highest August on record.
Cross-chain DeFi platform pNetwork has been hacked on Binance Smart Chain to the tune of approximately $12.7 million worth of Bitcoin.
Bitcoin 'is going to be just fine without Elon'
Stop letting random musings on bitcoin from Tesla CEO Elon Musk influence your decisions on how to trade the cryptocurrency and remain focused on the fundamentals, said one crypto expert
When Yahoo Finance Live asked Grayscale CEO Michael Sonnenshein if traders should ignore Musk's comments on bitcoin, Sonnenshein said, "yes." Grayscale bills itself as the world's largest digital currency asset manager, managing various crypto ETFs.
As usual, traders in bitcoin (BTC-USD) were far from ignoring Musk on Thursday.
Bitcoin prices plunged by more than 10% as Musk voiced concerns over bitcoin mining practices.
“Tesla has suspended vehicle purchases using bitcoin,” Musk wrote on his Twitter account Wednesday evening. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
Musk continued, “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment."
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021
Sonnenshein noted that: "This is an opportunity for the entire crypto space to really think about moving the narrative towards something that's a little more solutions-oriented when it comes to energy consumption."
Musk's comments also put severe pressure on dogecoin (DOGE-USD), which plunged 32% by afternoon trading Thursday. Ripple fell 25%.
"If your conviction hasn't changed and you still believe in the role that bitcoin can play in your portfolio and you can buy cheaper than you could yesterday, that's a compelling trade for a lot of investors," Sonnenshein said.
Skybridge co-CIO Troy Gayeski echoes Sonnenshein's view. (Skybridge recently started managing bitcoin as an investment for clients).
"If you have any exposure to crypto, even bitcoin which is by far and away the least volatile, you have to be prepared for 20% to 30% pullbacks," Gayeski said on Yahoo Finance Live. "But if you step back and think of the macro environment, you're in an environment where you have unprecedented monetary stimulus. We are stilling growing money at a 16% to 18% pace, and then we have budget deficits as far as the eye can see. If you have concern about storing value in an easily transmittable medium, it's time to own bitcoin not only for return prospects but potential to protect you against never-ending currency debasement."